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.

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.

Disclaimer

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.

U.S. PERSONS (AS DEFINED IN REGULATION S) AND LEGAL ENTITIES RESIDENT IN THE UNITED STATES MAY NOT ENTER THIS WEBSITE.

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.

Viruses

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.

Copyright

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.

Hyperlinks

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.
back to articles
Cet article n’est disponible qu’en anglais
/blog/thumbnails/weekly_14_2x.jpg
newsletter
Tom Rodgers
Tom Rodgers Head of Research
Partager Share on Linked In Share on Twitter

ETC Group Crypto Minutes Week #14

The total cryptocurrency market cap breached $2 trillion on Monday 5 April

Crypto market cap hits record $2trn

The total cryptocurrency market cap breached $2 trillion on Monday 5 April as soaring gains across the sector brought fresh waves of investment from both institutional and retail figures. It should come as no surprise, really, given that across Q1 2021 bitcoin (BTC) has returned 103%, ether (ETH) has added 160% while and the S&P 500 (SPX) total return was 6.2%, according to figures provided by Wave Financial.

JP Morgan: Bitcoin volatility decline ‘reinvigorates institutional interest’

A 1 April report by JP Morgan, covered by Bloomberg , noted that Bitcoin’s declining volatility is setting the stage for more institutional investors to add the cryptoasset to their portfolios.

Three-month realized volatility...has fallen to 86% after rising above 90% in February [and] as volatility subsides, a greater number of institutions could warm to the crypto space, Report

Volatility is a key consideration for risk management, as the higher this metric reaches, the more risk capital it consumes, JP Morgan’s analysts noted. They conclude:

In our opinion, a potential normalization of Bitcoin volatility from here would likely help to reinvigorate the institutional interest going forward.

A slew of regulatory filings to the SEC over the past week have revealed some very interesting tidbits of information.

Morgan Stanley adds Bitcoin exposure across 12 funds

Firstly, Morgan Stanley said that a dozen of its institutional funds, including Counterpoint Global, would gain access to bitcoin exposure. The details provided by the investment bank show that up to 25% of the 12 fund’s assets could be placed in bitcoin products.

Secondly, Coinbase and Bakkt were the functionaries for hedge fund magnate Paul Tudor Jones’ bets on Bitcoin last year.

Industry news website Coindesk told how Jones’ $44.5bn Tudor Investment Corporation fund secured custodial ties with the San Francisco cryptoexchange and the Intercontinental Exchange-owned Bakkt when making his approximately $445m long bitcoin bids.

The filings provide a rare glimpse into the hush-hush world of institutional crypto dealmaking, where well-heeled clients pile into an asset class [that] bankers once deemed absurd. Many, like Tudor Jones, see bitcoin as an inflation hedge, and their ranks are swelling, Danny Nelson

BlackRock invests in bitcoin futures

Another SEC filing SEC filing from Wednesday 31 March that has wide-reaching implications revealed exactly how that the world’s largest asset manager, BlackRock, had made its pivot into cryptoasset investing.

It was back in February 2021 that Rick Rieder, BlackRock’s chief investment officer for global fixed income, let slip to CNBC back in that the asset management giant had “started to dabble” in bitcoin. But until this set of regulatory filings it was unclear to what extent this “dabbling” was taking place.

BlackRock’s Global Allocation Fund purchased 37 futures contracts at the tail end of January for a reported $6.5m. That’s less than 0.05% of the fund’s total holdings, so the numbers are rather small in the great scheme of things.

However, everything we have learned to date about institutions dipping their toes into crypto waters tells us this: once it is clear that everything works as it should — and everyone from funds to banks and family offices can gain a proportion of a rising market — these UHNW players begin to make a much bigger splash.

Crypto Industry – the Rise of Institutional Interest

One other useful proxy for institutional interest in cryptocurrency is to look at Bitcoin futures trading volume.

Monthly volume for Bitcoin futures topped $2.13bn in March 2021, according to data from Bybt. That’s another new all time high, after dipping from $2.08bn to $1.89bn from January to February 2021. There’s no question now that institutional investors are making aggressive moves to expand their bitcoin exposure.

Source Bybt

As the data shows, Binance remains the premier venue for Bitcoin futures trading, with the China-founded and Hong Kong-operated Huobi Global slotting in as its closest competitor.

The turn of 2021 was the clearest leap forward into record-breaking territory, as Binance improved its monthly futures trading volume from $296.78bn to $627.52bn, while Huobi almost doubled its own figures, jumping from $248.45bn to $498.34bn.

These figures will be of no cheer to the CME Group, the world’s largest financial derivatives exchange. CME launched its own bitcoin futures product as far back as 2017 and yet in the years since, trading volume has failed to live up to even the most conservative estimates.

The decades-old commodities trading venue has perhaps been hamstrung by the size of its bitcoin futures contracts which are set with a lower limit of 5BTC (approximately $294,000). That, in truth, has largely excluded retail investors.

Perhaps in reaction to the explosion of interest in more investor-friendly bitcoin products like ETPs, CME has now announced a plan to claw back some market share. It said on 30 March 2021 that from the first week of May it will offer ‘micro-Bitcoin futures contracts’ worth one-tenth of a bitcoin (~$5,800).

ETH breaks all time high

Ether (ETH) had its own record-breaking moment this week, breaking back above $2,000 for the first time since mid-February, and holding that position for now.

Market analysts are expending more time and energy on Ethereum now than ever before, largely due to its usage as a foundational structure for the DeFi and NFT markets, and an ever greater regulatory focus on Ethereum’s smart contracts.

Certainly the number and value of smart contract transactions are rising. According to Coinmetrics data, it was 16 August 2020 when the amount of ETH transferred daily by smart contracts breached 2 million ETH ($4.2bn) for the first time. As we head towards Q2 the daily average is well above 3 million ETH ($6.3bn).

ETH_transferred_by_Smart_Contracts
Source Coinmetrics.io

The way that smart contracts automatically and algorithmically transfer value between parties is revolutionising portions of financial services, law and the arts and avid crypto-watchers are expecting some big pronouncements from governments or regulators as we move into Q2 and beyond.

Markets

Everywhere we look, price records are falling all across the map. For example, from a low of $1,771.43, the spot price of ether hit a new all time high of $2,144 over the weekend, dipping slightly before climbing back to reach a new all time record of $2,148 on strong daily volume on Tuesday 6 April. And these gains are rippling outwards as cryptoassets further down the market capitalisation list are starting to see their own momentum grow.

ETH/USD

ETHUSD_30Mar-6Apr
Source TradingView

BTC/USD

ETHUSD_30Mar-6Apr
Source TradingView

As Week 14 — and indeed Q1 — comes to a close, Bitcoin (BTC) continues to trade in a fairly tight range between $56,435 and $60,003, with a clear rejection at that previous round number barrier. Its market cap is up by around 7% over the course of the week and it is worth noting that the last time BTC dipped under a $1 trillion market cap was Monday 29 March 2021. Lest we forget, it was only on 8 January 2021 that BTC moved above $40,000 for the first time.

Disclosure | Copyright © 2022 ETC Group. All rights reserved

Plus d'articles