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Methodic Capital Management Launches CoinDesk ETH Staking Fund for Enhanced Ethereum Exposure
Methodic Capital Management has unveiled the Methodic CoinDesk ETH Staking Fund, aiming to provide investors a combined exposure to Ethereum and its staking rewards. Launched amidst a surge in digital asset investment vehicles, the fund aligns with professional and institutional investors' growing appetite for Ethereum-based assets. Utilizing CoinDesk's Ether Total Return Index for benchmarking, the fund's assets will be staked and held in custody by BitGo, with Oasis Pro Markets managing tokenization to facilitate secondary market trading. CEO Jason Hall emphasized the fund's commitment to setting new standards in ETH staking investments through enhanced transparency and security.
Zodia Custody Expands Institutional Digital Asset Services to Australia
Zodia Custody has unveiled a digital asset custody platform for institutional clients in Australia, aimed at securely storing assets in bank-grade cold wallet storage and facilitating institutional connections to digital asset exchanges. Zodia Custody's CEO, Julian Sawyer, highlighted that around 26% of Australians currently possess digital assets, equating to an approximate value of $21.6 billion. To cater to this sizable market, the SAF3 platform was introduced by Zodia Custody Australia, a new subsidiary. The platform, specifically designed for institutions, plans to offer an expanded range of services in 2024. In addition, the National Australia Bank (NAB) has collaborated with Zodia Custody to test the robustness of the SAF3 platform. Notably, Zodia Custody, backed by major players like Standard Chartered and Northern Trust, is the inaugural bank-supported digital asset custodian to be registered with the UK’s Financial Conduct Authority. The company recently expanded its presence in Singapore last September.
Korean Giant SK Telecom and CryptoQuant Partner to Release Crypto Wallet
Team Blackbird, the entity behind Korean analytics platform CryptoQuant, has partnered with SK Telecom (SKT), South Korea's largest mobile phone operator, to launch a crypto wallet called "T wallet." This new wallet will allow users to store tokens on their mobile devices and leverage CryptoQuant's on-chain analytics tools, potentially enhancing their trading strategies. Jong Seung Kim, a leader at SKT's Web3 business team, highlighted the potential of this partnership in furthering South Korea's already robust crypto market. CryptoQuant collaborates exclusively with global giants such as CME Group and Moody's to supply on-chain data and research.
Trading Desk Insights
Futures slipped Wednesday, as earnings season intensifies with Wall Street positioning for pivotal corporate earnings. Post-market, anticipate some volatile price action with earnings from tech behemoths Tesla and Netflix, which could influence Nasdaq's short-term trajectory.
On the housing front, a consecutive rise in mortgage rates for the sixth week has sent home loan demand plunging to its lowest since 1995. Mortgage applications for home purchases receded by 6% week-over-week and are down 21% YoY.
From a technical perspective, Bitcoin's current standing above its 200-day MA is noteworthy. The cryptocurrency last achieved back-to-back closes above this benchmark in August. If this bullish trend persists, BTC might challenge the $29k resistance threshold. A pertinent concern for Bitcoin is the broader equities market, with the S&P500 retreating from its 50-day MA, hinting at potential pressure ahead.
Rumors surrounding a BTC ETF persist, but the real buzz centers on anticipated spot ETF greenlighting. While no official word is out, whispers suggest the SEC is engaged in discussions with stakeholders. Notably, Fidelity is the latest firm to tweak its spot BTC ETF filings, an indication of ongoing dialogues with the SEC. This narrative bolsters bullish sentiment among traders, further exemplified by the GBTC discount narrowing to 13%.
In a notable crypto update, Reddit is winding down its blockchain-anchored Community Points program, leading to MOON, BRICK, and DONUT tokens plummeting between 60%-90%. The director of consumer and product communications mentioned that “the resourcing needed was unfortunately too high to justify”.
Technical Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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