The Nasdaq Crypto IndexTM finished the month on a positive note, up 0.9% with ether (ETH) leading the way with a 0.9% increase while bitcoin (BTC) remained relatively flat with a 0.1% increase. The NCITM ended June up 9.5%, led mostly by BTC’s 12.2% performance. June started off negative over news of SEC suing Coinbase and Binance, but the NCITM recovered toward the end of the month after BlackRock and other large institutional investors filed for spot bitcoin ETFs in the US. The NCITM managed to finish the month positive despite a slight downturn after the SEC described the ETF filings as inadequate.
Bitcoin dips after the SEC asks for more information on spot BTC ETF filings
According to the Wall Street Journal, the SEC believes the recent filings to launch a spot bitcoin ETF are inadequate. The news pushed the price of BTC down $1,000, before it recovered shortly thereafter. Despite the drop, this could be interpreted as a potentially favorable development since, instead of an outright denial, it offers clear instructions to the filers regarding the specific amendments they should make to their filings.
Digital asset weekly inflows highest in a year
Crypto investment products added $199 million last week, the biggest weekly inflows since July 2022 according to a report from CoinShares, which also found that 94% of the total flows went to Bitcoin.
HSBC Hong Kong launches support for Bitcoin and Ethereum ETFs
HSBC Hong Kong customers can now trade Bitcoin and Ethereum futures Exchange Traded Funds (ETFs), broadening access to crypto asset derivatives. HSBC is the largest bank in Hong Kong and the first lender in Hong Kong to allow its customers access to crypto ETFs. The ETFs, which are traded as securities, were listed on HSBC Hong Kong’s so-called “Easy Invest” mobile app on Monday.
Study shows 130 countries exploring central bank digital currencies
The widespread interest in CBDCs suggests potential future shifts in monetary systems and financial infrastructures worldwide and could have significant implications for the traditional financial sector, digital asset markets, and investment strategies.
Crypto ATM firm Bitcoin Depot will go public on Nasdaq starting July 3
This piece of news highlights the increasing mainstream acceptance and integration of cryptocurrency-related companies in traditional financial markets.
In his latest Notes from the CIO, Samir Kerbage writes about why the BlackRock news is so important for investors.
This material expresses Hashdex Asset Management Ltd. and its subsidiaries and affiliates (“Hashdex”)'s opinion for informational purposes only and does not consider the investment objectives, financial situation or individual needs of one or a particular group of investors. We recommend consulting specialized professionals for investment decisions. Investors are advised to carefully read the prospectus or regulations before investing their funds. The information and conclusions contained in this material may be changed at any time, without prior notice. Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service. This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Hashdex to any registration or licensing requirements within such jurisdiction. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Hashdex. By receiving or reviewing this material, you agree that this material is confidential intellectual property of Hashdex and that you will not directly or indirectly copy, modify, recast, publish or redistribute this material and the information therein, in whole or in part, or otherwise make any commercial use of this material without Hashdex’s prior written consent.
Investment in any investment vehicle and cryptoassets is highly speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who can bear the economic risk of the loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment vehicles will achieve its investment objective or return any capital. No guarantee or representation is made that Hashdex’s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may vary substantially over time. Nothing herein is intended to imply that the Hashdex s investment methodology or that investing any of the protocols or tokens listed in the Information may be considered “conservative,” “safe,” “risk free,” or “risk averse.”
Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Hashdex, and Hashdex does not assume responsibility for the accuracy of such information. Hashdex does not provide tax, accounting or legal advice. Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” “believe” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Hashdex and its investment vehicles or the actual performance of Hashdex, its investment vehicles, or digital tokens may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward- looking statements in making their investment decisions. None of the information contained herein has been filed with the U.S. Securities and Exchange Commission or any other governmental or self-regulatory authority. No governmental authority has opined on the merits of Hashdex’s investment vehicles or the adequacy of the information contained herein