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The Hard Fork – Institutional Crypto Insights

This week’s top news
1) North America’s First Bitcoin ETF Captures Flurry of Trading – TradeBlock XBX Index selected as underlying reference – Financial Times
2) MicroStrategy Raises $1.05B in Latest Debt-for-Bitcoin Offering – CoinDesk
3) Coinbase May Be ‘Severely Undervalued’ at $77B Valuation – Blockworks

 

Index Round-up

 

TradeBlock Index Asset1 Price ($) 7d∆2
XBX Bitcoin 54,505.49 13.96%
EOSX EOS 4.98 3.30%
ETX Ethereum 1,802.11 0.75%
LTX Litecoin 208.38 -0.23%
ZCX Zcash 150.60 -4.03%
ECX Ethereum Classic 14.55 -4.30%
XLMX Stellar Lumens 0.48 -5.87%
BCX Bitcoin Cash 653.08 -9.18%
1. Underlying asset sorted in descending order by 7 day price movers.
2. 7 day price movers monitored from 02/15/2021 06:00 ET thru 02/22/2021 06:00 ET.

 

Markets update
Bitcoin’s market cap reached over $1 trillion this past week as the crypto currency soared to over $58,000–a new all-time high before paring gains this morning amidst a sell-off in equity markets. Other large caps also saw impressive gains on the week before declining. Ethereum reached just over $2,000 this week–also a new all-time high–before trading down to around $1800 this morning.

Among our indexed assets, bitcoin traded up the most, gaining nearly 14%. Conversely, bitcoin cash traded down the most, losing 9.18% on the week.
In equity markets, US stocks are pointing to a down open this morning after ending last week modestly down with the S&P 500 losing 12 basis points. Tech stocks saw a majority of the selling in equity markets with the Nasdaq closing down 78 basis points. Rising long term rates is weighing on equity markets as investors fear growth companies will not be able to drive returns through cheap debt.
 

Quote of the week
“Speculation alone, while adding nothing to Germany’s wealth, became one of its largest activities. The fever to join in turning a quick (buck) infected nearly all classes…Everyone from the elevator operator up was playing the market.” – From When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany
 

Did you know that TradeBlock’s Index product suite has more AUM benchmarked across it than any other index provider in the crypto currency space? More than $35 billion in AUM and millions of OTC transactions utilize TradeBlock indexes as reference rates.

Additionally, this past week, the first Bitcoin ETF in North America (BTCC) was launched by Purpose Investments. BTCC utilizes TradeBlock’s XBX Bitcoin Index as the underlying reference rate. TradeBlock’s indexes are not only used for investment vehicles but also for asset tracking, OTC market making, asset analysis and monitoring, and other applications. Get in touch if you would like access to TradeBlock’s real-time indexes, by reaching out to index@tradeblock.com.
 

TradeBlock index snapshot


 

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