Insights & Education

Jul 15, 2026

Market Pulse Q2'26

The Market Pulse analyzes the events of the past quarter, evaluates the market outlook, assesses the inherent risks, and highlights how the portfolio can benefit from these dynamics.

Inside the NCI

Oct 26, 2026

JPMorgan brought JPM Coin to Ethereum and stablecoins just got their final rulebook in the US

NCI virtually flat (-0.1%) yet masked strength: outperformed S&P 500 (-0.5%), Nasdaq (-0.8%), gold (-4.6%) despite Iran tensions plus oil highs. XRP +3.1%, altcoins led, NCI beat BTC signaling diversification within crypto working. CIO: consolidation, adoption advancing. JPMorgan JPM Coin on Ethereum plus OCC GENIUS Act rule (January 2027) plus Solana Alpenglow (150ms finality) advance institutional infrastructure. Watch: Fed (Wed), PCE/GDP (Thu), BoJ (Fri).

Inside the NCI

Oct 19, 2026

Mastercard launched stablecoins. Visa went live with USDC payments. Deutsche Bank is coming.

NCI fell 4.9% following macro risk-off: strong CPI/PPI reactivate rate-hike fears, oil rises, tech sells. But BTC (-3.3%) outperformed Nasdaq 100 (-5.5%) signaling flight-to-quality. Six of nine constituents fell ~10%, demonstrating necessary selectivity. CIO: macro correction, not fundamental. Mastercard platform plus Visa USDC payments plus Deutsche Bank custody (Europe + Asia 2027) plus Ethereum 36% staking advance institutional adoption despite drawdown. Watch: U.S. construction (Tue), Solana update (Wed), Japan CPI (Thu)

Primers - Reports

Oct 15, 2026

Market Pulse Q3'26

Market Pulse Q3'26: why crypto rose 46% in Q3 2026, what a weakening dollar may mean, the risks on our radar, and the cost of trying to time the market.

Inside the NCI

Oct 13, 2026

Samsung announces USDC for 82 million Galaxy devices. Stablecoins just got a lot more mainstream

NCI fell 3.2% with US long-dated yields at 20+ year highs plus oil rises on Gulf tensions. Leveraged liquidations (Wed-Thu) plus ETF outflows pressured. BTC recovered end-of-week holding better than ETH/SOL. No constituents positive but Samsung Wallet USDC (82M Galaxy US) plus CFTC retail leveraged framework (post-CLARITY defeat) plus Solana block-time reduction advance fundamentals. CIO: technical correction, not breakdown. Watch CPI (Wed) plus Warsh (Thu)

Inside the NCI

Oct 05, 2026

SEC moves on crypto custody rules, removing a key barrier for financial advisors

NCI rose modest 0.4% third consecutive week despite 10Y Treasury >5.27% plus disappointing payroll. Only four of nine constituents positive, BTC/XLM leading. XLM +1.3%, BTC +0.8% suggest deep consolidation. But regulatory catalysts offset: SEC custody rules plus Chainlink 'Swift blockchain' plus Ethereum Glamsterdam testing advances. CIO: institutional flows cooling but staying positive. Pre-midterm uncertainty. Mixed sentiment = unclear short-term trend.

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Expert in Spotlight

Samir Kerbage

Samir Kerbage is Chief Investment Officer at Hashdex, overseeing global investment strategy, product development, and research. A founding member of the firm, he has led the buildout of Hashdex’s crypto asset management platform across ETFs, ETPs, and other vehicles. Samir brings over 15 years of experience in financial market infrastructure and quantitative trading and holds a degree in Computer Engineering from IME.

CIO on the Spotlight

JPMorgan brought JPM Coin to Ethereum and stablecoins just got their final rulebook in the US

Mastercard launched stablecoins. Visa went live with USDC payments. Deutsche Bank is coming.

Samsung announces USDC for 82 million Galaxy devices. Stablecoins just got a lot more mainstream

View all articles

Primers Highlight

TL:DR;

1. The quarter unfolded in two very different phases. A more stable environment in the first half helped crypto prices climb, while the second half saw capital rotate toward AI-related companies, making crypto behave more like an alternative asset than a risk asset.
2. Crypto prices decoupled from fundamentals — but the fundamentals kept improving. Despite the price action, market indicators continued to strengthen and regulation kept developing beyond the CLARITY Act, reinforcing the long-term structural case.
3. Three risks remain on the radar. Strategy potentially selling Bitcoin to pay its STRC dividends, the CLARITY Act failing to extend beyond Bitcoin, and the threat of a prolonged market drawdown are the key factors that could shift the cycle's pace.
4. Portfolio construction offers two takeaways this quarter. Tax-loss harvesting stands out as an essential tool for optimizing gains during drawdowns, while regular rebalancing becomes increasingly important as crypto exposure grows — heavily influencing both volatility and the Sharpe ratio.

Primers - Report