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.
Inside the NCI
Samsung announces USDC for 82 million Galaxy devices. Stablecoins just got a lot more mainstream
NCI fell 3.2% with US long-dated yields at 20+ year highs plus oil rises on Gulf tensions. Leveraged liquidations (Wed-Thu) plus ETF outflows pressured. BTC recovered end-of-week holding better than ETH/SOL. No constituents positive but Samsung Wallet USDC (82M Galaxy US) plus CFTC retail leveraged framework (post-CLARITY defeat) plus Solana block-time reduction advance fundamentals. CIO: technical correction, not breakdown. Watch CPI (Wed) plus Warsh (Thu)
Inside the NCI
SEC moves on crypto custody rules, removing a key barrier for financial advisors
NCI rose modest 0.4% third consecutive week despite 10Y Treasury >5.27% plus disappointing payroll. Only four of nine constituents positive, BTC/XLM leading. XLM +1.3%, BTC +0.8% suggest deep consolidation. But regulatory catalysts offset: SEC custody rules plus Chainlink 'Swift blockchain' plus Ethereum Glamsterdam testing advances. CIO: institutional flows cooling but staying positive. Pre-midterm uncertainty. Mixed sentiment = unclear short-term trend.
CIO Notes
The Two Sides of the Dollar
Gold and Bitcoin are two sides of the same trade against a weaker dollar, writes Hashdex CIO Samir Kerbage.
Inside the NCI
Bitcoin ETFs pulled in $1B in a single day. Institutional demand is back ahead of price
NCI rose 4.5% second consecutive week DECOUPLING from risk assets: S&P +1.2%, Nasdaq +3.3%, but crypto positive despite 10Y Treasury >5.1%. BCH surged +33.1%, eight of nine constituents positive, third week NCI outperformed BTC. Catalyst: 2.38BBTCETFinflows(1B single day = largest since October 2025), institutional demand returning AHEAD of price. SEC/CFTC cleared tokenized assets, Solana 150ms settlement. CIO: consolidation, bullish sentiment. Range maintains 3,700-4,300 / 80K-88K.
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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
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