Core Insights - Bitcoin's momentum has sharply reversed in Q4 2025, with analysts now doubting its ability to reclaim previous highs, leading to downward revisions in forecasts [1][3] - Despite a supportive macro environment, demand is cooling, market strength is fading, and investor confidence is eroding [1] Group 1: Institutional Demand - Historically, Q4 has been Bitcoin's strongest quarter, averaging a return of 77.26%, with expectations for 2025 being even more ambitious due to increased institutional adoption [2] - Early 2025 saw significant institutional onboarding, driven by spot ETFs and new mandates, which created an access shock and mechanical inflows that drove prices [4] - By late 2025, structural buyers had built their positions, leading Bitcoin to compete with rising real yields, causing a shift in market dynamics [4][5] Group 2: Market Behavior - Bitcoin is down 20.69% in Q4 2025, defying its traditionally favorable performance period [3] - Chief investment officers began questioning the rationale for holding Bitcoin as a non-yielding asset when alternatives like T-bills and corporate credit offer returns [5] - The market is confronting the limits of passive holding, with retail distribution, corporate accumulation halting, and institutional pullback not stemming from a loss of faith in Bitcoin but due to the current high-rate environment [6] Group 3: Market Structure - Bitcoin's market structure has shifted post-ETF and halving trades, transitioning into an overcrowded macro position dominated by professional traders [7] - The previous thesis of "ETF plus halving equals number go up" has run its course, with the next phase of adoption expected to be driven by demonstrable utility and risk-adjusted yield [8]

Core Insights - Virtune has partnered with Smartbroker to offer commission-free access to its crypto exchange-traded products (ETPs), enhancing investment opportunities for clients [1][6][8] - The partnership aims to simplify and make crypto investments more accessible through structured monthly savings plans [3][10] Company Overview - Virtune is a regulated Swedish crypto asset manager, managing $370 million in assets and serving over 150,000 investors since its first ETP listing in May 2023 [5] - The company focuses on investor protection and transparency, offering 100% physically backed crypto ETPs [5][12] Partnership Details - The collaboration with Smartbroker includes educational initiatives such as webinars and events to enhance client knowledge about crypto assets and Virtune's ETPs [2][6] - Smartbroker manages over 267,000 brokerage accounts with assets exceeding €14 billion as of the end of 2022, making it a significant player in the online brokerage space [7] Investment Benefits - Investors can now set up long-term, commission-free monthly savings plans in various crypto assets, including Bitcoin, XRP, and Solana [1][10] - All Virtune ETPs are backed by the underlying crypto assets, held securely with Coinbase in cold storage [10]

NASDAQ's Digital Asset Strategy - NASDAQ has been involved in digital assets since 2021, launching the NASDAQ crypto index and further immersing in the space [1] - NASDAQ filed an application with the SEC for a proposed rules change to allow for the trading of tokenized stocks and ETPs [1] - The primary goal is to bridge the digital asset world and the traditional world, prioritizing investor-first principles [3] - NASDAQ aims to integrate tokenized assets into current market structures, applying current securities laws [7] Tokenized Assets and Market Impact - Tokenized shares will trade under the same ticker and CUSIP, fully fungible with their traditional counterparts, offering investors a choice in holding [5] - The trading of tokenized assets on NASDAQ aims to improve efficiency and enhance audit trails [12] - Near-term benefits include process efficiencies on the post-trade side, with potential for atomic instant settlement in the long term [13][14] - Mid-term benefits include collateral mobility for assets, enhancing capital efficiency by allowing equity to be used in collateral pools [15] - Tokenization enhances utility beyond the trade itself, with potential for better access for proxy and enhancements around corporate actions [17] Convergence of Traditional Finance (TradFi) and Decentralized Finance (DeFi) - The convergence of TradFi and DeFi is seen as a combination of traditional risk management, compliance, and regulation with the programmability of DeFi [36] - Stablecoins gained significantly in 2025, and their use in collateral management, along with tokenized treasuries, money market funds, and equities, could drive the next phase of adoption [37][38] NASDAQ's Infrastructure and Offerings - NASDAQ offers exchange technology, powering over 130 markets globally, including crypto markets using their matching engine technology [28] - NASDAQ has a crypto index and reference rates used globally for benchmarking [29] - NASDAQ acquired Calypso through the Adenza acquisition, integrating it with blockchain rails for collateral mobility [29] - NASDAQ offers data products and a surveillance business used globally to monitor markets for manipulation, including crypto markets [31][32]

Crypto ETPs Flow - Global crypto ETPs experienced $1.9 billion in weekly outflows [1] - This marks the third-worst run since 2018 for crypto ETPs [1]

Crypto Innovation - Grayscale pioneers crypto staking on Wall Street via publicly traded ETPs [1] - Investors can now earn yields on ETH and SOL without node operation [1] Industry Convergence - Wall Street's integration with DeFi is accelerating [1]

Market Trends - Solana has surged 24% in a month as institutions show interest [1] - Seven asset managers, including Fidelity and Grayscale, plan to launch spot SOL ETPs by October 10 [1]

Regulatory Landscape - The discussion will focus on regulating ETPs (Exchange Traded Products) [1] - The conversation will explore what regulatory steps come after ETPs [1] Industry Events - Multicoin Capital's Gregory Xethalis and Grayscale's Craig Salm will speak at CoinDesk: Policy & Regulation [1]

Regulatory Updates - SEC's Division of Corporation Finance 发布了关于加密 ETPs 披露要求的新指南 [1] - 该指南详细说明了发行人在文件中需要包含的信息 [1]