CoinShares Asset Management SAS @Napoleon-X: "Dear investors, ⏰ It’s time for..."

Smart Portfolio

Dear investors, ⏰ It’s time for our weekly commentary! 📊 Central banks have resumed accumulating gold after a brief pause in March. That interruption reflected, in part, the sharp rally at the end of last year, which prompted buyers to become more cautious. It also stemmed from the need for several countries—including the Gulf monarchies, Turkey, and Russia—to reportedly liquidate portions of their gold reserves to help finance expenditures related to the conflicts in Iran and Ukraine. Despite this temporary slowdown, central bank demand for safe-haven assets remains robust, an unsurprising trend given the elevated debt levels across developed economies. Bitcoin, meanwhile, did not participate in last year's surge in commodity prices and now appears undervalued relative to gold. At the same time, the correlation between the two assets has strengthened recently, suggesting that they are increasingly responding to the same macroeconomic forces. This convergence likely reflects both a broad rotation out of gold and Bitcoin and into AI-driven high-growth equities, and greater sensitivity to interest-rate expectations as speculative excesses have faded. With AI-related equity markets showing signs of overheating and inflation remaining stubbornly persistent, investors may increasingly rotate toward stores of value. Bitcoin is still weighed down by concerns over quantum-computing risks. However, if it can make meaningful progress toward a successful post-quantum transition, it could emerge as one of the main beneficiaries of such a rotation. 🎯 Our @Napoleon-X portfolio is up 2.64% over the past 7 days and down 1.70% over the past 30 days. Exposure is still around 50% and has been slightly rebalanced this morning, in line with our risk management process. June's weaker-than-expected payrolls report reinforced expectations of lower interest rates, lifting Bitcoin alongside other rate-sensitive assets, but the Fed's latest guidance remains firmly hawkish, suggesting that restrictive monetary policy is likely to persist. Beneath the surface, however, market fundamentals have improved: whale selling has largely ended, and recent Bitcoin outflows appear to reflect a rotation into AI equities rather than a deterioration of the asset's long-term investment case. As a result, Bitcoin appears to be in the early stages of forming a cyclical bottom, although a sustained rally will likely require a clearer catalyst, such as easier monetary policy or a reversal in capital flows away from crowded AI trades. 🔎 What happened last week: 👉 Robinhood went live with the public mainnet of Robinhood Chain, an Arbitrum-based layer-2, taking tokenised stock trading live in more than 120 countries and adding Robinhood Earn, a USDG lending product advertising around 7% yield. The move deepens its shift from brokerage into onchain finance. 👉 eToro led a US$12.5M round for Extended, an onchain perpetual futures exchange founded by former Revolut staff, and plans to embed perps in its Zengo wallet. It reads as the latest broker moving to meet user demand for DeFi rather than cede it to rivals, such as... Robinhood. 👉 Ondo launched onchain versions of BlackRock's iShares Core S&P 500 ETF and Micron shares using the SEC's third-party custodial model, with Oasis Pro as registered transfer agent and Broadridge handling proxy voting and disclosures. Notably, the product is not yet open to US investors. 🔗 You can find the weekly wrap up of our $CS.ST Macro Research Team here: coinshares.com/corp/insights/research-data/market-update-03-07-2026/ Thank you for your support 🙏 $CSHR $BITC.DE (CoinShares Bitcoin ETP) Past performance does not predict future returns. Capital at risk.

Not investment advice. The author may have financial interests in the mentioned instruments.

2 Mentioned

BITC.DE

CoinShares Bitcoin ETP

Napoleon-X

CoinShares Asset Management SAS

Strictly Necessary Cookies

Performance Cookies

Functional Cookies

Targeting Cookies