Welcome to ETC Group

ETC Group logo

Please select your country of residence and investor profile in order to access content and information around our ETC products

Cookie Settings

Required cookies

These cookies are necessary to ensure the smooth functioning of this website (e.g. session cookies, cookie to store the selected cookie preferences, etc.). These required cookies can thereforce not be deactivated.

Optional cookies

Functional cookies are used to ensure the smooth functioning of all tools on the wesites. The entire and proper function of the webite is available to the user only with the use of functional cookies. The use of analysis cookies serves the ongoing quality improvement of this website and its content. By using them, wa aim to maximise user satisfaction.

Avis Important

Des produits tels que BTCetc - ETC Group Physical Bitcoin ("BTCE") sont des Exchange Traded Commodities ("ETC"), instruments financiers considérés comme des titres de créances complexes par l'Autorité des Marchés Financiers présentant des risques difficilement compréhensibles par le grand public. A ce titre, leur distribution en France répond à des règles spécifiques. Il relève de la responsabilité des intermédiaires et investisseurs professionnels souhaitant offrir des ETCs à leurs clients de s'assurer que leur distribution auxdits clients est réalisée dans le respect de la réglementation française.

Terms of website use

These terms and conditions (the “ Terms ”) tell you the terms on which you may make use of our website https://etc-group.com/ (“ Website ”).

Please read these Terms carefully before using this Website. By using this Website, you are deemed to have read and accepted our Terms and Conditions as set out below. If you do not agree to these Terms, you must not use this Website.

Your attention is particularly drawn to the disclaimers and limitations of liability set out in the sections below headed: “ Disclaimer ”, “ No Offer ” and “ Limitation of Liability ”.

Information about us

The website is owned and operated by ETC Management Ltd, a company registered in England and Wales under number 12165332 with its registered office at Gridiron, One Pancras Square, London, England, N1C 4AG.

You can contact us by email at info@etc-group.com.

References to “ ETC Group ”, “ we ”, “ us ” and “ our ” in these Terms refers to ETC Management Ltd and our affiliates.

These Terms

These Terms constitute the agreement between you and us for the use of this Website and the contents and services available through it.

We may change these Terms from time to time. Any changes we may make to these Terms in the future will be posted on this Website and, where appropriate, notified to you by email. By continuing to use and access this Website following such changes, you agree to be bound by any changes we make. Please review this page frequently to see any updates or changes to these Terms.

If you commit a breach of these Terms, we reserve the right at our sole discretion to immediately and without notice suspend or permanently deny your access to all or part of this Website.


We provide this Website on an "as is" and "as available" basis with all faults. We do not guarantee that this Website, or any services or content on it, will always be available or be uninterrupted. We may suspend, withdraw, discontinue or change all or any part of this Website without notice. You agree that your use of this Website is at your own risk. We will not be liable to you if for any reason this Website is unavailable at any time or for any period.

You are responsible for ensuring that all persons who access this Website through your internet connection are aware of these Terms and other applicable terms and conditions, and that they comply with them.

We may update and change this Website from time to time to reflect changes to our products and services, our users' needs and our business priorities.

Distribution of Information

The distribution of the information and material on this Website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation.

You must inform yourself about and observe any such restrictions in your jurisdiction. By accessing this Website you represent that you have done so. By accepting these Terms, you hereby confirm that you are allowed to access this Website pursuant to applicable laws.

Lawful use

You may use this Website only for lawful purposes. You must not use this Website in any way that breaches any applicable local, national or international law or regulation, or in any way that is unlawful or fraudulent or has any unlawful or fraudulent purpose or effect.

You must not use or attempt to use any automated program (including, without limitation, any spider or other web crawler) to access our system or this Website. You must not use any scraping technology on this Website.


Certain documents made available on this Website may have been prepared and issued by persons other than ETC Group. This includes any prospectus and additional documents thereto. ETC Group is not responsible in any way for the content of any such document.

While we take all reasonable care to ensure the information and analysis which we publish on this Website are as accurate as possible, we cannot promise that they will be complete, accurate and up to date.

Opinions and any other contents on this Website are provided by us for informational purposes only and are subject to change without notice. We are not giving you any advice (investment, financial, legal or otherwise) in respect of any of the information on this Website. You should obtain professional or specialist advice before taking, or refraining from, any action based on any information on this Website. Any reliance that you may place on the information on this Website is at your own risk.

To the maximum extent permitted by law, we disclaim any and all implied conditions, warranties and representations that this Website and the information and services available through it are of satisfactory quality, accurate, fit for a particular purpose, or non-infringing.

No offer

Nothing on this Website should be construed as an offer, or recommendation, to purchase or dispose of any product or securities. The prices and valuations published on this Website are indicative and are for information purposes only, as is other information displayed on this Website.

Any person making offer of securities described on this Website shall observe and strictly comply with restrictions on the usage of information pursuant to these Terms, as well as any restriction imposed by a prospectus published with respect of any securities described or applicable laws and regulation, including without limitation restrictions imposed by the EU Prospectus Regulation (REGULATION (EU) 2017/1129 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 June 2017).

Authorised Investors

Some documents displayed on this Website and its content are restricted to “Professional Investors” only and are not intended for retail or private investors. By making use, opening, or downloading such documents, you agree that you are an “Institutional Investor” (as defined here: https://www.handbook.fca.org.uk/handbook/COBS/3/5.html), and have read, understood and accepted the conditions.

The securities described on this Website are not permitted to be offered for sale in all countries and are in each case reserved for investors who are authorised to purchase the securities. Selling restrictions applicable to specific products are set out in the relevant prospectus and should be read carefully by investors. Any restrictions imposed by the relevant prospectus are in addition and without prejudice to any restriction or prohibition established by laws or regulations of any jurisdiction.

United States Persons and legal entities resident in the United States

Securities issued by ETC Group have not been registered under the U.S. Securities Act of 1933, as amended, (the "Securities Act"). The Bonds are being offered outside the United States of America (the "United States" or "U.S.") in accordance with Regulation S under the Securities Act ("Regulation S"), and may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

The information provided on this Website is not directed to any United States person or legal entity or any state thereof, or any of its territories or possessions.


Information from this Website may not be distributed or redistributed into the United States or into any jurisdiction where it is not permitted.

Limitation of liability

ETC Group shall not be responsible for any damage (including, without limitation, damage for loss of business or loss of profits) arising in contract, tort or otherwise from the use of, or inability to use, this Website or any material contained in it, or from any action or decision taken as a result of using this Website or any such material.

We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or for fraud or fraudulent misrepresentation.


We do not guarantee that this Website will be secure or free from bugs or viruses.

You are responsible for configuring your information technology, computer programmes and platform in order to access this Website. You should use your own virus protection software.

You must not misuse this Website by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to this Website, the server on which this Website is hosted or any server, computer or database connected to this Website.

Risk Warnings

You should always bear in mind that:

  • Cryptoassets are a highly volatile asset class. Your capital is at risk. The value of cryptoassets can go down as well as up and you can lose your entire investment.
  • Past performance is not an indication of future performance.
  • Rates of exchange may affect the value of investments.
  • Applications to invest in securities referred to on this website must only be made on the basis of the relevant prospectus.

Investors should refer to the section entitled “Risk Factors” in the relevant prospectus for further details of these and other risks associated with an investment in the securities offered by the Issuers before investing.


All content and the design of this Website are owned by ETC Group or our licensors and protected by copyright and other applicable laws.

Any copying of the website or of its content requires the prior written consent of ETC Group.

Your Privacy

ETC Group respects the privacy of users. Please see our Privacy Policy for information setting out how we handle personal information collected through the Website.


Some of the hyperlinks contained on the Website may lead the user to external websites that are not under the control of ETC Group. ETC Group does not approve or endorse the contents of such websites and does not control the content of any such websites. When the user clicks on such a link, the user will leave the Website. ETC Group is not responsible for the content of any websites reached by means of such a link.

Governing Law and Jurisdiction

These Terms and Conditions and your access to and use of this Website and the content are subject to the laws of England and Wales. However, if you are a consumer resident in another part of the UK or in any EU country, then you will also be entitled to any additional protection afforded to you under your national consumer protection laws.

You can bring legal proceedings in respect of these Terms in the English courts or, if you are a consumer resident in another part of the UK or in any EU country, the courts of your home country.

The products displayed on this website are not available for subscription or purchase by retail investors in your selected jurisdiction. Please contact your broker or financial adviser for further information.
This website and the products displayed on this website are not available to retail investors in the United Kingdom. Please contact your financial adviser for further information.
Zur Übersicht
Dieser Artikel ist nur auf Englisch verfügbar
Tom Rodgers
Tom Rodgers Head of Research
Teilen Share on Linked In Share on Twitter

ETC Group Crypto Minutes Week #12

Bullish momentum grips markets, pro-Bitcoin EU regulatory win dominates headlines, Dubai legalises crypto and politicians push for legal tender worldwide, while Ethereum 2 is tantalisingly close with the success of its Proof of Stake testnet merge.

EU dismisses Proof of Work ban on Bitcoin

Perhaps the most striking news of the fortnight was the timely reversal by the EU's most powerful financial committee to act in favour of Bitcoin.

On 14 March 2022 the ECON, the EU's Committee on Economic and Monetary Affairs responsible for the regulation of financial services and oversight of the European Central Bank, voted against a proposal that could have seen the end of Bitcoin mining in Europe.

A last-minute addition to the bloc's upcoming Markets in Crypto Assets (MiCA) framework aimed to limit the use of cryptocurrencies powered by Proof of Work.

A majority of MEPs from the EPP, ECR, Renew and ID parties voted against, while a minority of MEP from the Greens, S&D and GUE mainly voted in favour. The final tally was 32 against and just 24 for it.

As hoped for by Bitcoin proponents, the amendment was voted down, with politicians instead favouring instead new draft rules to protect consumers and make Proof of Work mining more sustainable.

This was a source of huge relief in the crypto community and a gigantic political success for Bitcoin in Europe.

Dr Stefan Berger's alternative amendment was supported instead of the ban. It reads:

By January 2025, the Commission shall present to the European Parliament and to the Council, as appropriate, a legislative proposal to amend Regulation (EU) 2020/852, in accordance with Article 10 of that legislation, with a view to including in the EU sustainable finance taxonomy any crypto-asset mining activities that contribute to climate change migration and adaptation.

With all the work going on to use otherwise wasted flared gas in North America by using these harmful emissions to instead mine Bitcoin, more efforts will be required over the coming years to counter false assertions that Bitcoin mining is itself wasteful.

Oil majors are starting to come around to the idea, with the $133bn market cap Conoco Phillips (NYSE:COP) just starting to sell waste gas to Bitcoin miners in North Dakota. The natural gas giant said in February it was running a pilot project to sell gas destined for burning to a Bitcoin processor instead. Similar projects have seen a reduction of around 63% in CO2 emissions compared to flaring.

Bitcoin's annual energy usage amounts to a rounding error, being responsible for just 0.08% of global CO2-equivalent emissions.

For a comparison, the cement industry is responsible for 7-8% of global CO2-equivalent emissions and its annual production uses three times more energy than Bitcoin, on a par with the entire output of Germany and France.

Ethereum 2 Proof of Stake merge success, prices bounce

Ethereum has taken a critically-important step forward with the successful launch of Proof of Stake on its final testnet.

The non-profit Ethereum Foundation announced that Ethereum 2 Proof of Stake merge had successfully completed on 15 March 2022 on the Kiln testnet.

Blockchain testnets are not live trading environments, but instead an alternative environment that mimic the conditions of the main chain, allowing developers and app producers to experiment and scrutinise how their software will work before it is publicly launched.

At time of writing Ethereum was trading in spot markets at $3,010, up 18% on the week.

Today Ethereum relies on miners to validate and process transactions, just like Bitcoin. But this Proof of Work method will be replaced by Proof of Stake, where ETH holders lock up their coins to secure the network and receive ETH rewards in return.

Stakers, who can earn 4-5% yield on their ETH by locking up tokens in the ETH 2 deposit contract , have to date deposited over 10 million ETH worth more than $32bn.

An additional catalyst for ETH prices long term is that when Ethereum undergoes its final transformation, the deflationary pressure introduced by EIP-1559 in August 2021 should turn into outright deflation. Market tracker Ultrasound Money indicates that Ethereum supply issuance will fall from +3.5% today to minus 0.6% when the merge is complete.

Locked ETH adds additional supply pressure by reducing circulating supply, cutting the number of ETH available to trade the open market and effectively reducing the free float.

With the merge test run successfully complete, we expect mainnet launch, and hence Ethereum's long-awaited switch from Proof of Work to Proof of Stake to occur, by the end of June 2022.

Aside from its changing tokenomics, which should encourage more institutions to invest in ETH, greater adoption of the technology behind Ethereum has been on the cards for months.

In November, the world's largest clearinghouse, the Depository Trade and Clearing Corporation (DTCC) said it would cross the blockchain Rubicon to use the Ethereum blockchain to digitise and modernise private markets. The ability for blockchain technology to speed up and automate trade finance is well known. Settlement is possible in a matter of minutes, without manual oversight, because using blockchain's cryptographic architecture we can prove mathematically that transactions have completed to our satisfaction.

Faster settlement times also cut counterparty risk, so it should come as no surprise that the DTCC has been investigating distributed ledgers since this 2016 white paper , and began a pilot programme in 2019 to move $11 trillion of derivatives onto the blockchain.

Currently trade settlement happens on a T+2 (trade date plus two days) basis. This is an improvement over the five-day standard (T+5) that applied up to 1995, and slightly better than the T+3 in action between 1995 and 2017. But two-day settlement is still a really long time in a world where blockchains can speed that up by a factor of 10.

It's worth noting that the figures involved in trade settlement globally are brain-breakingly large. The DTCC clears trades worth around $2.3 quadrillion (a thousand times a trillion) each year, and these numbers are only growing.

In an April 2019 paper discussing the potential benefits that blockchain could bring to the clearing and settlement process, the US Committee on Capital Markets Regulation noted:

Even with the recent improvement, the DTCC estimates that the relatively lengthy settlement period forces system participants to hold over $5 billion collectively, on average, in risk margin to manage counterparty default risk.

Long settlement times exacerbate risk and leave billions of dollars sitting around doing nothing, when it could be being put to work.

Institutions are just starting to realise that blockchain can fix this.

US sets ‘global leader' status, Dubai legalises crypto: South Korea, Serbia, Malaysia next?

Macro market watchers reacted with glee to US President Joe Biden's Executive Order on digital assets on 9 March, as he indicated a favourable regulatory environment for cryptocurrencies going forward. The US is already the global leader in Bitcoin mining after the departure of China in May 2021.

Text from the order, which sets a 180-day deadline on departments reporting on the risks and opportunities from cryptocurrencies, calls for a comprehensive and co-ordinated approach to digital asset policy.

[It's] unequivocally bullish for the crypto ecosystem over all timeframes,

said Travis Kling, CEO at Ikigai Asset Management told CNBC.

It's easy to lose sight of how much ground this ecosystem has covered in the last two years in terms of legitimacy and stance from the US government, but this E.O. makes it clear the US government is not banning crypto, it is embracing it.

In the same week, Dubai adopted its first law legalising digital assets and set up a financial watchdog to oversee the industry. Announcing the news on 9 March 2022 ruler Sheikh Mohammed bin Rashid said he wanted to position the emirate as a world leader in cryptocurrency and blockchain.

A day later, South Korea elected President Yoon Suk-yeol on a specific platform of deregulating the cryptocurrency industry in the south-east Asian state. The President elect will take office in May. As part of a broad range of cryptocurrency pledges, Yoon Suk-yeol said he would allow ICOs, boost South Korea's burgeoning industry and promised not to impose taxes on digital asset trading gains of up to 50 million won ($40,000), treating them in the same manner as gains from equities.



BTC/USD graph
Data as of 22 March 2022 | Source: TradingView.com


Ethereum has had a strong fortnight, with spot prices climbing almost exactly 20% from the mid-$2,500s beyond the key $3,000 mark before continuing higher. The successful debut of Ethereum 2 – albeit in a testing environment and not yet live – should push ETH further, with the expected June 2022 launch of Proof of Stake now looking like to be a critical point in the history of the blockchain.

ETH/USD graph
Data as of 22 March 2022 | Source: TradingView.com


Litecoin trading volume has exploded in the past fortnight, with LTC moving up the charts to become the fourth-most traded digital asset behind Cardano, Bitcoin and Ethereum. $100 now looks like a distant memory, with the critical $125 pivot point the next key domino to fall. The shift upwards from $99.58 to $123.86 represents a healthy 24.3% gain across the fortnight.

LTC/USD graph
Data as of 22 March 2022 | Source: TradingView.com


The addition of DeFi and smart contract capability to Bitcoin Cash may have come later in the game than holders would have liked, given how newer rivals like Avalanche have managed to scoop up market share along with tens of millions of dollars in revenue from users. But smartBCH is attracting new users to the payments-focused blockchain and this is just starting to be reflected in BCH pricing. From a $276 start, prices reached $370, and have turned parabolic in recent days, with BCH adding a total of 33.8% against the US dollar across the two-week session.

BCH/USD graph
Data as of 22 March 2022 | Source: TradingView.com


The launch of the first smart contract-based decentralised apps on Cardano have produced a notable sentiment switch among traders, with prices rallying back towards the $1 level after several weeks drifting around in the $0.80 area. Bullish momentum has gripped ADA, with trading volumes four times higher than Bitcoin in the last 24 hours, according to crypto data analytics site Messari.

ADA/USD graph
Data as of 22 March 2022 | Source: TradingView.com


Polkadot appears to have broken out of its trading range in recent days, with bulls attempting to turn the psychologically important $20 level from resistance into support. This price point has been rejected several times in past weeks, most recently in the second week of February, so recapturing it bodes well going forward. In summary, it has been a happy fortnight for DOT bulls, with the interoperable blockchain adding a total of 22.1% across the two weeks.

DOT/USD graph
Data as of 22 March 2022 | Source: TradingView.com


Solana has been quiet as of late, with more media and market attention focused on rival Layer 1 chains like Avalanche, Cosmos and Polkadot. Gains of 11.3% across the fortnight are relatively minor when looking at the moves of coins outside the top 10 by market cap but this is at least heartening to see SOL shifting back towards the $100 mark after what has been a tough March.

SOL/USD graph
Data as of 22 March 2022 | Source: TradingView.com


On an adoption level Tezos continues to impress, with swathes of NFT and DeFi integrations across multiple industries, alongside fresh support from $10bn AUM institutional cold storage custody provider GK8. Spot prices have not followed as of yet, and while XTZ is back trading above $3, there is a possible buying opportunity here for those with an eye on a strong second half of 2022.

XTZ/USD graph
Data as of 22 March 2022 | Source: TradingView.com


Given the more positive signals from the rest of the market, Stellar's XLM was not willing to be left behind, with the cross-border currency climbing 21% from $0.171 to $0.207 across the fortnight. Reclaiming $0.20 will have cheered bulls, given that XLM spent the latter half of January – as well as the past five weeks – meandering around below this point. Now all eyes are on the critical $0.238 level that acted as support way back in June 2021, that turned into a significant resistance point in February this year.

XLM/USD graph
Data as of 22 March 2022 | Source: TradingView.com

Disclosure | Copyright © 2022 ETC Group. All rights reserved

Das könnte Sie ebenfalls interessieren