Market Context and Cryptocurrency Status
21Shares has unveiled a suite of new products, introducing six crypto ETPs, to capitalize on the anticipated ETF wave, particularly in altcoins. With the U.S. beginning to approve applications, nearly 100 are pending approval. The article elaborates on the latest status in the markets and the specifics of these new products.
The markets saw an uplift as Nvidia’s shares soared by 5% in pre-market trading. This surge positively influenced shares of AI-linked tech companies like Advanced Micro Devices and Broadcom. Meanwhile, Nasdaq 100 futures climbed by 1.5%, with stocks in Europe and Asia benefiting from favorable earnings reports overnight.
The dissipating negative sentiment in tech companies is a positive indicator for cryptocurrencies. Attention is focused on today’s September employment report. Although its reliability might be questioned due to government shutdowns, it remains the sole full employment report available to Powell and his team before the Fed’s interest rate decision.
In Japan, investors are eyeing the stimulus package to be announced by the Prime Minister on Friday. Japan’s 5 and 10-year government bonds have reached their highest levels since the 2008 crisis. Concerns regarding the carry trade crisis persist, posing risks to global liquidity, and continue to affect cryptocurrencies negatively.
New Crypto ETPs by 21Shares
Crypto investors aren’t just based in the U.S.; there are institutional products available in the European Union region as well. As the largest crypto ETP issuer in the area, 21Shares announced its new products today. The company also manages U.S. crypto ETFs. As of today, Nasdaq Stockholm offers six new crypto products.
The newly introduced assets include Aave (AAVE), Cardano (AADA), Chainlink (LINK), Polkadot (ADOT), and two crypto index baskets (HODL, HODLX), increasing the total number of crypto products on the exchange to 16. The interest in regulated crypto investment products in the region could potentially see significant inflows into these altcoins as the overall market sentiment improves.
Altcoins, especially those with lower market capitalization, could experience substantial surges with inflows in the tens of millions of dollars, making the opening of such investment channels a positive development.
21Shares currently offers a total of 55 different products and operates on 12 exchanges. The assets under its management have already exceeded $8 billion.