Last week was another strong one for crypto assets, with the Nasdaq Crypto IndexTM (NCITM) maintaining its positive momentum and experiencing an upswing of 12.0%. While Ethereum (ETH) saw a mild 2.0% correction after a strong upward push following the US elections, Bitcoin (BTC) and Solana (SOL) kept rising, gaining 13.2% and 15.7%, respectively. Most notably, XRP was up 80%, contributing 1.3% to the overall NCITM performance in the week. The NCITM has risen 31.4% since the November 5 US elections, returning 91.9% in 2024 and outperforming all other asset classes by a significant margin.
Bitcoin ends the week near $90k, becoming the world's eighth most valuable asset
BTC’s momentum continued last week, pushing it to a weekly high of $93,476 on Wednesday and a weekly close of $89,630, the highest in all of its history. BTC latest close put it just 12% away from $100,000. Notably, BTC surpassed silver in total market value and became the eighth most valuable asset in the world, amassing $1.8 trillion in market capitalization, ~10% of gold’s.
Strong weekly inflows could turn the tide for US ETH ETFs, signaling a shift in momentum
The recent positive price action and the outlook for a more friendly regulatory environment for digital assets ignited a new wave of inflows into US spot ETH ETFs. While their adoption is still lackluster compared to the remarkable success of US spot BTC ETFs, ETH products saw $670 million in inflows in the past two weeks and $515 million just last week, bringing net flows of all products combined to positive territory for the first time since their launch in late July. This momentum shift might indicate a reversal of the negative trend experienced by spot ETH products since launch, taking place just one week after the State of Michigan's state pension fund disclosed allocating over $10 million to ETH ETFs.
Solana tops $100 billion, solidifying its strong position in smart contracts
After reaching a cycle low in 2022 following the FTX debacle, Solana’s native token has closed the first week in its history with a valuation above $100 billion, showcasing the rebirth of the Solana ecosystem, the increasing market interest for high-speed programmable platforms, and establishing Solana as a major contender in the smart contract race led so far by Ethereum. SOL now possesses an important allocation in the NCI, which showcases the index’s ability to dynamically represent emerging theses in the crypto market, providing investors with diversified exposure that properly tracks and represents the digital asset space over the long haul.
From Hashdex: In his latest Notes from the CIO, Samir Kerbage covers the three most important takeaways from last week’s US elections.
_____________________
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 ser vice. 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.
These opinions are derived from internal studies and do not have access to any confidential information. Please note that future events may not unfold as anticipated by our team’s research and analysis. 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 other wise make any commercial use of this material without Hashdex’s prior written consent.
Investment in any investment vehicle and crypto assets 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 var y 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.” These opinions are derived from internal studies and do not have access to any confidential information. Please note that future events may not unfold as anticipated by our team’s research and analysis.
Certain information contained herein (including financial information) has been obtained from published and unpublished 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 for ward-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 for ward-looking statements.
As a result, investors should not rely on such for ward- 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-regulator y authority. No governmental authority has opined on the merits of Hashdex’s investment vehicles or the adequacy of the information contained herein.
Nasdaq® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular digital asset or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any digital asset or any representation about the financial condition of a digital asset. Statements regarding Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate assets before investing. ADVICE FROM A FINANCIAL PROFESSIONAL IS STRONGLY ADVISED.
The Hash Insider
