Market Pulse Q2'26
The Market Pulse analyzes the events of the past quarter, evaluates the market outlook, assesses the inherent risks, and highlights how the portfolio can benefit from these dynamics.
CIO Notes
The Compressed Spring
Bitcoin volatility crashed, then exploded: inside the $2.7B short squeeze that moved crypto markets in August, by Hashdex CIO Samir Kerbage
Inside the NCI
After a historic week, Bitcoin and Ethereum ETFs hit $5.1B — and crypto holds its ground
NCI rose modest 1.6%, but SOL surged +11% with network's first governance vote. Schwab expands to SOL/AVALANCHE/LINK, crypto outperformed risk assets despite Warsh hawkish Jackson Hole signals. ETF inflows cumulative $5.1B (record since October, ETH 2026 now positive). SEC proposes new custody rules. CIO maintains range (3,400-4,100) but cautious: Ethereum Glamsterdam upgrade plus CLARITY Act vote plus FOMC = potential turbulence.
Inside the NCI
The NCI rose 25% in a week. The SEC moved. Citigroup moved. The market followed.
NCI surged 25.1%—largest week on record—with all eight constituents positive. XRP led +49.9%, altcoins outperformed BTC second consecutive week. Dual catalysts: Treasury doubles buybacks (dovish macro) plus SEC new rules plus Trump emphasizes regulation importance. Short liquidations amplified move. ETF inflows $2.6B (best since October 2025). CIO: price-fundamental divergences manifesting as catch-up, bullish sentiment spreading. Range upside massive (3,200-4,100).
Inside the NCI
Russia unlocks crypto for retail. Canada's national bank holds BTC and XRP. The map keeps growing.
NCI fell 3.0% with CLARITY Act postponed plus regulators cancelled meeting. MSTR sold BTC fourth consecutive week adding pressure. But LINK surged +13.7% signaling selective accumulation despite pessimism. Index outperformed BTC (-3.1% vs -3.2%) = diversification helps on downside. CIO: NCI range maintains 2,700-3,400 but BTC floor cut to $57K. Canada institutional plus Russia opening plus AI security support longer term.
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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.
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