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Project Overview
CoinShares (CS.ST)is Europe's digital asset investment firm, managing billions of dollars of assets on behalf of its clients. The Group is focused on expanding investor access to the digital asset ecosystem by pioneering new financial products and services. In 2014, CoinShares launched the world's first regulated Bitcoin investment fund.
Euronext Suspends Trading on CoinShares Zcash ETP, Citing Settlement System Limitations
According to Cryptopolitan, Euronext halted trading of CoinShares' newly launched Zcash ETP (code ZCSH) on the Paris market on October 28, just hours after its listing. An Euronext spokesperson stated that the suspension was due to the central securities depository (CSD) temporarily being unable to support standard settlement operations, rather than any regulatory issue, and the product will resume once settlement conditions are met.
CoinShares: Inflationary Pressure Still Limits Bitcoin's Upside Potential
Odaily reports: CoinShares analysis indicates that the continued weakening of the U.S. housing market has provided room for the Federal Reserve to pause rate hikes, but inflationary pressure remains a key constraint on monetary policy.On the interest rate front, the market widely expects the Federal Reserve to keep rates unchanged at its October 28 meeting, but recent hotter-than-expected CPI and PPI data leave the risk of further rate hikes in place. Polymarket data shows that as of October 20, the market priced in roughly a 12% probability of a 25 basis point rate hike in October, while CME market pricing suggested about 17%; the market's expected probability of another rate hike in December is about 83%. Analysts believe that if the Federal Reserve unexpectedly raises rates in October, it could trigger a larger shock by exceeding market expectations.Bitcoin showed relative resilience this week amid volatility in risk assets, supported by recovering spot demand, improved stock market sentiment, and short covering. However, the subsequent trajectory of the crypto market will still be mainly influenced by interest rate expectations and changes in liquidity, and the policy buffer provided by housing market weakness is not yet sufficient to offset inflation risks.
Can Bitcoin Return to $100,000 by Year-End? Market Views Diverge
market analysts are divided on whether Bitcoin can return to $100,000 before the end of 2026.Ryan Rasmussen, Head of Research at crypto asset management firm Bitwise, believes that factors such as institutional demand through ETFs and corporate Bitcoin purchases, concerns over inflation and government debt, and an improving regulatory environment are expected to push Bitcoin to higher levels by year-end, potentially even breaking through $100,000.Adam Morgan McCarthy, Head of Research at London-based crypto trading and market data firm LO:TECH, expects Bitcoin to trade mainly in the $85,000 to $95,000 range through year-end. He noted that inflation pressures and the possibility of further rate hikes by the Federal Reserve will continue to weigh on Bitcoin's performance. U.S. consumer prices rose 0.6% month-over-month in September, with core CPI up 0.3% month-over-month, complicating the outlook for monetary policy.Luca Invernizzi, Senior Derivatives Trader at Nomura's crypto unit Laser Digital, said Bitcoin will remain primarily driven by macroeconomic factors and U.S. long-term Treasury yields in the near term. However, market leverage has been largely flushed out, and if Bitcoin effectively breaks above $90,000, it could trigger a new round of short-covering. James Butterfill, Head of Research at CoinShares, also believes that the contradiction between inflation and a weakening job market will influence the Fed's subsequent policy decisions and Bitcoin's trajectory. (CoinDesk)
CoinShares: Digital asset investment products recorded $434 million in outflows this week
According to CoinShares' market report, the US September CPI rose 0.6% month-over-month and 3.7% year-over-year, exceeding the 3.6% market expectation. Gasoline prices surged 9.1% during the month, accounting for roughly half of the overall increase. Core CPI rose 0.3% month-over-month and 2.6% year-over-year. In the same period, US September retail sales increased 0.8% month-over-month, beating the ~0.3% forecast, while August data was revised up to 1.3%. However, retail sales excluding gasoline only grew by 0.2%, down from 1.0% in August. The report pointed out that inflation remains elevated and economic demand continues to show resilience, driving a hawkish repricing of Federal Reserve policy that weighed on Bitcoin and the broader digital asset market. Data showed that market sentiment notably weakened following the CPI release, with global digital asset investment products recording $434 million in outflows so far this week. Regarding interest rate expectations, as of October 15, Polymarket data indicated a roughly 75% probability that the Fed would hold rates unchanged at its October meeting and about a 25% probability of a 25-basis-point hike. Following the CPI release, futures markets shifted markedly toward a hawkish stance, with expectations of another rate hike within the year rising significantly.
Thailand Crypto ETFs Expected to See Only Tens of Millions in Initial Inflows
Odaily Report: Thailand's listing rules for Bitcoin and Ether exchange-traded funds (ETFs) will take effect on Friday. James Butterfill, head of research at digital asset investment firm CoinShares, said initial inflows for the first batch of products are expected to be in the tens of millions of dollars, and expectations of reaching billions are unrealistic.Once the new rules take effect, Thai retail investors will be able to gain exposure to the relevant assets through locally listed crypto ETFs; investing in overseas crypto ETFs through domestic brokers will be limited to institutional investors and ultra-high-net-worth investors. The first batch of Thai crypto funds will still need to obtain regulatory approval and complete custody and distribution arrangements before they can trade.Butterfill compared the situation to Hong Kong. As of the end of September, global crypto exchange-traded product (ETP) assets under management stood at $172.9 billion, of which Hong Kong accounted for $733 million, or 0.42%.He said some investors have already gained Bitcoin exposure through overseas funds or direct trading, which could limit demand for local ETFs. MFC Asset Management launched the Bitcoin ETF Tracker Fund (MBTCETF-UI) in 2024, which invests in BlackRock's iShares Bitcoin Trust (IBIT); ONE Asset Management became the first Thai asset management company approved for a Bitcoin ETF-linked fund in the same year. (Cointelegraph)
CoinShares Survey: Over Half of Wealthy Investors Hold Crypto Assets, Majority Plan to Continue Increasing Holdings Through 2026
According to Cointelegraph, digital asset management firm CoinShares surveyed 2,230 wealthy investors with investable assets exceeding $500,000 across seven countries, including the US, UK, France, and Germany. The results indicate that most respondents already hold digital assets, with crypto assets accounting for an average of approximately 10% of their portfolios.
Can Bitcoin Return to $100,000 by Year-End? Market Views Diverge
market analysts are divided on whether Bitcoin can return to $100,000 before the end of 2026.Ryan Rasmussen, Head of Research at crypto asset management firm Bitwise, believes that factors such as institutional demand through ETFs and corporate Bitcoin purchases, concerns over inflation and government debt, and an improving regulatory environment are expected to push Bitcoin to higher levels by year-end, potentially even breaking through $100,000.Adam Morgan McCarthy, Head of Research at London-based crypto trading and market data firm LO:TECH, expects Bitcoin to trade mainly in the $85,000 to $95,000 range through year-end. He noted that inflation pressures and the possibility of further rate hikes by the Federal Reserve will continue to weigh on Bitcoin's performance. U.S. consumer prices rose 0.6% month-over-month in September, with core CPI up 0.3% month-over-month, complicating the outlook for monetary policy.Luca Invernizzi, Senior Derivatives Trader at Nomura's crypto unit Laser Digital, said Bitcoin will remain primarily driven by macroeconomic factors and U.S. long-term Treasury yields in the near term. However, market leverage has been largely flushed out, and if Bitcoin effectively breaks above $90,000, it could trigger a new round of short-covering. James Butterfill, Head of Research at CoinShares, also believes that the contradiction between inflation and a weakening job market will influence the Fed's subsequent policy decisions and Bitcoin's trajectory. (CoinDesk)
CoinShares: Digital asset investment products recorded $434 million in outflows this week
According to CoinShares' market report, the US September CPI rose 0.6% month-over-month and 3.7% year-over-year, exceeding the 3.6% market expectation. Gasoline prices surged 9.1% during the month, accounting for roughly half of the overall increase. Core CPI rose 0.3% month-over-month and 2.6% year-over-year. In the same period, US September retail sales increased 0.8% month-over-month, beating the ~0.3% forecast, while August data was revised up to 1.3%. However, retail sales excluding gasoline only grew by 0.2%, down from 1.0% in August. The report pointed out that inflation remains elevated and economic demand continues to show resilience, driving a hawkish repricing of Federal Reserve policy that weighed on Bitcoin and the broader digital asset market. Data showed that market sentiment notably weakened following the CPI release, with global digital asset investment products recording $434 million in outflows so far this week. Regarding interest rate expectations, as of October 15, Polymarket data indicated a roughly 75% probability that the Fed would hold rates unchanged at its October meeting and about a 25% probability of a 25-basis-point hike. Following the CPI release, futures markets shifted markedly toward a hawkish stance, with expectations of another rate hike within the year rising significantly.
Thailand Crypto ETFs Expected to See Only Tens of Millions in Initial Inflows
Odaily Report: Thailand's listing rules for Bitcoin and Ether exchange-traded funds (ETFs) will take effect on Friday. James Butterfill, head of research at digital asset investment firm CoinShares, said initial inflows for the first batch of products are expected to be in the tens of millions of dollars, and expectations of reaching billions are unrealistic.Once the new rules take effect, Thai retail investors will be able to gain exposure to the relevant assets through locally listed crypto ETFs; investing in overseas crypto ETFs through domestic brokers will be limited to institutional investors and ultra-high-net-worth investors. The first batch of Thai crypto funds will still need to obtain regulatory approval and complete custody and distribution arrangements before they can trade.Butterfill compared the situation to Hong Kong. As of the end of September, global crypto exchange-traded product (ETP) assets under management stood at $172.9 billion, of which Hong Kong accounted for $733 million, or 0.42%.He said some investors have already gained Bitcoin exposure through overseas funds or direct trading, which could limit demand for local ETFs. MFC Asset Management launched the Bitcoin ETF Tracker Fund (MBTCETF-UI) in 2024, which invests in BlackRock's iShares Bitcoin Trust (IBIT); ONE Asset Management became the first Thai asset management company approved for a Bitcoin ETF-linked fund in the same year. (Cointelegraph)
Analysis: Bitcoin-Nasdaq Correlation Rebounds to 40%, CPI Data May Be Key Short-Term Variable
Odaily News: CoinShares noted in its latest biweekly market report that U.S. spot BTC ETFs saw net outflows of $679 million last week, including a single-day net outflow of $485 million on Wednesday, the largest single-day outflow since June; ETH ETFs saw net outflows of $542 million last week, with cumulative outflows of nearly $700 million over nine consecutive trading days. BTC briefly approached $87,000 on October 5, then fell back to around $80,300, before rebounding to around $83,500.The report shows that BTC's correlation with the Nasdaq index has rebounded to about 40%, its long-term average level, while its correlation with inflation-linked bonds continues to strengthen. CoinShares believes that U.S. CPI data to be released this week will be an important variable: if core CPI rises 0.3% month-over-month, it could reinforce market expectations for a Federal Reserve rate hike in October, putting BTC at risk of testing $80,000 again. (CoinShares)
CoinShares: Digital asset investment products recorded net inflows of $3.5 billion last week.
According to CoinShares' latest biweekly report, global digital asset investment products recorded net inflows of approximately $3.5 billion last week, marking a sharp rebound compared to the sluggish performance of the previous two weeks. Spot Bitcoin ETF inflows reached approximately $2.38 billion for the week, and Ethereum ETF inflows totaled $690 million. Both maintained positive net inflows for five consecutive trading days, with Monday's inflows slowing to $31 million and $17 million, respectively. On the 23rd, the HYPE token briefly touched a new high of $99 before retracing to around $88 amid a weaker broader market.
Reports indicate investors are trading the Federal Reserve's interest rate path without exiting cryptocurrency assets.
A CoinShares report shows that recent significant capital inflows and outflows in the cryptocurrency market are primarily driven by investors positioning around anticipated changes to the Federal Reserve's interest rate policy, rather than a diminished willingness to hold assets long-term. As macro policy signals shift, a portion of the previously outflowing capital has already begun to return.
Euronext Suspends Trading on CoinShares Zcash ETP, Citing Settlement System Limitations
According to Cryptopolitan, Euronext halted trading of CoinShares' newly launched Zcash ETP (code ZCSH) on the Paris market on October 28, just hours after its listing. An Euronext spokesperson stated that the suspension was due to the central securities depository (CSD) temporarily being unable to support standard settlement operations, rather than any regulatory issue, and the product will resume once settlement conditions are met.
Euronext Suspends Listing and Trading of CoinShares Zcash ETP
European stock exchange operator Euronext has suspended the listing and trading of the CoinShares Zcash ETP until further notice. The product was originally scheduled to begin trading on Wednesday on Euronext Paris, but the suspension is due to settlement operational requirements not yet being met.Euronext stated that trading will only resume once the Central Securities Depository (CSD) is able to fully support standard settlement operations. This suspension delays the listing of Europe's fourth Zcash-based ETP. (Cointelegraph)
Strategy, Strive and others have financed the purchase of 135,979 BTC through preferred stock offerings, accounting for over 0.5% of Bitcoin's maximum supply
Since 2025, as of October 5, Bitcoin treasury companies such as Strategy and Strive have financed the purchase of 135,979 BTC through preferred stock offerings, accounting for more than 0.5% of Bitcoin's maximum supply; the related preferred stock market is approximately $12 billion. Perpetual preferred stock has no fixed maturity date, which can alleviate refinancing pressure and attract yield-oriented investors who are unwilling to hold Bitcoin directly; however, expanding issuance also increases dividend expenses. Sustained financing for Bitcoin purchases depends on preferred stock trading at or near par value. If prices fall below par, the appeal of new issuance may decline, and companies may turn to buybacks. James Butterfill, Head of Research at CoinShares, said Strategy's latest weekly report shows the company spent $193 million to repurchase STRC, bought 267 BTC during the same period, and raised its preferred stock repurchase authorization to $3 billion. Buybacks can reduce future dividend costs but also compete with Bitcoin purchases for capital. Ryan Rasmussen, Head of Research at Bitwise, expects ETFs will remain a larger source of Bitcoin demand over the long term, while perpetual preferred stock covers a different group of yield-oriented investors and provides another source of demand support for the market. Butterfill believes preferred stock may amplify market cycles: when financing conditions are favorable, it supports Bitcoin purchases; when market sentiment weakens, that support may diminish.
CoinShares: Bitcoin showed relative strength this week, with its future trajectory still more dependent on interest rate expectations.
CoinShares' latest market update indicates that despite risk assets experiencing renewed volatility this week, Bitcoin overall has demonstrated resilience, primarily supported by a rebound in spot demand, improving equity market sentiment, and partial short covering. However, the market is shifting from simply chasing AI narratives to focusing more on corporate earnings realization. Earnings reports from several US companies falling short of expectations have triggered sharp volatility in the stock market, and Bitcoin has similarly faced temporary headwinds.
CoinShares: Digital asset investment products recorded $434 million in outflows this week
According to CoinShares' market report, the US September CPI rose 0.6% month-over-month and 3.7% year-over-year, exceeding the 3.6% market expectation. Gasoline prices surged 9.1% during the month, accounting for roughly half of the overall increase. Core CPI rose 0.3% month-over-month and 2.6% year-over-year. In the same period, US September retail sales increased 0.8% month-over-month, beating the ~0.3% forecast, while August data was revised up to 1.3%. However, retail sales excluding gasoline only grew by 0.2%, down from 1.0% in August. The report pointed out that inflation remains elevated and economic demand continues to show resilience, driving a hawkish repricing of Federal Reserve policy that weighed on Bitcoin and the broader digital asset market. Data showed that market sentiment notably weakened following the CPI release, with global digital asset investment products recording $434 million in outflows so far this week. Regarding interest rate expectations, as of October 15, Polymarket data indicated a roughly 75% probability that the Fed would hold rates unchanged at its October meeting and about a 25% probability of a 25-basis-point hike. Following the CPI release, futures markets shifted markedly toward a hawkish stance, with expectations of another rate hike within the year rising significantly.
CoinShares: BTC Price Rebound Unlikely to Reverse, Miners Pivot to AI Trend
According to CoinShares’ Q2 Bitcoin Mining Report, even as Bitcoin prices continue to rebound, publicly listed miners that have already pivoted to AI infrastructure are highly unlikely to return to mining operations. The report indicates that AI infrastructure yields approximately $1.5 million in profit per megawatt, roughly triple that of Bitcoin mining (around $500,000), highlighting a stark economic disparity. Currently, at least 35 EH/s of hash rate (representing about 4.7% of the network’s total 750 EH/s) is slated to exit the publicly listed mining sector, with companies such as Core Scientific, IREN, Cipher Digital, and TeraWulf having sequentially announced either full exits or scaling back of mining operations. Given that some AI hosting agreements extend up to 15 years, this transformation is largely irreversible.
Related news
Euronext Suspends Trading on CoinShares Zcash ETP, Citing Settlement System Limitations
According to Cryptopolitan, Euronext halted trading of CoinShares' newly launched Zcash ETP (code ZCSH) on the Paris market on October 28, just hours after its listing. An Euronext spokesperson stated that the suspension was due to the central securities depository (CSD) temporarily being unable to support standard settlement operations, rather than any regulatory issue, and the product will resume once settlement conditions are met.
Euronext Suspends Listing and Trading of CoinShares Zcash ETP
European stock exchange operator Euronext has suspended the listing and trading of the CoinShares Zcash ETP until further notice. The product was originally scheduled to begin trading on Wednesday on Euronext Paris, but the suspension is due to settlement operational requirements not yet being met.Euronext stated that trading will only resume once the Central Securities Depository (CSD) is able to fully support standard settlement operations. This suspension delays the listing of Europe's fourth Zcash-based ETP. (Cointelegraph)
Polymarket set Lula's winning probability at about 20% before he ultimately won the Brazilian presidential election
Odaily reports: Polymarket set Luiz Inácio Lula da Silva's winning probability at about 20% and Flávio Bolsonaro's at 80% ahead of the Brazilian presidential election vote. Lula ultimately defeated Flávio Bolsonaro to win a fourth presidential term.A large Polymarket trader, FhantomBets, said retail traders were bearish on Lula, which pushed up Bolsonaro's winning probability; he said professional traders believed Lula's winning probability should have been close to 30% to 40% on election day. Luke Nolan, a senior researcher at CoinShares, argued that the result should not be simply attributed to differences in judgment between professional traders and retail traders.Both Nolan and Einar Knobel, co-founder and CEO of TxODDS, pointed out that Brazil's ban on prediction markets may be an important reason for the pricing deviation. Knobel said most market traders were from outside Brazil, and the market's trading volume was only 4.5% of that of the 2024 U.S. presidential election market; Nolan said an event with a 20% winning probability still has about a 20% chance of occurring. (Decrypt)
Strategy, Strive and others have financed the purchase of 135,979 BTC through preferred stock offerings, accounting for over 0.5% of Bitcoin's maximum supply
Since 2025, as of October 5, Bitcoin treasury companies such as Strategy and Strive have financed the purchase of 135,979 BTC through preferred stock offerings, accounting for more than 0.5% of Bitcoin's maximum supply; the related preferred stock market is approximately $12 billion. Perpetual preferred stock has no fixed maturity date, which can alleviate refinancing pressure and attract yield-oriented investors who are unwilling to hold Bitcoin directly; however, expanding issuance also increases dividend expenses. Sustained financing for Bitcoin purchases depends on preferred stock trading at or near par value. If prices fall below par, the appeal of new issuance may decline, and companies may turn to buybacks. James Butterfill, Head of Research at CoinShares, said Strategy's latest weekly report shows the company spent $193 million to repurchase STRC, bought 267 BTC during the same period, and raised its preferred stock repurchase authorization to $3 billion. Buybacks can reduce future dividend costs but also compete with Bitcoin purchases for capital. Ryan Rasmussen, Head of Research at Bitwise, expects ETFs will remain a larger source of Bitcoin demand over the long term, while perpetual preferred stock covers a different group of yield-oriented investors and provides another source of demand support for the market. Butterfill believes preferred stock may amplify market cycles: when financing conditions are favorable, it supports Bitcoin purchases; when market sentiment weakens, that support may diminish.
CoinShares: Inflationary Pressure Still Limits Bitcoin's Upside Potential
Odaily reports: CoinShares analysis indicates that the continued weakening of the U.S. housing market has provided room for the Federal Reserve to pause rate hikes, but inflationary pressure remains a key constraint on monetary policy.On the interest rate front, the market widely expects the Federal Reserve to keep rates unchanged at its October 28 meeting, but recent hotter-than-expected CPI and PPI data leave the risk of further rate hikes in place. Polymarket data shows that as of October 20, the market priced in roughly a 12% probability of a 25 basis point rate hike in October, while CME market pricing suggested about 17%; the market's expected probability of another rate hike in December is about 83%. Analysts believe that if the Federal Reserve unexpectedly raises rates in October, it could trigger a larger shock by exceeding market expectations.Bitcoin showed relative resilience this week amid volatility in risk assets, supported by recovering spot demand, improved stock market sentiment, and short covering. However, the subsequent trajectory of the crypto market will still be mainly influenced by interest rate expectations and changes in liquidity, and the policy buffer provided by housing market weakness is not yet sufficient to offset inflation risks.
CoinShares: Bitcoin showed relative strength this week, with its future trajectory still more dependent on interest rate expectations.
CoinShares' latest market update indicates that despite risk assets experiencing renewed volatility this week, Bitcoin overall has demonstrated resilience, primarily supported by a rebound in spot demand, improving equity market sentiment, and partial short covering. However, the market is shifting from simply chasing AI narratives to focusing more on corporate earnings realization. Earnings reports from several US companies falling short of expectations have triggered sharp volatility in the stock market, and Bitcoin has similarly faced temporary headwinds.