Market Pulse Q1'26
Crypto’s Performance in 2026:
How it’s Impacting Crypto’s Investment Theses
Inside the NCI
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."
Inside the NCI
LSE 24: the London Stock Exchange just went on-chain
NCI rose modest 0.7%, but ETH surged +3% with ETFs recording $104M inflows (vs BTC $34M), signaling rotation within crypto. Sideways price despite Iran attacks and peace talks. CIO: CLARITY Act window closing before elections = legislative urgency. Range maintained (2,700-3,400). Bitcoin Security Consortium + AI agent payments Coinbase + LSE 24 blockchain advance infrastructure despite price consolidation.
Inside the NCI
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.
Primers - Reports
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.
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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.
Primers Highlight
TL:DR;
CIO Note