Insights & Education

Market Pulse Q2'26
Inside the NCI
Aug 24, 2026

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).

Read More
Balança demonstrando ponto de equilíbrio do NCI
Inside the NCI
Aug 17, 2026

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.

Inside the NCI
Aug 10, 2026

Bitcoin ETFs post their biggest weekly inflow since April — $865 million

NCI rose 2.4% demonstrating resilience: Iranian sanctions plus CLARITY Act pushed to September didn't derail gains. SOL/ADA +4.8%, BTC +2.8% led with network improvements. BTC ETF $865M inflows (largest since April) = demand returning. CIO contrarian: market indifference to negative events suggests prices "still heavily discounted" versus highs. Accumulation zone maintained. Range firm (2,700-3,400)

Inside the NCI
Aug 03, 2026

5 central banks. JPMorgan. $1M transacted. Project Agorá just proved the point.

"Paradox: NCI fell 1.8% despite improved macro (Iran pause, rates held). Culprit: CLARITY Act pulled from Senate agenda over ethics issue. But ADA +14.7%, tokenized stocks tripled volume, XRP ETFs +4 consecutive months inflows ($300M). CIO: accumulation zone, adoption advancing. Range maintained (2,700-3,400) reinforces tested support. ETH privacy + Project Agorá ($1M CBDC) advance institutional integration."

CIO Notes
Aug 03, 2026

Decoupling Cuts Both Ways

Crypto has traded out of step with US Tech stocks for most of this year, and until July that was bad news.

Get updates from our team

Sign up to receive our latest insights.

For more information, please read our privacy policy.
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
The NCI rose 25% in a week. The SEC moved. Citigroup moved. The market followed.
Russia unlocks crypto for retail. Canada's national bank holds BTC and XRP. The map keeps growing.
Bitcoin ETFs post their biggest weekly inflow since April — $865 million
View all articles
Primers Highlight
TL:DR;

  • 1. The quarter unfolded in two very different phases. A more stable environment in the first half helped crypto prices climb, while the second half saw capital rotate toward AI-related companies, making crypto behave more like an alternative asset than a risk asset.

  • 2. Crypto prices decoupled from fundamentals — but the fundamentals kept improving. Despite the price action, market indicators continued to strengthen and regulation kept developing beyond the CLARITY Act, reinforcing the long-term structural case.

  • 3. Three risks remain on the radar. Strategy potentially selling Bitcoin to pay its STRC dividends, the CLARITY Act failing to extend beyond Bitcoin, and the threat of a prolonged market drawdown are the key factors that could shift the cycle's pace.

  • 4. Portfolio construction offers two takeaways this quarter. Tax-loss harvesting stands out as an essential tool for optimizing gains during drawdowns, while regular rebalancing becomes increasingly important as crypto exposure grows — heavily influencing both volatility and the Sharpe ratio.

Market Pulse Q2'26
Primers - Report

Market Pulse Q2'26

Logo Hashdex
ProductsHASH ETPHAMO ETPProduct Overview
Insights & EducationCIO NotesInside the NCIPrimers - ReportsArticlesHashdex Announcements
AboutHashdexCareerFAQTransparencyPrivacy policyWhistleblowing Channel
IndexesNCIVinter Hashdex Risk Parity Momentum Index
Follow usTwitterLinkedinYoutube
The material contained on this website is for informational purposes only and Hashdex, and its affiliates, is not soliciting any action based upon such material. The material is not to be construed as investment advice nor is it to be construed as recommendation, offer or solicitation to buy or sell any financial instrument or product or to adopt any investment strategy. Further, the material contained on this website does not constitute a representation that the financial instruments described therein are suitable or appropriate for any person. Past performance is not an indication of any future performance. Hashdex collects its data from public sources. Therefore, there is no liability for any delays or inaccuracies in the information due to the updating schedule of these sources. This website may contain advertising of financial products.