Please confirm the following selection to access the content relevant to you:
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.
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.
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 firstname.lastname@example.org.
References to “ ETC Group ”, “ we ”, “ us ” and “ our ” in these Terms refers to ETC Management Ltd and our affiliates.
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.
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.
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).
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.
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.
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.
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.
Questo articolo è
disponibile solo in lingua inglese
ETC Group Crypto Minutes Week #36
Derivatives markets are screaming out for Ethereum in place of Bitcoin as trading volumes explode to record highs; Solana could gobble up the entire Helium blockchain; and the deadline day for comprehensive US digital asset regulation has finally arrived.
Head of Research
Ethereum futures surpass Bitcoin for first time as Merge narrative explodes
Bitcoin futures volumes have dipped to a near two-year low while its closest rival Ethereum is breaking records, new data shows.
Figures from across the world's largest derivatives exchanges show August 2022 as the Bitcoin futures trading volume had cooled to $941bn.
August marked the first time since records began that Ethereum futures trading volume surpassed Bitcoin, at $1.07trn across the month. Over the last three years Bitcoin futures volume has generally exceeded its closest rival by a ratio of between 2:1 and 5:1.
In August 2022 Ethereum monthly futures volume crossed a trillion dollars for only the second time in history. The previous point was May 2021. Reuters reported at the time that the underlying asset ETH had hit a record high price of $3,917.50 that month, producing gains of nearly 500% on the year. As of 6 September 2022 spot ETH is trading between $1,550 and $1,650.
Futures volumes are not an indicator for future prices of cryptoassets per se, rather they determine market sentiment and the potential strength behind current price trends. More volume means there is greater liquidity in one asset or another, which is desirable from a trading perspective as there are plenty of buyers and sellers.
That would suggest Ethereum's 16% bounce to the upside since 29 August will continue apace. But volatility is the watchword for the systemically-important blockchain. As noted in ETC Group's 40-page research report on The Merge:
Higher volatility in Ethereum pricing should be expected in the days in and around 15 September. Uncertainty around the status of the Merge, its progress, and the state of the [Proof of Work fork of Ethereum] will contribute to higher volatility in spot markets.
The report defines and explains all the key information on the largest software upgrade in blockchain history.
Open interest leverage ratios for both BTC and ETH have also soared to record highs, opening the door to long/short squeezes: rapid moves in asset prices fuelled by traders being caught offside in short-term trading positions.
We expect higher levels of trader liquidations in the coming weeks as these colliding narratives play out.
Those with a longer-term mindset who have capital on hand are watching these levels closely. Investors are bearish in wider equity markets, but no longer ‘apocalyptically so', said a recent Bank of America poll of fund managers. And long BTC is no longer the extraordinarily crowded trade it once was. Crowded trades introduce significant volatility because they engender fragility and the potential for squeezes around specific price points.
All the focus for the next few months will be on Ethereum, and the potential for the so-called Flippening: the putative point at which Ether's market cap exceeds Bitcoin. This has never happened before, and could mark an historic shift in market priorities.
Helium Solana switch sees blockchain match the internet
Helium, a network of peer to peer internet providers, may be shutting down its blockchain and relocating wholesale to Solana. The migration proposal HIP 70 will be decided by votes from and the Helium community – developers, node operators, and tokenholders – between 12 and 18 September 2022.
Helium core developers cited Solana's transaction speeds, growing ecosystem, and interoperability with other blockchains as key factors.
The Helium network represents a decentralised Internet of Things (IoT) that challenges centralised internet services offered by telecoms companies. There are more than 940,000 Helium hotspots spread across North America, Europe, and other parts of the world.
Helium users host data hotspots using wireless routers or other smart devices that share bandwidth. Hotspot providers receive Helium's utility token HNT as a reward. As of 6 September 2022 HNT was the 78th-largest cryptoasset by market cap, with a total token value of $466m. Solana occupies the ninth spot globally, with a market cap of more than $11bn.
Like other blockchain projects, Helium extracts revenue from the gas fees users must pay to use services on its platform. That revenue is distributed between hotspot providers, validators that confirm transactions on the blockchain, and the Helium community treasury.
Over the last 180 days, Helium has generated $19.1 million in total revenue, compared to $12.4 million for Solana. This raises one obvious question: why fix something that isn't broken?
The Helium foundation has made it clear that the blockchain they designed in 2018 to disrupt the $800bn IoT industry is no longer capable of meeting the expanding user demand and hotspots springing up on its network. Put plainly, Helium has outgrown its own blockchain; now confronting inefficiencies and data bottlenecks.
Developers believe that rather than expending time and resources levelling up the Helium blockchain, it would make more sense to shift to a blockchain that can offer it the speed, reliability, and scalability it needs. Solana can handle more than 3,000 transactions per second compared to the 13 transactions per second on Ethereum, for example.
Helium's shift to Solana could be likened to a small nation joining a large federation. The de facto currency would be Solana's native asset SOL, the lingua franca would switch from the Erlang programming language to the more popular Rust, and borderless movement would be manifest in the interoperability between protocols populating the network.
Solana is home to a constellation of DeFi, NFT, and Metaverse protocols calibrated by thousands of developers. Helium would also be subsumed by a blockchain that is prized for its fast transactions at inexpensive prices.
According to Electric Capital, Solana is one of the five largest developer ecosystems in blockchain today, alongside Ethereum, Polkadot, Cosmos and Bitcoin. In 2021 the number of developers joining Solana grew by almost five times.
Still, market participants have viewed a Helium switchover to Solana with concern. Since the proposal was announced on 30 August, the price of HNT has sunk by 37% to $3.90. The value of SOL by contrast has been relatively unmoved.
Helium's backers may be disappointed that developers have raised Solana as the answer to the project's growing pains rather than alternatives like Ethereum or Avalanche that have better network performance track records.
It is unclear whether the Helium community will vote to migrate to Solana. But this event may represent a microcosm of what is to come as the digital asset space matures. It is not impossible to imagine more developers transferring their projects away from original blockchains to those with the strongest properties: security, scalability, or marketability.
And this may be the natural endpoint of a story we've heard before. When the internet first burst onto the scene, there were dozens of protocols vying to become the standard way to pass data between computers. Only the four most successful protocols survived: HTTP, FTP, SMTP, and TCP/IP.
Deadline day: Biden Executive Order on Crypto meets US Midterms
With US midterm elections on the horizon, the sands are beginning to shift for regulators and digital asset companies.
President Biden's bombshell Executive Order on “Ensuring Responsible Development of Digital Assets” on 9 March 2022 threw the entire weight of the US government machine behind advancing the global regulatory landscape. As of 6 September, the first 180-day deadline is now up, and markets are eagerly awaiting reports from the most powerful and well-funded American agencies.
As ETC Group noted at the time, the decision to create long-sought after national frameworks for digital assets was unequivocally bullish on all timelines.
The possibility of issuing a CBDC or digital dollar, with reports sought from the Justice Department, The Office of Science and Technology Policy (OSTP) and the Treasury Department
A report from the OSTP on energy use in digital assets, likely with a focus on Bitcoin's Proof of Work mechanism that “examines the potential for digital assets to impede or advance efforts to tackle climate change and the transition to a clean and reliable electricity grid.”
But many US regulatory bodies appear to be stuck in the past. Data has repeatedly shown that the growth in legitimate transactions far outpaces criminal crypto. Blockchain intelligence firm Chainalysis, for example, found in 2022 that transactions involving illicit addresses only account for 0.15% of total volume.
The House Committee on Oversight and Reform has addressed letters to several US regulatory agencies and crypto exchanges asking them how they intend to deal with fraud in the sector, while the SEC continues to make the argument that some digital assets represent securities. On 26 August 2022 it again deferred the arrival of a spot Bitcoin ETF on traditional exchanges, this time for fund manager VanEck, even while the highly-regulated US Bitcoin futures markets proceed unabashed.
For its part, Coinbase has turned one eye away from consumer protection toward electoral politics. The exchange is launching a voter registration tool for US customers ahead of Congressional elections in November. The product intends to inform users on the debates dividing the cryptoasset space and on which side political representatives stand.
Congress has sounded the clarion call for regulators and exchanges to come together and find solutions to problems restricting the sector. But its reluctance to take matters into its own hands is likely to continue until the midterm elections in November.
US legislators have dodged questions on crypto regulation, tax, and security by stalling on the delivery of a comprehensive bill to set things straight. But with almost 20% of Americans having bought or held crypto, positive policy may be the key message that distinguishes candidates from the competition in this new electoral cycle.
Bitcoin dropped 5% of its value across the fortnight and has been languishing near the $19,500 support zone for the last ten days. Bitcoin dominance is at its lowest since 2018. Bitcoin represents 38% of the total cryptoasset market cap today compared to Ethereum's 20%.
Ethereum is the most closely watched digital asset this month with the Merge drawing nearer. Its value has climbed by 4% over the past fortnight and in recent days broke through the near-term $1,600 resistance barrier.
The Ethereum scaling solution Polygon (MATIC) and rival Layer 1 blockchain Cardano (ADA) have witnessed price rises of more than 10%. Polygon rallied strongly amid news that Robinhood and NFT platform OpenSea will be integrating it.
Cardano has benefited from developers confirming that its Vasil hard fork will take place on 22 September. It is expected to significantly improve the performance of the network.
The losses Avalanche (AVAX) saw toward the end of August have been compounded in the last two weeks. The blockchain has lost more than a tenth of its value since it was reported that a lawyer with close ties to Ava Labs was trying to derail its competitors by filing speculative and unfounded lawsuits against them.