Crypto Monthly Report | February

Macro Outlook

January was a mixed month for cryptoassets. In general, cryptoassets underperformed other traditional assets such as equities despite the inception of the highly anticipated US spot Bitcoin ETFs in January. More specifically, the ETC Group Physical Bitcoin ETC (BTCE) returned 2.57% and the ETC Group Physical Ethereum ETC (ZETH) returned -0.02% last month.

The cryptoasset markets were negatively affected by significant bitcoin whale exchange inflows in the aftermath of the ETF trading launch on the 11th of January. Moreover, net outflows from the biggest bitcoin fund in the US – Grayscale Bitcoin Trust (GBTC) – initially accelerated before slowing down more recently. This had also put pressure on cryptoasset markets throughout January.

We have covered this development in more detail here.

Since market cryptoasset market sentiment has already been relatively bearish, we expect that a short-term tactical bottom appears to be quite likely. What is more is that we remain optimistic over the medium- to long term on account of the reasons outlined in our latest ETC Group 2024 Outlook report. Read more here.

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Source of all data: ETC Group. Data as of 31.01.2024. All performance figures are showing net data. Please remember that digital assets can be highly volatile, and your capital is at risk. Past performance is not indicative of future performance. Additional sources available upon request.

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Featured Products Performance
As of 31.01.2024

ETC Group Physical Bitcoin2.57%26.08%46.72%2.57%84.16%8.42%18.04%315.98%


ETC Group Physical Ethereum-0.02%29.51%24.33%-0.02%44.53%-15.75%45.58%
Ether (Ethereum)-0.82%26.18%23.15%-0.82%43.99%-14.86%46.48%


Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31/01/2024

Performance before inception is based on back tested data. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs and ETCs, your capital is at risk.

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