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.
back to articles
Questo articolo è disponibile solo in lingua inglese
Tom Rodgers
Tom Rodgers Head of Research
Condividi Share on Linked In Share on Twitter

ETC Group Crypto Minutes Week #4

Markets rally back to a $2 trillion total market cap, and the mammoth amount of institutional cash pouring into crypto suggests 2022 won't be like the bear market of 2018-19. KPMG Canada is the latest major domino to fall, buying Bitcoin and Ethereum for its corporate treasury while India and Russia agree: crypto can stay if we can have our tax.

Crypto recaptures $2 trillion: relief rally strengthens

The pace of technological development in crypto has not slowed one iota since the start of 2022.

But from the outside looking in, the most prominent story has clearly been that crypto markets recovered from a $500bn price crash in the wake of two late-January macro events: the US Federal Reserve's interest rate meeting and the Russian central bank threat to ban cryptocurrencies (later reversed, but more on that below).

The morning of 24 January saw the lowest point since July 2021 for Bitcoin and the total crypto market cap, at $33.5k and $1.51 trillion respectively. In total, crypto markets have regained what they lost since bearishness turned to fear and prices slid sharply.

And any investor looking closely to see which protocols would rebound most strongly from the dip would see that six of the largest ten cryptoassets (excluding stablecoins and memecoins) registered a price hike of 25% or more. The clear winners were smart contract blockchains that have enabled the explosive growth in DeFi and NFT markets.


Avalanche, Tezos, Solana and Polkadot are all Proof of Stake competitors to Ethereum.

What may surprise many from the list above is that older protocols and cryptocurrencies - as opposed to cryptoassets - including Bitcoin, Stellar and Litecoin - also registered impressive gains.

End of year metrics from the Stellar Development Foundation showed the cross-border currency registered 1.8 billion transactions in 2021, while its 2022 roadmap now includes a plan to build smart contracts on the XLM blockchain. On 31 January, Litecoin finally enacted its MWEB extension block protocol update this week: the product of years of work from development lead David Burkett.

Intriguingly enough, Ethereum layer 2 scaling solution Polygon (MATIC) has more momentum behind it after scoring a massive $450m investment led by VC fund Sequoia Capital this week.

Polygon sits on top of the Ethereum blockchain, helping it to process transactions at scale with lower fees. Co-founder Sandeep Nailwal has said he sees the blockchain becoming a decentralised version of Amazon Web Services, the cloud computing arm of the $1.6 trillion ecommerce giant.

In December 2021, Polygon and Reddit co-founder Alexis Ohanian's VC outfit Seven Seven Six launched a $200m fund focused on Web3 crypto startups, just a month after the same company doled out $100m to projects building on Solana.

In terms of institutional investors: what started as cautious buying two weeks ago has become a flood, with $85m of inflows this week representing the highest point since early December 2021.


Bitcoin ETPs and ETFs led the charge with $71m, followed by multi-asset index-style products, while Ethereum competitors Solana, Polkadot and Cardano each registered positive net inflows, according to CoinShares data.

Canada's spot Bitcoin ETF saw the third largest inflows in its history on 1 February, attracting over 1,050BTC, according to Glassnode.


On 26 January, Bloomberg went all in and called a ‘prolonged' bear market . Prices had been cut in half from $69k all time highs.

However, just two weeks later, and its own research arm Bloomberg Intelligence (BI) says Bitcoin may be uniquely suited to enduring price appreciation.

In its February 2022 round up, Mike McGlone, BI's Senior Commodity Strategist, writes:

Some purging of the speculative excesses of 2021 may mark much of 2022, but Bitcoin is poised to come out ahead. Early adoption days and limited supply of the nascent technology/asset are prime advantages for price appreciation of the benchmark crypto, which is well on its way to becoming global digital collateral.

KPMG buys Bitcoin, Ethereum

We have been saying for some time that to predict a more bullish continuation in markets, we would have to see several things happen.

Firstly, Bitcoin needs more adoption, and not just from small countries like El Salvador. Secondly, we would want to see a US spot Bitcoin ETF approved. Thirdly, the sector in general needs firmer regulation. Fourthly, corporations would have to stake their future on crypto by adding Bitcoin to their corporate treasury.

On 27 January, the US market regulator dismissed Fidelity's application for a spot Bitcoin ETF, just seven days after doing the same for asset manager First Trust and hedge fund SkyBridge Capital. Fidelity's much-lauded Bitcoin First research paper did little to persuade the SEC that a Bitcoin futures ETF was not what investors wanted or needed. Incidentally, the world's most liquid institutional-focused Bitcoin investment product remains ETC Group's Bitcoin ETP BTCE , which holds 17,421BTC, according to Bitcoin Treasuries.

On crypto corporate treasury: while early adopter Microstrategy has long led the pack, CEO Michael Saylor made his all-in on Bitcoin decision years ago and the company's repeat purchases - most recently $25m for 660BTC - hardly make headlines any more. What is more salient, though, is Saylor's assertion that Bitcoin is a structural 100-year investment. He told Yahoo Finance Live on 4 February:

People buy bitcoin because they want to buy an asset, they understand that might have value in 100 years. The truth is there is no security trading on the Nasdaq or the New York Stock Exchange right now that you can understand 100 years from now.

His company now owns 125,051BTC and remains the world's leading publicly-traded company in terms of Bitcoin corporate treasury. And according to a February SEC filing , Tesla's Bitcoin holdings have swelled in value to nearly $2bn.

So the 7 February announcement that the Canadian arm of Big Four accounting giant KPMG has added Bitcoin and Ethereum to its corporate treasury is very big news.

Cryptoassets are a maturing asset class,

noted Benjie Thomas, the Canadian Managing Partner for KPMG Advisory.

Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure…this investment reflects our belief that institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of the asset mix.

KPMG said it established a governance committee for oversight and to approve the treasury allocation, as well as assessing the tax and accounting implications of the transaction.

KPMG Cryptoassets and Blockchain Services co-leader Kareen Sadek added:

We've invested in a strong cryptoassets practice and we will continue to enhance and build on our capabilities across DeFi, NFTs and the Metaverse, to name a few. We expect to see a lot of growth in these areas in the years to come.

Canadian businesses have long been at the forefront of recognising the long-term structural importance of Bitcoin and crypto. In October last year, the world's 12th-largest pension fund CDPQ made a $400m investment in DeFi lender Celsius Network.

India, Russia, US see huge tax revenues from legalised crypto

Russia's swift volte face on Bitcoin helped to calm markets considerably. News broke on 20 January that its central bank and de facto market regulator had called for a full ban on mining, trading and cryptocurrency usage.

Within days, President Putin pushed back on the comments, telling national news agency Tass that Russia had competitive advantages in cryptocurrency mining (according to the latest figures, the country accounts for some 11% of the Bitcoin hashrate) and that the regulator was not trying to block technical progress while it was taking required measures to implement state-of-the-art technologies.

In response the Russian Finance Ministry put forward a legal cryptocurrency regulatory framework, citing potential tax revenues from the several million crypto wallets containing ~2 trillion rubles ($25.6bn) opened by Russian citizens.

In the States, where Joe Biden's government is asking federal departments to report on the risks and opportunities of cryptoassets, a new bill proposed by a bipartisan group of US House representatives would offer tax relief on crypto transactions less than $200.

As consumers increasingly use cryptocurrencies to complete everyday transactions, we must modernize their tax treatments,

said lead sponsor Rep Susan Delbene.

This common sense bill will finally allow Americans to use their digital wallet as seamlessly as cash.

And after years of back and forth between its Reserve Bank and Supreme Court, India too is edging towards legalising crypto.

In the country's annual budget speech on 1 February, Finance Minister Nirmala Sitharaman proposed a 30% tax on income from the transfer of digital assets, while announcing that the country would launch a digital rupee CBDC by 2023.

Leading Indian crypto businesses focused on the macro implications.

India is finally on the path to legitimising the crypto sector in India, said Nishal Shetty, the CEO of WazirX, one of the country's largest cryptoexchanges.

A digital rupee would also pave the way for crypto adoption , he added, saying that clarity on crypto taxation will add much needed recognition for the crypto ecosystem.

Sidharth Sogani, CEO of research house Crebaco added: You can't tax something which is illegal. Hence this is a very positive move by the government. If there are tax clarities in this space, more money is likely to come in.



BTC/USD graph
Data as of 8 February 2022 | Source: TradingView.com


ETH/USD graph
Data as of 8 February 2022 | Source: TradingView.com


LTC/USD graph
Data as of 8 February 2022 | Source: TradingView.com


BCH/USD graph
Data as of 8 February 2022 | Source: TradingView.com


ADA/USD graph
Data as of 8 February 2022 | Source: TradingView.com


DOT/USD graph
Data as of 8 February 2022 | Source: TradingView.com


SOL/USD graph
Data as of 8 February 2022 | Source: TradingView.com


XTZ/USD graph
Data as of 8 February 2022 | Source: TradingView.com


XLM/USD graph
Data as of 8 February 2022 | Source: TradingView.com

Disclosure | Copyright © 2022 ETC Group. All rights reserved

Altri articoli