Market Pulse Q2'26
The Market Pulse analyzes the events of the past quarter, evaluates the market outlook, assesses the inherent risks, and highlights how the portfolio can benefit from these dynamics.
Inside the NCI
Bitcoin ETFs pulled in $1B in a single day. Institutional demand is back ahead of price
NCI rose 4.5% second consecutive week DECOUPLING from risk assets: S&P +1.2%, Nasdaq +3.3%, but crypto positive despite 10Y Treasury >5.1%. BCH surged +33.1%, eight of nine constituents positive, third week NCI outperformed BTC. Catalyst: 2.38BBTCETFinflows(1B single day = largest since October 2025), institutional demand returning AHEAD of price. SEC/CFTC cleared tokenized assets, Solana 150ms settlement. CIO: consolidation, bullish sentiment. Range maintains 3,700-4,300 / 80K-88K.
Hashdex Announcements
Nasdaq and Hashdex Launch an “Advisor’s Guide to Crypto” for Financial Advisor Education
Nasdaq and Hashdex have developed The Advisor’s Guide to Crypto, a multi-module curriculum within the Nasdaq Crypto Academy.
Inside the NCI
The US House takes the first step toward a Bitcoin strategic reserve. Deutsche Bank is coming. The SEC set the rules.
NCI surged 5.8% reversing prior -3.2%, DECOUPLING from risk assets despite Fed plus BOJ rate hikes. HYPE led +19.7%, all constituents except XRP (+4.2%) outperformed BTC. Catalyst: SEC regulated tokenized equities plus Deutsche Bank custody incoming plus US House Bitcoin reserve approval. CIO: crypto positive at 'toughest moment of year' = lack of marginal sellers signals solid floor. Range upside massive (3,700-4,300, 80K-88K). CLARITY Act postponed but regulatory path now clear.
Inside the NCI
1 billion people now hold crypto. Nubank just brought stablecoins to Latin America's biggest bank.
NCI fell 3.2% breaking three-week winning streak. Iran-US escalation (oil >$100) plus inflation above expectations elevated FOMC rate hike odds, melting sentiment. BTC approached $77K, only ETH positive (+0.6%). HYPE/SOL/LINK gave back prior gains. But adoption advancing: 1B people hold crypto (12.2% global population), Nubank Nu Global (USDC/EURC), Solana 3x transaction capacity. CIO: binary week (FOMC plus CLARITY Act Senate vote). Range maintains 3,400-4,100 but negative rate scenario weighing.
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Expert in Spotlight
Samir Kerbage
Samir Kerbage is Chief Investment Officer at Hashdex, overseeing global investment strategy, product development, and research. A founding member of the firm, he has led the buildout of Hashdex’s crypto asset management platform across ETFs, ETPs, and other vehicles. Samir brings over 15 years of experience in financial market infrastructure and quantitative trading and holds a degree in Computer Engineering from IME.
Samir Kerbage is Chief Investment Officer at Hashdex, overseeing global investment strategy, product development, and research. A founding member of the firm, he has led the buildout of Hashdex’s crypto asset management platform across ETFs, ETPs, and other vehicles. Samir brings over 15 years of experience in financial market infrastructure and quantitative trading and holds a degree in Computer Engineering from IME.
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