Ben Strack

<div id="highlights-block_6272b2c2abd98" class="highlights">
        <ul>
                <li>Firm expects “a more thematic approach to digital assets” to continue as investors look beyond BTC, ETH</li>
                <li>Competitor 21Shares has launched similar products this year</li>
            </ul>
    
</div>



<p>CoinShares has launched two more crypto ETPs in Germany, bringing the firm’s total ETP (exchange-traded product) launches this year to seven.&nbsp;</p>



<p>The Physical Chainlink and Physical Uniswap ETPs are listed on Germany&#8217;s main market Xetra, the company announced Wednesday. They each carry a management fee of 1.5%.</p>



<p>CoinShares Chief Revenue Officer Frank Spiteri said in a statement that investors have gained interest in digital assets beyond bitcoin and ethereum as the sector has evolved.</p>



<p>“A more thematic approach to digital assets is emerging amongst those most familiar with crypto, and we expect that trend to continue as research and investor education improves,” he said.</p>



<p>A CoinShares spokesperson didn’t immediately return a request for further comment.&nbsp;</p>



<p>Oracle protocol Chainlink is designed to bridge real-world information to the smart contracts running on a blockchain platform. Its native currency, LINK, has a market capitalization of roughly $5 billion, according to data compiled by Blockworks.</p>



<p>An alternative to centralized exchanges, Uniswap allows users to either trade or provide the liquidity that supports trading activities within its application. Uniswap (UNI) has a market cap of roughly $3.2 billion.&nbsp;&nbsp;</p>



<p>CoinShares manages roughly $3.3 billion in assets. After a <a href="https://cms.blockworks.co/coinshares-latest-to-benefit-from-booming-interest-in-european-crypto-products/" target="_blank" rel="noreferrer noopener">record fourth quarter</a> that saw the company notch its highest quarterly earnings and assets under management, its executives on Tuesday <a href="https://cms.blockworks.co/coinshares-q1-earnings-slide-retail-remains-focus-execs-say/" target="_blank" rel="noreferrer noopener">reported a slide</a> last quarter.</p>



<p>The launches follow the firm last week <a href="https://coinshares.com/news/coinshares-and-ftx-physical-ftx-token-etp" target="_blank" rel="noreferrer noopener">bringing to Xetra</a> a physically-backed FTX Token ETP in partnership with the crypto exchange. The product had seed capital of roughly $40 million.</p>



<p>Others have launched similar products in recent months. </p>



<p>Competitor 21Shares <a href="https://cms.blockworks.co/21-shares-expands-crypto-etps/" target="_blank" rel="noreferrer noopener">launched ETPs</a> with LINK and UNI as underlying assets in February, as crypto ETPs <a href="https://cms.blockworks.co/coinshares-latest-to-benefit-from-booming-interest-in-european-crypto-products/" target="_blank" rel="noreferrer noopener">continue to proliferate</a> in Europe. 21Shares added products focused on FTX Token (FTT) and Decentraland (MANA) that same month.</p>



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<hr class="wp-block-separator">


CoinShares Launches Chainlink, Uniswap ETPs in Germany

Sam Martin

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>The total number of DeFi users sits north of 3.631 million users, which in the grand scheme of things is only scratching the surface of its total addressable market</li>
                <li>Digital asset investment products saw inflows of $1.47 billion last week, which represented the largest inflows on record by a long shot</li>
            </ul>
    
</div>



<p>Total value locked (TVL) across all chains hit an all-time high today when denominated in US dollars.</p>



<p>Uniswap surpasses $500 billion in lifetime trading volume. </p>



<p>Shares of Bakkt surge over 230% on news that it will partner with Mastercard in rolling out crypto credit and debit cards. </p>



<p>Digital asset investment products saw record inflows for the week ended on October 22 due to newly launched ETF&#8217;s. </p>



<p>Solana and Chainlink posted the strongest gains today among major altcoins. </p>



<h3><strong>Latest in Macro:</strong></h3>



<ul><li>S&amp;P 500: 4,566, +.47%</li><li>NASDAQ: 15,226, +.90%</li><li>Gold: $1,807, +.87%</li><li>WTI Crude Oil: $83.71, -.66%</li><li>10-Year Treasury: 1.633%, -.022%</li></ul>



<h3><strong>Latest in Crypto:</strong></h3>



<ul><li>BTC: $62,985, +3.17%</li><li>ETH: $4,191, +3.84%</li><li>ETH/BTC: .0665, -.88%</li><li>BTC.D: 45.18%, +.45%</li></ul>



<h3>TVL in Crypto Continues its Growth</h3>



<p>Total Value Locked (TVL) across all chains has reached all-time highs when denominated in US dollars. As of reporting, TVL sits at $247.09 billion, with Ethereum leading the way with a 66.51% market share. A breakdown of leading chains can be seen below, although the numbers were taken first thing this morning.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1012" height="506" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/TVL.jpg" alt="" class="wp-image-9848" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/TVL.jpg?w=1012 1012w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/TVL.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/TVL.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/TVL.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/TVL.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/TVL.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/TVL.jpg?w=80 80w" sizes="(max-width: 1012px) 100vw, 1012px" /><figcaption>Source: DefiLlama</figcaption></figure>



<p>The total number of DeFi users sits north of <a href="https://dune.xyz/rchen8/defi-users-over-time" target="_blank" rel="noreferrer noopener">3.631 million users</a>, which in the grand scheme of things is only scratching the surface of its total addressable market. Goldman Sachs released a <a href="https://cms.blockworks.co/goldman-sachs-defi-has-its-advantages-over-traditional-finance/" target="_blank" rel="noreferrer noopener">report</a> on Friday highlighting that DeFi has many advantages over traditional finance, but it remains a work in progress. </p>



<p>&#8220;DeFi is easier to access for underbanked populations and provides faster settlements for users, but it’s still a work in progress with flaws like hacks, bugs and outright scams,&#8221; the report by Zach Pandl, co-head of foreign exchange strategy for Goldman Sachs Research, and Isabella Rosenberg, a foreign exchange analyst at Goldman Sachs, said.&nbsp;</p>



<p>Over the weekend, Uniswap (UNI), the most popular decentralized exchange built on top of Ethereum, crossed $500 billion of total volume traded since its launch in November of 2018. <a href="https://coinmarketcap.com/currencies/uniswap/" target="_blank" rel="noreferrer noopener">UNI</a> was trading at $26.63, up 3.51% over the last 24 hours. </p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="546" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/uni-trading-volume-1-1024x546.jpg" alt="" class="wp-image-9854" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/uni-trading-volume-1-1024x546.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/uni-trading-volume-1-1024x546.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/uni-trading-volume-1-1024x546.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/uni-trading-volume-1-1024x546.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/uni-trading-volume-1-1024x546.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/uni-trading-volume-1-1024x546.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/uni-trading-volume-1-1024x546.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/uni-trading-volume-1-1024x546.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/uni-trading-volume-1-1024x546.jpg?w=1967 1967w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: @Uniswap</figcaption></figure>



<p>Every day more large companies are trying to integrate various crypto networks to avoid getting left behind. Some highlights from today include:</p>



<ul><li>Citi CEO, Jane Fraser, says they are working on connecting clients to crypto wallets and enabling corporate clients to accept crypto for payments, Blockworks <a href="https://cms.blockworks.co/citi-ceo-fraser-were-building-the-infrastructure-for-retail-real-time-payments/" target="_blank" rel="noreferrer noopener">reported</a> earlier. </li><li>One River CEO, Eric Peters, <a href="https://cms.blockworks.co/one-river-ceo-eric-peters-crypto-is-most-interesting-macro-opportunity-and-investment/" target="_blank" rel="noreferrer noopener">calls</a> digital assets the most interesting macro opportunity and most disruptive technology he has seen in his career. </li><li>Mastercard <a href="https://cms.blockworks.co/mastercard-to-offer-crypto-credit-debit-cards/" target="_blank" rel="noreferrer noopener">announced</a> plans to offer crypto credit and debit cards in a partnership with Bakkt, <a href="https://www.businesswire.com/news/home/20211025005487/en/Mastercard-and-Bakkt-Partner-to-Offer-Innovative-Crypto-and-Loyalty-Solutions" target="_blank" rel="noreferrer noopener">according</a> to a company press release.</li><li>Bankman-Fried, founder of FTX, says that financial institutions have a &#8216;mandate&#8217; to invest in digital assets, Blockworks <a href="https://cms.blockworks.co/ftxs-bankman-fried-financial-institutions-have-mandate-to-invest-in-digital-assets/" target="_blank" rel="noreferrer noopener">previously</a> reported. </li></ul>



<h3>Bakkt Explodes</h3>



<p>Shares of Bakkt, which trades on the NYSE under the ticker BKKT, surged over 230% during trading hours on the news. The yellow and blue shaded areas on the chart below represent pre-market and post-market trading activity. </p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="970" height="677" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/BKKT_2021-10-25_16-41-16-1.png" alt="" class="wp-image-9856" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/BKKT_2021-10-25_16-41-16-1.png?w=970 970w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/BKKT_2021-10-25_16-41-16-1.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/BKKT_2021-10-25_16-41-16-1.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/BKKT_2021-10-25_16-41-16-1.png?w=368 368w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/BKKT_2021-10-25_16-41-16-1.png?w=374 374w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/BKKT_2021-10-25_16-41-16-1.png?w=314 314w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/BKKT_2021-10-25_16-41-16-1.png?w=80 80w" sizes="(max-width: 970px) 100vw, 970px" /></figure>



<h4>Asset Flows Notch Record Inflows on ETF Approval Last Week</h4>



<p>Digital asset investment products saw inflows of $1.47 billion last week, which represented the largest inflows on record by a long shot. </p>



<p>&#8220;The record inflows were a direct result of the US Securities &amp; Exchange Commission allowing a Bitcoin ETF investing in futures and the consequent listing of two Bitcoin investment products with inflows totalling US$1.24bn.&#8221; <a href="https://coinshares.com/research/digital-asset-fund-flows" target="_blank" rel="noreferrer noopener">according</a> to a CoinShares report. </p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="554" height="1024" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-4.49.47-PM-554x1024.png" alt="" class="wp-image-9858" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-4.49.47-PM-554x1024.png?w=554 554w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-4.49.47-PM-554x1024.png?w=162 162w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-4.49.47-PM-554x1024.png?w=139 139w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-4.49.47-PM-554x1024.png?w=141 141w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-4.49.47-PM-554x1024.png?w=118 118w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-4.49.47-PM-554x1024.png?w=43 43w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-4.49.47-PM-554x1024.png?w=674 674w" sizes="(max-width: 554px) 100vw, 554px" /><figcaption>Source: CoinShares</figcaption></figure></div>



<h3>Solana and Chainlink Outperform the Market</h3>



<p>Solana (SOL) and Chainlink (LINK) were the top movers among major altcoins today, last trading at $211.73 and $32.49 respectively. </p>



<ul><li>Investment products related to SOL saw $8.1 million of inflows last week, the most among altcoin products, <a href="https://coinshares.com/research/digital-asset-fund-flows" target="_blank" rel="noreferrer noopener">according</a> to a CoinShares report. </li><li>Chainlink, a blockchain abstraction layer that enables universally connected smart contracts through its network of oracles, is now live on the Terra testnet. This could be contributing to LINK&#8217;s bullish price action. </li><li>Solana hosted its <a href="https://ignition.devpost.com/project-gallery" target="_blank" rel="noreferrer noopener">Ignition</a> hackathon, an event that incentivizes builders to join their ecosystem, and saw a record number of project submittals. This implies that more projects are coming to Solana and could be the catalyst behind SOL&#8217;s rally.   </li></ul>



<p>The top altcoin movers can be seen below:</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="566" height="148" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.04.27-PM.png" alt="" class="wp-image-9862" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.04.27-PM.png?w=566 566w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.04.27-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.04.27-PM.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.04.27-PM.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.04.27-PM.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.04.27-PM.png?w=80 80w" sizes="(max-width: 566px) 100vw, 566px" /><figcaption>Source: laevitas.ch</figcaption></figure></div>



<p>Solana now ranks <a href="https://defillama.com/chain/Solana" target="_blank" rel="noreferrer noopener">third</a> in TVL among major chains, with over $13.6 billion locked in smart contracts. </p>



<figure class="wp-block-image size-large"><img decoding="async" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.07.38-PM-1024x356-1.jpg" alt="" class="wp-image-9864"/><figcaption>Source: DefiLlama</figcaption></figure>



<h3>Non-Fungible Tokens (NFTs)</h3>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found in the photos below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="339" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.52-PM-1024x339.png" alt="" class="wp-image-9865" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.52-PM-1024x339.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.52-PM-1024x339.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.52-PM-1024x339.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.52-PM-1024x339.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.52-PM-1024x339.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.52-PM-1024x339.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.52-PM-1024x339.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.52-PM-1024x339.png?w=1229 1229w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="357" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.41-PM-1024x357.png" alt="" class="wp-image-9866" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.41-PM-1024x357.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.41-PM-1024x357.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.41-PM-1024x357.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.41-PM-1024x357.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.41-PM-1024x357.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.41-PM-1024x357.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.41-PM-1024x357.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-25-at-5.11.41-PM-1024x357.png?w=1039 1039w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<p>That is all for today, folks. Looking forward to catching tomorrow! </p>



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