Crypto Report | May 2024

Key Takeaways

Last month, cryptoassets underperformed traditional assets in a broader risk-off environment. Risky assets such as US equities also came under pressure due to a tightening in US financial conditions which was reflected in a strengthening US Dollar and rising bond yields. In addition, increasing tensions in the Middle East led to a clear surge in geopolitical risks and commodity prices.

More specifically, ETC Group Physical Bitcoin (BTCE) returned -15.6% and ETC Group Physical Ethereum (ZETH) returned -16.9% in EUR-terms last month.

A look at our product performances reveals that altcoin ETPs such as ETC Group Physical Cardano (RDAN) or ETC Group Physical Solana (ESOL) generally underperformed ETC Group Physical Bitcoin (BTCE) in April as Bitcoin’s market cap dominance continued to increase.

Despite the highly anticipated Bitcoin Halving, Bitcoin took a beating due to rising profit-taking by both long- and short-term holders. At the same time, global Bitcoin ETP net fund inflows decelerated significantly in April mostly due to slower flows into US spot Bitcoin ETFs. As a result, net buying minus selling volumes on Bitcoin spot exchanges turned negative which exerted pressure on the price.

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Source of all data: ETC Group. Data as of 30.04.2024. 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 30.04.2024

1M3M6MYTD12M3YSI
ETC Group Physical Bitcoin-14.09%39.98%76.49%43.58%106.19%1.25%482.28%
Bitcoin-14.27%40.34%72.81%42.00%103.36%3.87%508.21%

 

1M3M6MYTD12M3YSI
ETC Group Physical Ethereum-15.77%28.72%66.70%28.69%57.61%4.18%87.39%
Ether (Ethereum)-15.40%29.56%63.47%28.50%56.29%5.26%89.77%

 

Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 30/04/2024

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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