Core Insights - The adoption of ETFs by Registered Investment Advisors (RIAs) continued to grow in the third quarter of 2025, with a notable increase in the number of new funds added to portfolios [1][2] Group 1: ETF Adoption Trends - Almost 59% of RIAs added new ETFs to their portfolios in Q3 2025, an increase from 57.8% in the previous quarter, while only 18.6% reduced their ETF counts [2] - The average number of ETFs held by RIAs rose to 72.7, up from 69.9 in the prior quarter [2] - Advisors added an average of 17.54% more ETFs compared to previous holdings, while withdrawing from an average of 7.74% of funds [3] Group 2: Investment Themes - RIAs increasingly focused on investment themes aligned with secular trends, such as AI, defense technologies, industrial reshoring, and precious metals [4] - There was a noticeable shift towards digital assets, with RIAs expanding their investments from primarily Bitcoin ETFs to include Ethereum funds [4] Group 3: Growth of Ethereum ETFs - iShares' Ethereum ETF (ETHA) and Fidelity's Ethereum ETF (FETH) were the fastest-growing funds among RIAs in Q3 2025, with RIAs invested in ETHA increasing by 112.43% to 376 and those in FETH rising by 85.25% to 113 [5] Group 4: Issuer Dynamics - Fundstrat emerged as the fastest-growing ETF issuer among RIAs, with a 56% increase in RIA subscribers to 170 [6] - Other notable issuers included First Eagle Investments, which saw a 35.7% increase in subscribers, NEOS Investment Management with a 19.52% increase, and CoinShares with a 14.29% increase [6]

Core Insights - The launch of nine XRP ETFs marks a significant shift in institutional access to XRP, with strong initial inflows indicating high demand despite a decline in spot prices [1][4][6] - Analysts project that these products could attract between $4 billion and $8 billion in their first year, with some estimates suggesting $5 billion could come in the first month alone [4][7] - The SEC's approval of these ETFs suggests a favorable regulatory stance on XRP's commodity status, which could enhance market confidence [3][4] Institutional Demand - Institutions now have a streamlined method to gain XRP exposure without the complexities of direct asset management, as evidenced by the strong debut of the Canary Capital ETF [2][7] - The rapid rollout of these ETFs indicates unprecedented institutional interest in XRP, surpassing the initial adoption rates seen with Bitcoin and Ethereum [4][6] ETF Performance and Market Dynamics - Despite strong institutional demand, XRP's price has not responded positively, raising questions about the market's current sentiment [5][6] - The gap between significant inflows and weak spot-market performance highlights a potential disconnect that could affect future price movements [5][26] Individual ETF Highlights - Canary Capital's XRP ETF achieved $245 million in first-day inflows and $58 million in trading volume, setting a strong precedent for subsequent ETFs [1][7] - Franklin Templeton's EZRP ETF is expected to attract significant inflows due to its established reputation in traditional finance [8][9] - Bitwise's ETF leverages its experience in managing digital asset funds, appealing to hedge funds and multi-strategy investors [10] - 21Shares and CoinShares bring established European experience to the U.S. market, enhancing operational efficiency and credibility [11][12] - Grayscale's ETF conversion improves liquidity for existing holders, while WisdomTree and Amplify offer unique strategies targeting cost-conscious and income-focused investors, respectively [13][15][16] - VanEck's ETF positions XRP alongside traditional assets, appealing to conservative capital seeking regulated exposure [17] Future Outlook - XRP's price trajectory through 2026 will depend on the performance of these new ETFs, institutional interest, and Ripple's enterprise developments [18][19] - Three potential scenarios for XRP's price movement include bullish, base, and bearish predictions, each influenced by ETF inflows and market sentiment [20][22][24] - The upcoming months will be critical in determining whether institutional demand solidifies or if the market remains cautious [26]

Core Insights - Safello has launched the Safello Bittensor Staked TAO ETP on the SIX Swiss Exchange, aiming to enhance access to Bittensor (TAO) exposure across Europe [1][2] - The ETP is designed to provide a regulated vehicle that mirrors the performance and staking yield of the TAO token, with a management fee of 1.49% [2] - The product offers 100% physical backing through staked TAO, allowing investors to benefit from both price exposure and staking rewards [3][4] Product Structure - The ETP combines appreciation potential of TAO with reinvested staking yields, creating a total return instrument [4] - This structure caters to a growing market preference for regulated, yield-generating crypto products that simplify investor participation [4] Revenue Model - Safello will receive a revenue share based on the ETP's assets under management (AUM), representing a new revenue stream as the company diversifies its product offerings [5] - The long-term financial impact of this listing will depend on market demand for TAO exposure [5] Strategic Collaboration - The partnership with DDA ETP AG aligns with Safello's goal of providing compliant crypto investment options across Europe [6] - The launch of STAO supports Safello's mission to enhance accessibility to digital assets while ensuring regulatory clarity and investor protections [6] Market Context - CoinShares reported that digital asset investment products experienced $2 billion in outflows, marking the heaviest weekly withdrawals since February [7] - This sell-off has resulted in total outflows of $3.2 billion over three consecutive weeks [7]

Core Insights - CoinMarketCap launched CMC20, an index token tracking the top 20 cryptocurrencies by market capitalization, catering to the demand for diversified crypto exposure [1][6] - CMC20 is designed to be decentralized and permissionless, with issuance and redemption managed by Reserve Protocol, and is currently tradable on PancakeSwap and Trust Wallet [2] Index Token Characteristics - CMC20 provides weighted exposure to the top 20 cryptocurrencies, excluding stablecoins and assets with investment challenges, such as XMR [2] - The index is rebalanced monthly to reflect changes in rank and weighting, similar to traditional financial indices [3] Comparison with Other Products - S&P is entering the crypto index market with the S&P Digital Markets 50 Index (DM50), which includes both crypto and equity exposure, consisting of 35 publicly-traded crypto companies and 15 selected cryptocurrencies [3] - CMC20 and DM50 serve as alternatives to traditional off-chain crypto trackers, offering diversified asset exposure in token form [4] Regulatory Environment - In the U.S., the SEC has not approved multi-coin ETFs under the Securities Act of 1933, leading companies like Grayscale and 21Shares to explore alternative structures under the Investment Company Act of 1940 [5] - Funds under the 1940 Act cannot hold 100% spot exposure, relying instead on derivatives and crypto-backed securities [7]

This week's topics :1. Bear Market Cancelled: 'Does not feel like a cycle-peak': Bernstein says bitcoin's 25% slide reflects short-term correction instead of a turn to bear market2. ADAM BACK: Bitcoin faces no quantum risk for next 20–40 years3. Aster announces a multi-million dollar trading competition4. Introducing $CMC20, crypto’s First DeFi-Enabled Tradable Index Token5. Binance Pay Hits 20M Merchants After 1,700x Growth in Under a Year6. CoinShares: Digital asset investment products saw a net outflow o ...

Core Insights - Digital asset investment products experienced significant outflows totaling up to $2 billion last week, marking the largest outflow since February and the third consecutive week of outflows, which now total $3.2 billion [2][3]. Group 1: Outflows and Market Impact - The outflows were primarily driven by monetary policy uncertainty and selling by crypto-native whales, leading to a notable decline in the total Assets Under Management (AuM) in digital asset exchange-traded products (ETPs) [3]. - The total AuM in digital asset ETPs decreased from a peak of $264 billion in early October to $191 billion, representing a 27% decline [4]. - Bitcoin faced the most significant outflows, totaling $1.38 billion last week, which accounts for 2% of total AuM, while Ethereum saw outflows of $689 million, representing 4% of its AuM [4][5]. Group 2: Price Movements and Market Sentiment - Bitcoin's price has dropped from its all-time high of approximately $126,000 to around $95,000, reflecting a 26% decline from its recent peak [6]. - The negative sentiment surrounding Bitcoin has been highlighted by critics, including Peter Schiff, who has urged investors to sell Bitcoin in favor of gold, which has shown better performance recently [6][7].

Core Insights - The approval of US spot XRP exchange-traded funds (ETFs) is expected to significantly boost the price of XRP, with predictions of a 21% increase to $2.75 due to cross-border liquidity and stablecoin initiatives [1][2] - XRP is currently trading at $2.27, which is nearly 40% below its all-time high of $3.65, amidst a broader market selloff of $1 trillion [2] - The first spot XRP ETF launched by Canary Capital saw a strong debut, attracting $250 million on its first trading day [2][3] Market Dynamics - Institutional investors are diversifying their investments, as evidenced by a significant outflow from Bitcoin and Ethereum ETFs, with $866 million and $260 million pulled respectively [3] - Predictions suggest that XRP ETFs could attract $5 billion in inflows shortly after their launch, indicating strong institutional interest [3] Upcoming Developments - A dozen US spot XRP funds are in the pipeline with major players like Grayscale, Franklin Templeton, and ProShares preparing for imminent launches [4] - Franklin Templeton, managing $1.5 trillion in assets, is set to introduce an XRP-linked product, XRPZ, expanding its digital asset offerings [5] - ProShares, known for launching the first US Bitcoin futures ETF, is also preparing to launch its UXRP product, further enhancing institutional access to digital assets [6]

Market Overview - Financial markets are experiencing volatility due to unusual data scarcity, with the Nasdaq Composite down 2.3% and Bitcoin falling below $90,000, indicating a broader risk-off sentiment rather than sector-specific issues [1] - The market-implied probability of a December Federal Reserve rate cut has decreased sharply from approximately 70% to around 50% without new communications or significant economic releases [2] Employment Data Uncertainty - The October employment report may not be released, and the November report remains unconfirmed, creating an informational void for investors [3] Digital Asset Market Dynamics - In the cryptocurrency market, large Bitcoin holders have distributed over $20 billion worth of coins in the past month, leading to significant supply pressure [4] - Digital asset exchange-traded products (ETPs) have seen $1.4 billion in net outflows over the past week, totaling $2.6 billion in redemptions over three weeks, marking the largest drawdown since March 2025 [4] On-Chain Metrics - Daily realized value in the Bitcoin market has consistently exceeded $3 billion over the past week, with over 500,000 BTC dormant for five years or longer being moved in 2025 [5] - A record 123,600 BTC from wallets inactive for over a decade has also been mobilized [5] Risk Concentration - The current market structure shows vulnerabilities, with short-term holders (those who acquired Bitcoin within the past 154 days) facing unrealized losses at the $96,000 price level [6] - Approximately 75% of long-term holders remain profitable, but the concentration of losses among recent buyers poses a risk for accelerated selling if sentiment worsens [6] Historical Context - The current drawdown in the digital asset market is moderate by historical bull market standards, but the composition of holders, skewed towards recent entrants with shallow conviction, requires monitoring as a near-term risk factor [7]

Core Insights - The CoinShares Altcoins ETF (DIME) has raised $3.08 million since its launch in October, providing a regulated way for investors to access alternative cryptocurrencies, which now account for over 40% of the digital asset market [1][8] Fund Structure and Strategy - DIME offers equal-weighted exposure to 10 Layer 1 blockchain protocols, including Solana, Avalanche, and Cardano, through investments in exchange-traded products [2] - The fund's management fee of 0.95% is waived for assets up to $1 billion until September 2026 [2] - DIME has experienced a 5.5% increase over the past week [2] - The fund invests in exchange-traded products that hold altcoins, allowing for diversified exposure while ensuring regulatory compliance [3] Investment Appeal - Altcoins are seen as appealing to investors looking for diversification beyond Bitcoin and Ethereum, with opportunities in decentralized finance, gaming, and cross-chain infrastructure [5] - Altcoins are likened to early-stage technology start-ups, with many projects launching through initial offerings similar to venture capital funding [3][6] Evaluation Metrics - Key metrics for evaluating altcoin projects include total value locked, active wallet growth, and developer activity, which help determine the utility of a project versus speculative interest [6] - The altcoin ecosystem is now comparable in size to Bitcoin, with thousands of projects competing across various sectors [8] Risk Management - Investment products like ETFs undergo regulatory review, which can help investors avoid failed projects and scams, as evidenced by over 17,000 dead coins listed by Blockspot.io [7]

Market Overview - As of late November 13, the market values of bitcoin and gold were approximately $2 trillion and $29 trillion respectively, indicating that bitcoin would require a significant long-term rally to close the gap with gold [1] - Gold ETFs have recently outperformed funds like the CoinShares Valkyrie Bitcoin Fund (BRRR), leading some investors to favor traditional gold over digital gold [2] Bitcoin's Future Potential - Michael Saylor, CEO of Strategy (MSTR), predicts that by 2035, bitcoin could surpass gold in value, suggesting a potential 14-fold increase from current levels, which would greatly benefit investors in ETFs like BRRR [3][6] - Saylor's bullish outlook follows a correction in bitcoin prices and related assets since mid-October, with significant unwinding of leveraged positions in the crypto derivatives market [5] Investment Implications - If Saylor's prediction holds true, bitcoin would need to reach $1.4 million to exceed gold's market capitalization, representing a substantial increase. Even a scenario where bitcoin reaches half of gold's market value would still yield significant rewards for long-term BRRR investors [6] - Strategy has recently increased its bitcoin holdings by acquiring an additional 487 bitcoins, now owning 3% of the total circulating supply, demonstrating the company's commitment to the digital currency [7]