Insights & Education

Market Pulse Q1'26
Inside the NCI
Jul 20, 2026

Japan reclassified crypto. Visa launched stablecoins for institutions. The week delivered.

NCI gained just 0.3%, but LINK surged +3% as DTCC processed first tokenized transaction (stocks/ETFs/bonds with 20+ institutions, Chainlink 24/7). CIO revises range upward (2,700-3,400) despite sideways price. Inflation below expectations reduces rate-hike fears. Visa stablecoin platform + Ethereum official for JPYSC (SBI) + Japan regulatory clarity advance adoption. CLARITY Act: 14 days to deadline.

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Inside the NCI
Jul 13, 2026

Swift just put 17 banks on a blockchain. Circle became a trust bank. The system is moving.

NCI rose modest 1.7% despite geopolitical escalation (new U.S. strikes, ceasefire ended). BTC/ETH led (+2.4%/+2.3%) while small-caps lagged, validating market-cap-weighted index in stress periods. ETF outflows continue pressuring. CIO: CLARITY Act deadline approaching weeks = binary inflection point. Swift + Circle custody + SBI-Solana advance structure despite headwinds

Inside the NCI
Jul 06, 2026

140 institutions. One stablecoin. Built on Solana.

NCI surged 7.3% with all eight constituents positive, ADA and BCH leading +32% each. Weak U.S. jobs data sparked appetite, reversing BTC ETF outflow streak (+$221M inflow). CIO revises range upward for second time (2,700-3,500), validating support tested in #17. Ethereum Institutional + Open USD + Ondo tokenized ETFs consolidate institutional adoption

CIO Notes
Jun 30, 2026

The crypto thesis is quietly strengthening, even as investor attention remains on AI

Samir Kerbage: crypto thesis quietly strengthening despite AI rotation. On-chain transactions hit all-time highs, Q2 2026 stablecoin volume already exceeds entire 2025, RWA +60% YTD. Valuation gap widest ever. CIO: rotation temporary, crypto well-positioned for H2 reversal.

Inside the NCI
Jun 29, 2026

Nomura, Circle, and BNY Mellon: financial giants keep moving into crypto

NCI fell 7.9% testing new lows (2,784), all eight constituents negative. U.S. rate-hike fears plus AI stock rotation (Micron earnings) pressured index. CIO revises range downward (2,400-3,200) but cites 'Bitcoin Supply in Loss >50%' suggesting potential bounce. Nomura + Circle partnership continues consolidating institutional adoption.

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Samir Kerbage
Expert in Spotlight

Samir Kerbage

Samir Kerbage is Chief Investment Officer at Hashdex, overseeing global investment strategy, product development, and research. A founding member of the firm, he has led the buildout of Hashdex’s crypto asset management platform across ETFs, ETPs, and other vehicles. Samir brings over 15 years of experience in financial market infrastructure and quantitative trading and holds a degree in Computer Engineering from IME.

Samir Kerbage is Chief Investment Officer at Hashdex, overseeing global investment strategy, product development, and research. A founding member of the firm, he has led the buildout of Hashdex’s crypto asset management platform across ETFs, ETPs, and other vehicles. Samir brings over 15 years of experience in financial market infrastructure and quantitative trading and holds a degree in Computer Engineering from IME.

CIO on the Spotlight
Japan reclassified crypto. Visa launched stablecoins for institutions. The week delivered.
Swift just put 17 banks on a blockchain. Circle became a trust bank. The system is moving.
140 institutions. One stablecoin. Built on Solana.
View all articles
Primers Highlight
TL:DR;

  • Bitcoin skeptics have used a variety of arguments over the years to discredit BTC as an investable asset, often using the same three points of view: it’s only a speculative bubble, it has no value, and it’s mostly used for criminal activity. 

    While these have certainly been fair questions to ask, especially in the very early years of Bitcoin, each of these arguments have been effectively debunked over time.

  • Over the last several weeks I’ve been meeting with family offices, private banks, and financial advisors. One thing I’m realizing is that—especially in the wake of bitcoin ETFs in the US—the questions from these professional investors are changing. Their clients, whether in the US, Europe, or Latin America, are clearly taking BTC very seriously.

  • The questions I’ve been getting are around how to fit a volatile asset like BTC within traditional 60/40 portfolios, how to size a potential bitcoin allocation, and how much potential upside remains.

A note from the road: Questions about Bitcoin are shifting
CIO Note

A note from the road: Questions about Bitcoin are shifting

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