Mentioned
CoinShares Bitcoin ETP
BITC.DE
0.510 (0.98%)
52.760
52.790
CoinShares Asset Management SAS
@Napoleon-X
Smart Portfolio
2mo
Edited
Dear investors, ⏰ It’s time for our weekly commentary! 📊 Traffic through the Strait of Hormuz is gradually resuming, and oil prices fell sharply last week, retreating to levels last seen before the conflict began. Growing confidence that this episode may now be behind us, combined with expectations of easing inflationary pressures, has allowed investors to refocus on the productivity gains promised by artificial intelligence. As a result, investor sentiment has continued to climb, reaching levels rarely seen in recent years. This optimism stands in stark contrast to sentiment in the crypto market, which has remained subdued since October. It reinforces the view that recent ETF outflows have largely reflected capital being reallocated toward AI-related opportunities, particularly semiconductor companies, or deployed into high-profile IPOs. The key question, and one that Federal Reserve policymakers are undoubtedly asking themselves, is whether AI is already generating meaningful productivity gains or merely encouraging higher spending in anticipation of future gains. If productivity improvements are materializing, their deflationary effects would justify a more growth-supportive monetary stance. If not, policymakers may eventually need to temper market enthusiasm. For now, however, the economic effects of the disruption in the Strait of Hormuz are likely to continue filtering through in the months ahead, helping to explain the Fed's more hawkish tone last week. As for crypto, the market is clearly going through a period of disaffection, with the asset class increasingly perceived as "boring." Yet beneath the surface, tokenisation is gaining momentum. The products it enables (such as perpetual contracts on equities and commodities, pre-IPO shares, prediction markets, and soon multi-asset vaults) are already attracting significant demand. Their ability to offer instant settlement and delivery provides a powerful competitive advantage that is likely to become increasingly apparent over time. 🎯 Our $Napoleon-X portfolio is down 0.6% over the past 7 days and down 10.3% over the past 30 days. Exposure has been increased to 50% in the beginning of last week, in line with our risk management process as our most reactive strategies reentered the nascent trend. If this trend continues to develop, exposure will gradually increase. 🔎 What happened last week: 👉  The Ethereum Foundation lost its second co-executive director in four months. Hsiao-Wei Wang announced on 18 Jun 2026 that she was stepping down immediately following a sabbatical, the same day former EF contributor Trent Van Epps published a warning that Ethereum faces a slow-burning funding crisis within three to nine months. Wang's departure follows Tomasz Stańczak's resignation in February; board member Bastian Aue is now effectively sole executive director with no successor structure announced. Van Epps, who spent five years at the EF, estimates that maintaining Ethereum's core client teams and protocol coordination requires approximately US$30M annually, a figure now under pressure from both the EF's deliberate spending reduction and the April 2026 expiry of the Client Incentive Program, which funded client teams including Geth, Lighthouse and Nethermind for four years with no replacement yet announced. At least nine senior contributors have departed the EF in 2026. 👉 CME Group chief executive Terrence Duffy announced on 17 Jun 2026 that the exchange intends to sue the CFTC following the regulator's approval of Kalshi's perpetual futures product. Duffy argued the product does not meet the Dodd-Frank Act's definition of a futures contract and should have been classified as a swap, which carries different participant requirements. He also accused the CFTC of misrepresenting elements of its 24/7 trading announcement, saying the agency described a guidance document as a rule when it was not. CME said it would need regulatory clarity before considering listing perpetual futures products of its own. 👉 Fidelity Investments launched the Fidelity Reserves Digital Fund on 17 Jun 2026, a money market fund designed to manage reserve assets for stablecoin issuers under the GENIUS Act's reserve requirements. The fund invests in short-term US Treasuries, cash and overnight repos. The move follows State Street's debut of a comparable product days earlier. Stablecoins now represent a roughly US$320B market; industry forecasts cited by participants project growth to between US$1.9T and US$4T by 2030 if institutional adoption continues on its current trajectory. 🔗 You can find the weekly wrap up of our $CS.ST Macro Research Team here: coinshares.com/corp/insights/research-data/market-update-19-06-2026/ Thank you for your support 🙏 $CSHR $BITC.DE (CoinShares Bitcoin ETP)
Not investment advice. The author may have financial interests in the mentioned instruments.
1 Mentioned
CoinShares Bitcoin ETP
BITC.DE
CoinShares Bitcoin ETP
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