September finished on a positive note as the Nasdaq Crypto Index (NCI) saw a last-week recovery of 3.0%. This upswing was primarily propelled by ether (ETH), which increased by 5.4%, and bitcoin (BTC), which saw a more modest rise of 0.3%. With the third quarter of 2023 finished, crypto continues to outperform all other asset classes, with BTC leading the way with a 63.0% year-to-date (YTD) performance (as of the September close), followed by the NCI (53.7% YTD) and ETH (39.4% YTD). For comparison, the Nasdaq 100, which has also had tremendous performance in the year fuelled by the AI rally, rose 34.5% YTD, as of the September close.
Ethereum futures ETFs to start trading this week
Several asset managers are racing to list ETH futures ETFs this week. This signals increased acceptance of crypto assets, offering new investment options in the digital asset space and could potentially be a first step towards spot products for ETH that could boost the crypto market. This is important for investors as it reflects growing mainstream adoption and may drive up ETH's price swings in the coming weeks.
Coinbase gets green light from Bank of Spain
Coinbase received registration from the Bank of Spain, allowing it to operate as both a crypto exchange and wallet provider in the country. The registration will allow Coinbase to offer its full suite of services, and marks yet another international move for the US-based company.
US House lawmakers to Chair Gensler: approve spot bitcoin ETF ‘immediately’
During a House hearing, SEC Chair Gary Gensler faced criticism from lawmakers concerning his approach to crypto regulation. They probed him on various topics, including the classification of bitcoin, drawing comparisons with assets like Pokemon cards, and his stance on approving bitcoin ETFs. Additionally, concerns were raised about Gensler's transparency with Congress, particularly in relation to his interactions with the crypto exchange FTX. The SEC is evaluating filings for spot crypto ETFs from Franklin Templeton and Hashdex. The regulator has until late May 2024 to rule on these applications. As pressure keeps building up, it’s becoming ever more clear that a spot crypto ETF in the US is only a matter of “when” not “if.”
From Hashdex: Crypto’s “sleeping” giant: What investors miss about Ethereum’s strengthening investment case
On our latest Note from the CIO, Samir Kerbage pushes back on the perception that Ethereum has been in some sort of dormancy over this year and shares why the investment case for the world’s largest smart contract platform has never been stronger.
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