Crypto traded sideways last week and the Nasdaq Crypto Index (NCI) ended the week up 1.8%. This movement was primarily fueled by bitcoin (BTC) going up 1.9%, followed by ether (ETH), which moved 1.1%.
Bitcoin continues its green streak
Last week, BTC closed its fifth positive month in a row. While again in green territory, the flagship digital asset rose a modest 1.9% in the first month of 2024, a more timid performance that suggests a consolidation phase after an outstanding fourth quarter.
Harvest Fund files for spot BTC ETF in Hong Kong
The Hong Kong arm of Harvest Fund Management submitted an application for a spot BTC ETF late last month. The movement suggests a fueled interest for such products in the wake of the approval of spot BTC ETFs in the US, with Asia likely being the next market to have spot bitcoin ETFs.
Visa to enable crypto-to-fiat withdrawals in 145 countries
Payments giant Visa recently partnered with Transak, a leading payments infrastructure provider for crypto and NFTs, to ease the off-ramp process from crypto to fiat currencies. The service will be available in 145 countries and allow crypto investors to cash out from crypto into fiat, which can then be spent at more than 130 million merchant locations where Visa is accepted. The movement is yet another signal from a financial giant working alongside crypto infrastructure providers to improve the user experience and security involving crypto-to-fiat transactions.
In our latest monthly letter, Hashdex’s Head of Portfolio Management, João Marco Cunha, writes about the first month of 2024 and how spot BTC ETFs are setting the stage for an exciting 2024.
This material expresses Hashdex Asset Management Ltd. and its subsidiaries and affiliates (“Hashdex”)'s opinion for informational purposes only and does not consider the investment objectives, financial situation or individual needs of one or a particular group of investors. We recommend consulting specialized professionals for investment decisions. Investors are advised to carefully read the prospectus or regulations before investing their funds. The information and conclusions contained in this material may be changed at any time, without prior notice. Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service. This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Hashdex to any registration or licensing requirements within such jurisdiction. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Hashdex. By receiving or reviewing this material, you agree that this material is confidential intellectual property of Hashdex and that you will not directly or indirectly copy, modify, recast, publish or redistribute this material and the information therein, in whole or in part, or otherwise make any commercial use of this material without Hashdex’s prior written consent.
Investment in any investment vehicle and cryptoassets is highly speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who can bear the economic risk of the loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment vehicles will achieve its investment objective or return any capital. No guarantee or representation is made that Hashdex’s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may vary substantially over time. Nothing herein is intended to imply that the Hashdex s investment methodology or that investing any of the protocols or tokens listed in the Information may be considered “conservative,” “safe,” “risk free,” or “risk averse.”
Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Hashdex, and Hashdex does not assume responsibility for the accuracy of such information. Hashdex does not provide tax, accounting or legal advice. Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” “believe” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Hashdex and its investment vehicles or the actual performance of Hashdex, its investment vehicles, or digital tokens may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward- looking statements in making their investment decisions. None of the information contained herein has been filed with the U.S. Securities and Exchange Commission or any other governmental or self-regulatory authority. No governmental authority has opined on the merits of Hashdex’s investment vehicles or the adequacy of the information contained herein.