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Benchmark Crypto Indices by Fundstrat Global Advisors

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Over the past seven days, the FS CryptoFX Agg Index decreased by 0.2%, compared with a 0.3% decrease for the S&P 500 (Slide 6). Last week was a pretty “quiet” week relative to the usual volatility. Bitcoin climbed back to $8,400 from a recent low $7,700 on Monday, then gradually slid down throughout the week and finished the week at $8,000, 1.4% lower than the prior week. Since the plummet on Sep 24, Bitcoin has been retesting $7,700 support level three times (Sep 26, Sep 30 and Oct 7), but each time, it firmly held.

Notable news: SEC fined two blockchain companies for their unregistered token sale last week. Block.one (EOS) was fined $24 million for its ~$4 billion unregistered ICO, while Siacoin developers reached $225,000 settlement with SEC over its $120,000 unregistered ICO. Fundstrat’s Alex Kern noted that these two settlements with SEC show 1) Good lawyers matter (EOS $4 billion raised vs. $24 million fine) and cooperating with regulatory bodies > not cooperating with regulatory bodies, and 2) Don’t expect the old ICO market to return, despite what some say was a lenient settlement.

  • Fundstrat CryptoFX Indices have undergone a quarterly rebalance at quarter-end. There are no changes to the FS CryptoFX 10 Large-cap Index constituents. However, the weight of Bitcoin continues to rise as Bitcoin dominance strengthed. Cosmos, EDUCare, and Bitfinex’s UNUS SED LEO are newly added in the FS CryptoFX 40 Mid-cap Index. Maker and Decred moved from the FS CryptoFX 250 small-cap index to the mid-cap index. Pundi X, Egretia, Monacoin, GXChain, and Metaverse ETP have dropped to FS CryptoFX small-cap index.

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