#bitcoin recorded inflows of USD 464 million last week. At the same time, investors withdrew USD 1.9 million from short Bitcoin ETPs - a clear sign that bets on prices falling further are being withdrawn. Ethereum also benefited from the improved sentiment and saw inflows of USD 309 million.

#xrp Ethereum stood out with the highest weekly inflows since records began: A total of USD 289 million flowed in, and the series over the past six weeks now represents 29 percent of total assets under management. The trend is likely to be closely linked to the recent ETF launches in the United States. #cardano In contrast, the United States recorded outflows of 19.3 million US dollars, which corresponds to 23 percent of its assets under management.

$BITC (-1,64%)
$XRRL (-5,03%)

There are signs of cautious stabilization on the crypto markets this week #bitcoin seems to have found a bottom after the cryptocurrency hit an intraday low of USD 80,553 on November 21. The subsequent recovery coincided with comments from FOMC member John Williams, who stated that there was "scope for a rate cut in the near term to move monetary policy towards a more neutral stance". In the absence of other relevant stimuli, his words appear to have been the main trigger for the improvement in sentiment.

Nevertheless, the on-chain data shows that the environment remains fragile. The largest whale group, which holds more than 100,000 Bitcoin, dumped around USD 12.3 billion last month, putting pressure on prices. Smaller whales in the 10,000 to 100,000 Bitcoin range have offset some of this selling, adding around USD 4.6 billion over the same period. The determined selling by the biggest players also unsettled investors in exchange-traded products, which have seen outflows of USD 5 billion over the past four weeks. However, there was a marked turnaround this week: Inflows of USD 900 million indicate that the prospect of monetary easing is being received positively.

Altcoins are conspicuously resilient

Bitcoin's dominance of the crypto markets has fallen by around 1.5 percentage points this month - an indication that the broader market has not yet capitulated. Many major altcoins have maintained their structure despite the setback. Part of the recovery can be attributed to the fact that Bitcoin was heavily oversold and momentum indicators reached levels that historically often coincided with short-term countermovements. The expectation of an interest rate cut in December is having a supportive effect, while the massive selling pressure from wallets with 50,000 to 100,000 Bitcoin appears to be easing. The popular four-year cycle narrative resurfaced during the downturn, but its statistical resilience remains low - both due to the small sample size and in light of an improved macroeconomic environment.

What is striking in this market environment is the resilience of many #altcoins relative to Bitcoin. Historically, a sell-off of this magnitude would have led to broad-based capitulation, but numerous assets held key support zones and showed relative strength in some cases. However, liquidity has thinned since October 10, increasing downside volatility and making it unlikely that markets will advance to new highs in the short term.

Between recovery and caution

Financing rates remain nervous and positioning is not yet fully adjusted, but the overall market structure is gradually improving. If expectations of interest rate cuts continue to consolidate and selling pressure from major counterparties eases, the recent period of weakness could prove to be a temporary blip rather than the start of a more pronounced downturn. At present, the markets appear to be consolidating rather than fragile. Bitcoin has absorbed extensive forced supply, altcoins are stable and last week's momentum is already losing steam. This phase of the cycle calls for ongoing reassessment rather than rigid adherence to a particular narrative. (Author: James Butterfill, CoinShares' Head of Research)

$BITC (-1,64%)

The markets continue to react extremely sensitively to changes in interest rate expectations - particularly to statements from Federal Reserve officials. Comments by the President of the New York Fed, John Williams, recently led to a significant increase in the implied probability of an interest rate cut in December, after this possibility had previously been largely priced out of the market.

#bitcoin The US dollar temporarily fell below the USD 85,000 mark and market depth remains low. Structurally, traders are interpreting the recent price behavior as a possible "dead cat bounce"as Bitcoin continued its decline on Monday morning. Funding rates remain negative on some exchanges; even BitMEX, which usually moves more slowly, turned bearish over the weekend. The positioning suggests that many are bracing for the possibility of further downside.

The on-chain data also shows increasing pressure. A growing proportion of investors are now in loss positions: The proportion of supply that is in profit has fallen from close to one hundred percent at the high to around 60 percent. Realized losses in US dollars have reached record levels, underscoring the extent of the recent capitulation. Overall sentiment has deteriorated and market direction is likely to depend heavily on position adjustments until a resilient macroeconomic stimulus emerges. $BITC (-1,64%)

The markets are currently suffering from a pronounced lack of data and are effectively operating in the dark. Risk assets have pulled back across the board: The Nasdaq lost two percent over the past three trading days and Bitcoin slipped well below the USD 95,000 mark at the time of writing.

Even traditional safe havens such as gold have come under pressure, highlighting the sometimes contradictory dynamics of recent market movements. Concerns about a possible technology bubble played a role here, as did nervousness ahead of Nvidia's quarterly figures, which were published on Tuesday. At the same time, there was a noticeable reassessment of expectations for an interest rate cut in December: the probability fell from 70% to 42% within a week.

This development is surprising, especially as there have been no new statements from members of the Federal Open Market Committee of the US Federal Reserve and no relevant macroeconomic data has been published that would plausibly explain such a change.

If expectations of no interest rate cut are confirmed, this should prevent a further weakening of the US dollar and dampen liquidity on the financial markets - both of which have been key drivers of the Bitcoin price to date.

There is currently a broad-based wave of selling, with the daily realized value reaching more than USD 3 billion last week. $BITC (-1,64%)

Hey Community,

I am currently on my way to the first milestone after building up my growth / dividend portfolio.

The next steps towards this milestone are the $BITC (-1,64%) and the $EDVD (+0,23%) be.

Most of the positions are deposited with savings plans (currently around EUR 900 per month)

UniGlobal is a pure VL position ( employees therefore no costs )

I am currently still looking for sensible additions to my portfolio. I am open to both ETFs and individual stocks in terms of dividends.

If anyone spontaneously comes up with useful additions, please let me know.

And also opinions on the above-mentioned purchase ideas. Perhaps you have more sensible alternatives. I would like to avoid overlaps in ETFs as much as possible. $EDVD (+0,23%)

Thanks and regards to all

James Butterfill, CoinShares' Head of Research, explains this using the example of #btc and #eth.

Some long-term investors seem to believe in the four-year cycle narrative - a self-reinforcing pattern that we don't share, but can't ignore either. Followers of this model realize gains, convinced that the cycle peak is approaching. The current price and momentum patterns more closely resemble the moderate trajectory of the 2021 cycle than the parabolic peaks of previous phases - which explains the ongoing sell-off by large investors: over 100 wallets with more than 1,000 Bitcoin have reduced their holdings since July, indicating continued profit-taking. Ethereum on the other hand, is experiencing silent accumulation - the number of wallets with over 10,000 ETH has risen from 877 to 1,250 since June. We believe that institutional capital flows, ETF activity and global liquidity trends are now having a far greater impact on market behavior than the simple four-year pattern of previous cycles.

$BITC (-1,64%)
$CETH (-0,74%)

Why physically collateralized crypto ETPs are important

The global demand for regulated, transparent and simple ways to invest in cryptocurrencies is growing - especially in Germany. Many investors want to benefit from the performance of digital assets without having to deal with wallets, private keys or technical setup. This is exactly where CoinShares Physical ETPs come into play.

CoinShares is a European market leader in digital asset investments with offices in Switzerland, Jersey, the UK and Sweden. CoinShares Physical ETPs offer a simple, secure and transparent way to invest in assets such as Bitcoin, Ethereum and others - with the added benefit of physical collateralization that creates transparency and direct connection to the underlying asset.

What is an ETP and what does "physically backed" mean?

An ETP (Exchange Traded Product) is an exchange-traded financial product that tracks the price of an underlying asset - in this case cryptocurrencies such as Bitcoin or Ethereum.

A "physically backed" ETP means:

• Each ETP unit is directly backed by real crypto assets.
• The underlying coins are held in secure cold storage vaults.
• Investors have a claim to the underlying digital assets.

The main benefit: Investors receive direct price participation without having to hold or manage the assets themselves.

Why choose CoinShares Physical ETPs?

Security & custody

All coins backing the ETPs are stored in highly secure, institutional cold storage solutions. Custody is provided by reputable third-party providers such as Komainu - a joint venture between Nomura, Ledger and CoinShares.

Transparency

CoinShares publishes daily:

• The exact amount of cryptocurrencies held,
• The net asset value (NAV) of each ETP,
• The number of ETP units issued,
• The amount of staking income distributed to investors.

Investors can see what they own and how it is structured at any time.

Regulation & Structure

The CoinShares Physical ETPs:

• Are listed on European exchanges, including Xetra in Germany,
• Are issued in accordance with applicable EU financial regulation and are subject to ongoing supervision by competent authorities,
• Are domiciled in Jersey - a jurisdiction with strong financial control.

Physical Collateral & Coin Entitlement

Each ETP unit grants the holder an entitlement to a certain amount of cryptocurrency ("Coin Entitlement"). This amount is updated daily and published transparently on the CoinShares website. This means that investors are not only financially but also economically linked to the underlying crypto asset.

What products are currently available?

CoinShares offers a growing range of single asset ETPs, including:

• CoinShares Physical Bitcoin - $BITC (-1,64%)
• CoinShares Physical Staked Ethereum - $CETH (-0,74%)
• CoinShares Physical Litecoin - $CLTC (-3,13%)
• CoinShares Physical XRP - $XRRL (-5,03%)
• CoinShares Physical Staked Tezos - $XTZS (-1,2%)
• CoinShares Physical Staked Polkadot - $CDOT (-2,95%)
• CoinShares Physical Staked Cardano - $CSDA (-2,61%)
• CoinShares Physical Staked Solana - $SLNC (-3,97%)
• CoinShares Physical Staked Chainlink - $CCHA (-1,6%)
• CoinShares Physical Uniswap - $CIWP
• CoinShares Physical Staked Cosmos - $COMS (-3,52%)
• CoinShares Physical Staked Polygon - $CPYG (-3,44%)
• CoinShares Physical Staked Algorand - $RAND (-2,86%)
• CoinShares Physical Top 10 Crypto Market ETP - $CTEN (-0,44%)
• CoinShares Physical Smart Contract Platform ETP - $CSSC (+6,91%)

Advantages for investors in Germany

• Access via Xetra and brokers such as Trade Republic, Scalable Capital, ING etc.
• Transparent fee structure: no hidden costs - only a simple annual management fee
• Easy to declare for tax purposes thanks to treatment as a standard security
• Physically secured and held in institutional custody
• Staking rewards possible for selected ETPs

Conclusion: Simple, secure and regulated access to crypto

CoinShares Physical ETPs offer German investors one of the most trustworthy and transparent ways to invest in cryptocurrencies - without technical hurdles, without private keys, without wallet management. This means:

• Crypto as a portfolio component, just like shares or ETFs
• Ideal for long-term investors with a focus on security and regulation
• Available via leading German brokers and platforms

Hello my dears,

Today I'd like to give you a brief analysis of my portfolio in funnel form.

The upper funnel represents the core and the lower funnel the satellites.

What is striking here is the high cluster risk in Nvidia $NVDA (+2,11%) and GFT technology $GFT (+1,86%)

However, as I am still convinced of the two stocks, I am sticking with the large position. Nvidia is one of the largest positions in many ETFs, so I would almost include it in the core.

In the crypto area, I am still 0.89% in Defi Tech $DEFI (-4,53%) and0.88% in Bitcoin $BITC (-1,64%) which I will increase. Unfortunately, these positions were cut off at the bottom of the funnel.

I look forward to opinions and comments.

Would you stay with $BITC (-1,64%) because it's easier with the tax (because it goes through the broker with exemption order and certificates) or trade directly on a crypto exchange via Nexo or Binance?