Crypto Market Pulse (06/11/2023)

Invesco and Galaxy’s spot BTC ETF appears on the DTCC website. ProShares launches the world’s first short ETH ETF. Swiss National Bank working on a wholesale CBDC pilot.

Weekly Market Index

Last week’s crypto market prices rose by +3.27%. Volume increased by +14.75% while volatility fell by -82.34%.

Chart of the Week

Digital asset investment products saw inflows of US$326M, the largest single week of inflows since July 2022. By asset type, Bitcoin saw most of the inflows at US$296M, followed by Short Bitcoin, and Solana.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) rose by +1.3% and +5.2%, respectively, in the past seven days. Other selected top-cap tokens also mostly gained in price.

Selected key categories all increased in terms of market cap, in the past seven days.

News Highlights

• The ticker for Invesco and Galaxy’s spot Bitcoin exchange-traded fund (ETF) — BTCO — has appeared on the Depository Trust and Clearing Corporation’s (DTCC) website, interpreted by some as a step forward in the application process. This follows the recent appearance of BlackRock’s spot Bitcoin ETF on the same website.
• ProShares, a major issuer of exchange-traded funds (ETF), announced the launch of the world’s first short Ether-linked ETF. It will seek to obtain exposure through Ether futures contracts.
• The Swiss National Bank (SNB) is working on a wholesale central bank digital currency (CBDC) pilot alongside the SIX Digital Exchange (SDX) and six commercial banks. The pilot, named Helvetia Phase III, will create a tokenised version of the Swiss franc as a settlement instrument between financial institutions for digital securities transactions on the SDX.
• The UK government published its final proposals for the crypto ecosystem, saying it plans a phased introduction of regulation, with legislation for fiat-backed stablecoins being introduced early next year. 
• Switzerland’s St.Galler Kantonalbank (SGKB), one of the largest banks in the country, is moving into cryptocurrency by introducing Bitcoin and Ether trading to its customers. 
• The Securities and Futures Commission (SFC) of Hong Kong has issued two circulars to regulate digital asset tokenisation. The SFC considers tokenised securities as traditional securities with a tokenisation layer.

Recent Research Reports

• Friend.Tech: Explore what friend.tech is, its success factors and criticisms, and some of the competing platforms that have emerged.
• Research Roundup Newsletter [September 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in September, charts of the month, and our insights on the Ethereum Dencun upgrade.
• Ethereum: Dencun Upgrade and Proto-Danksharding: Ethereum’s next major upgrade is Dencun, which introduces Proto-Danksharding. We explore what it is and its benefits.

Recent University Articles

• How Do Social Dapps Work?: Social dapps leverage blockchain to create more transparent, secure, and user-centric online social interactions — here’s how they work and which platforms are popular in 2023.
• What Are Bitcoin and Ethereum ETFs and How Do They Work?: Bitcoin and Ethereum ETFs are investment vehicles that track the price of BTC and ETH — and could bring increased liquidity, stability, and mainstream adoption to the cryptocurrency market.
• Real-World Assets — Bringing Real-World Value to DeFi: Real-world assets (RWAs) utilise blockchain technology to track assets, with performance and valuation derived from sources outside the blockchain. Here’s how they work.

Catalyst Calendar

Author

Research and Insights Team

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