Crypto Monthly Report | November

Macro Outlook | November

Bitcoin has largely consolidated at the $34000-$35000 range with any climbdown from this level inviting heavy buying pressure.

The digital asset is up 25% in the last month and its market dominance has swelled to 52% – a feat it has not reached since April 2021 as market participants feed into the narrative of a spot Bitcoin ETF launching in the US.

There is growing market confidence that spot Bitcoin investment products will be approved by the SEC for the first time. Industry voices have pointed out that this could happen as soon as January 2024 if not before.

The progress of BlackRock’s Bitcoin ETF application has played a large role in stoking the enthusiasm. Market sentiment received a boost on 23 October after BlackRock’s iShares Bitcoin Trust fund was catalogued by the Depository Trust and Clearing Corporation (DTCC) under the ticker IBTC.1 The DTCC provides clearance settlement and custody services for Nasdaq.

As the US inches closer to embracing a spot Bitcoin ETF it’s worth mentioning that financial products with similar structures have already carved a niche in Europe

ETC Group Physical Bitcoin (BTCE) is fully backed by the underlying asset and trades on several European exchanges. With an AUM of more than $800 billion and traded value of $1.5 billion YTD it stands as Europe’s biggest and most liquid Bitcoin ETP.

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Featured Products Performance
As of 31.10.2023

ETC Group Physical Bitcoin27.33%16.37%16.83%103.73%64.85%-47.23%136.58%229.93%
ETC Group Physical Ethereum7.10%-4.00%-5.45%48.24%12.99%-60.48%12.41%
Ether (Ethereum)8.72%-2.40%-4.39%51.00%15.89%-58.85%16.09%

Please note that all performance figures are showing net data.Source: Bloomberg / HANetf. Data as of 31/10/2023

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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