Both Bitcoin (BTC) and Ethereum (ETH) have significantly outperformed gold this year, with BTC up 93% and ETH up 39% against the metal. BTC and ETH have also shown strong performance compared to traditional assets like equities and bonds. More on BTC against other asset classes below in our Research & Insights section.
The next wave of crypto adoption could be fueled by something very substantive: The tokenization of real-world assets (RWAs) is skyrocketing. At the forefront of this are treasuries, and both traders and big TradFi are taking notice. The RWA market value has increased nearly six-fold since January, jumping from US$104 million to US$675 million. It’s a market worth watching.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
Want more? Get weekly Market and DeFi Updates from Crypto.com’s Research Team.
News Snaps
Crypto Funds Show Highest Inflow Since 2021
According to a report published this week by digital asset investment firm CoinShares, crypto funds have recently seen their highest run of inflows since the 2021 bull market. Data shows investment funds with cryptocurrencies saw US$261 million of net inflows last week, marking the sixth consecutive week of positive inflows, totaling US$767 million during that period.
Bitcoin ETF Ticker Listed on DTCC Website
The ticker for BTCO — Invesco and Galaxy’s spot Bitcoin exchange-traded fund (ETF) — 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 Launches Ether ETF
ProShares, a major issuer of ETFs, announced the launch of the world’s first short Ether-linked ETF, seeking to obtain exposure through Ether futures contracts.
Swiss CBDC in the Works
The Swiss National Bank (SNB) is working on a wholesale central bank digital currency (CBDC) pilot alongside the SIX Digital Exchange (SDX) in addition to six commercial banks. The pilot, named Helvetia Phase III, will create a tokenized version of the Swiss franc as a settlement instrument between financial institutions for digital securities transactions on the SDX.
Swiss Bank Introduces Crypto Trading
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.
Hong Kong to Regulate Tokenized Securities
The Securities and Futures Commission (SFC) of Hong Kong has issued two circulars to regulate digital asset tokenization. The SFC considers tokenized securities as traditional securities with a tokenization layer.
What’s Ahead
UK Crypto Regulation Is Coming in 2024
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 to be introduced early next year.
Chart of the Week
Digital asset investment products saw inflows of US$326 million, the largest single week of inflows since July 2022. By asset type, Bitcoin saw most of the inflows at US$296 million, followed by Short Bitcoin and Solana.
Research & Insights
Monthly Feature Article | Alpha Navigator
This institutional-focused report dives into macro trends, market-neutral pairs, style-factor screens, and events.
- Asset classes were mixed in October, with BTC significantly outperforming other assets.
- BTC’s 1-month correlation with equities is strongly negative, while positive with gold and commodities.
Read the full Alpha Navigator report.
NFT Spotlight
The Orbs Cipher is now live! Decode the message for a chance to win a special prize!
You read that right, Snapshotters. Five orbs inscribed with unique symbols containing different messages are scattered throughout ‘Loaded Lions: Mane City’ and various Crypto.com products 一 the Crypto.com App, DeFi Wallet, Wallet Extension, and this very Snapshot newsletter.
These five orbs, when deciphered, will form a clear message, and five lucky winners who meet the participation criteria below and accurately present us with the correct message will receive an airdrop of a special prize.
Of course, we won’t reveal what the prize is right now, but trust us, it’s something you’ll want to hold onto. This campaign is open to anyone*, with no prerequisites of holding certain NFTs or cryptocurrencies.
*Jurisdiction giveaway guidelines apply. Please refer to the T&Cs for the full list of eligible jurisdictions for this giveaway.
Registration Period: November 7, 2023, 13:00 UTC – November 16, 2023, 13:00 UTC
How to participate:
- Quote or repost our campaign post on X (formerly known as Twitter)
- Follow @cryptocom and @LoadedLions_CDC on X
- Register for the campaign and submit your deciphered message via this Google Form.
For full details, visit the blog.
Thank you for reading this far! Keep looking! And good luck!
Product Picks
Crypto.com Wallet Extension Now Supports EIP-6963
EIP-6963 is a groundbreaking Ethereum Improvement Proposal (EIP) that significantly enhances the experience for users with multiple browser extension wallets. Wallet Extension’s support for EIP-6963 brings users a seamless, user-friendly experience, enabling them to easily manage dapp interactions and assets across multiple wallets. Learn more here.
Embark on the Orbs Expedition and Solve the Orbs Cipher
All Crypto.com NFT users with five types of any ‘Elite Tools’ bearing the same element will receive an exclusive hint to cracking the Orbs Cipher. A snapshot will be taken on November 13, 2023, 13:00 UTC. Users who meet the criteria detailed above will receive an email containing the secrets to the Cipher on November 15, 13:00 UTC. For more details, visit the blog.
Crypto.com App New Token Listings
CorgiAI (CORGIAI)
CorgiAI is a community-driven AI project centered around the creation of a tight-knit community. It aims to unleash the power of togetherness and build tools to enable the ultimate community by leveraging AI to build tools that will further push the boundary of community building. $CORGIAI, the project’s native token, enables users to stake $CORGIAI to earn rewards, and the token is equipped with staking utility to be used as a purchasing token for all upcoming related initiatives.
Crypto Level Up
What Are Bitcoin and Ether ETFs and How Do They Work?
Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) are securities purchased and sold on a stock exchange. These ETFs either track the current price of BTC and ETH or the price of their future contracts. Read on to find out more about these investment vehicles.
What Are the Pros of BTC and ETH ETFs?
These ETFs grant traditional investors a more accessible and regulated way to gain exposure to BTC and ETH. This potentially attracts more capital and increases liquidity for the underlying assets, as well.
What Are the Risks of These ETFs?
A primary risk is the correlation of BTC and ETH prices to the price of ETF shares. If BTC and ETH experience significant price fluctuations, so will the value of the ETFs. Additionally, there’s the potential for the ETF to deviate from closely tracking the underlying asset’s price.
Learn All About Bitcoin and Ether ETFs.
CryptoIRL
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Decoder
Testnet
A testnet is a tool for developers building on a blockchain to test new features, launch a new project, or make an update without the risk of putting it onto the live blockchain (mainnet) and encountering issues.
While, in theory, developers may anticipate a certain outcome with their planned updates or features for a blockchain, those may not always go as planned. This is why testnets are essential — they allow for testing without jeopardizing the blockchain should they run into unforeseen risks or issues.
For example, before Ethereum moved to the Proof of Stake (PoS) mechanism from Proof of Work (PoW), it first implemented the changes on its testnet to ensure everything was in order.
Security Tips
Singapore’s Police Force Issues Warning About WhatsApp Phishing Scam
In late October 2023, the Singapore Police Force (SPF) issued a warning about a phishing scam targeting WhatsApp accounts. The scammers used fake WhatsApp Web sites to target unsuspecting individuals, causing them to unknowingly grant access to their WhatsApp accounts.
Here’s How to Safeguard Against Instant Messaging App Scams
1. When you’re using an instant messaging application, always ensure you’re using its official version. If you’re on its web-based version, make sure the URL is accurate.
2. Never share personal details with anyone. These include your cryptocurrency private keys, banking details, one-time passwords, and account verification codes.
3. Be cautious of warnings sent via an instant messaging app telling you to take immediate action for your cryptocurrency account, even if it’s from an existing contact.
4. Enable multi-factor authentication (MFA) for your applications where possible. This is crucial for services like instant messaging, internet banking, and digital asset wallets.
5. Regularly check the linked devices for your instant messaging application account. If you spot a device you don’t recognize, unlink it and reset your account’s password.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
