21shares

21shares released a digital asset allocation analysis report, analyzing the allocation value of Bitcoin, Ethereum, and Solana in traditional investment portfolios. Data shows that from October 2023 to September 2026, the three-year correlation of Bitcoin with U.S. stocks, real estate, and gold is 38%, 11%, and 4% respectively, lower than the correlations among various traditional assets, reflecting a certain value of portfolio diversification.In addition, Bitcoin's volatility has decreased, with an annualized volatility of 44% for the 12 months prior to September 30, 2026, lower than Tesla's 46% and Palantir's 59%. In terms of portfolio allocation, 21shares conducted backtesting on data from October 2023 to September 2026 and found that allocating 2% to 5% of digital assets in a traditional 60/40 stock-bond portfolio helps improve risk-adjusted returns. Bitcoin, Ethereum, and Solana play different roles in the portfolio, focusing respectively on alternative asset allocation, technology growth assets, and high-risk growth allocations.

The Bitcoin Market Report for the third quarter of 2026 published by 21shares shows that Bitcoin rose by 42.7% in the third quarter.In terms of demand structure, the net increase in U.S. spot Bitcoin ETF holdings was 79,800 BTC, valued at approximately $6.2 billion, nearly double the newly mined supply of 41,300 BTC during the same period, replacing Bitcoin Reserve Company as the main source of market demand.In contrast, the purchase scale of Bitcoin Reserve Company dropped from $7.1 billion in the second quarter to about $1 billion in the third quarter.Meanwhile, long-term holders reduced their holdings by 248,000 BTC in the third quarter, valued at approximately $17.4 billion, nearly three times the net increase in ETFs during the same period.On the miner side, in September 2026, miner revenue exceeded estimated total mining costs by 6%, ending a previous state of being below the breakeven line for 10 consecutive months. BTC transaction fees only covered 0.67% of the Bitcoin network's security costs of $2.96 billion in the third quarter; based on the price and network hash rate in September 2026, after the halving in 2028, block reward income is expected to cover only 80% of miners' electricity costs.

According to U.S. SEC filings, the Dogecoin Foundation has terminated its exclusive trademark licensing agreement with the Nasdaq-listed company House of Doge, effective October 19. House of Doge and its U.S. subsidiaries must rebrand by the end of 2026 and cease using titles such as "official commercial partner of the Dogecoin Foundation." The relevant subsidiaries are also required to pay the foundation a termination fee of $400,000.Under the new agreement, House of Doge retains non-exclusive trademark rights to three existing 21Shares DOGE investment products. House of Doge plans to transfer assets related to Such App to Dogecoin Labs in exchange for shares valued at approximately $4 million, a transaction that has yet to be completed. Dogecoin Labs has become the foundation's new official commercial partner.

According to the official announcement from 21Shares, the company has launched the Lighter (LIT) ETP and Venice Token (VVV) ETP in Europe. Both products are backed by physical tokens, with a fee rate of 2.50%.The trading code for Lighter ETP is LIHT, listed on the German exchange Xetra, supporting trading in euros and US dollars. The trading code for Venice Token ETP is VENC, listed on the Swiss stock exchange SIX, trading in US dollars.Lighter is a decentralized perpetual contract trading platform that uses zero-knowledge technology, while Venice is a privacy-focused AI platform. Investors can hold the relevant ETPs through regular securities accounts without the need to purchase, custody tokens, or manage private keys themselves.

Senior Crypto Research Strategist Matt Mena from cryptocurrency investment product issuer 21Shares stated that Bitcoin may regain $85,000 after macroeconomic uncertainties subside and further rise towards $90,000. If there is a pullback, the price could still drop to around $81,000. The U.S. Producer Price Index (PPI) will be released, and the Federal Open Market Committee (FOMC) meeting is scheduled for October 27 to 28.Mena believes that last week's drop of Bitcoin below $85,000 has reflected some downside risks brought by higher inflation data, and after subsequent macro data is released, it may test the $85,000 resistance level again. The core Consumer Price Index (CPI) for September rose 0.3% month-on-month and 2.6% year-on-year, higher than economists' expectations of a 0.2% month-on-month increase. Since 2023, Bitcoin has averaged a 1.21% increase within 7 days after the core CPI exceeded expectations; Mena expects ETH to consolidate around $2,500 in the short term, then attempt to rise to $2,800 to $3,000, with a potential target of $130 for SOL by the end of this quarter.

Cryptocurrency ETP issuer 21Shares announced the listing of a synthetic ETP linked to Anthropic on the Vienna MTF (Multilateral Trading Facility), with the trading code CLAU.The product gains synthetic exposure to Anthropic by holding notes issued by FalconX, which are linked to perpetual futures. In addition to a 1% annual management fee, investors will also bear financing and capital costs.

According to SoSoValue data, yesterday (Eastern Time October 5), the HYPE spot ETF had a total net outflow of $2.7059 million.Yesterday, only the 21Shares Hyperliquid ETF (THYP) experienced a net outflow, with a daily net outflow of $2.7059 million, and the historical total net inflow currently stands at $52.1449 million.As of the time of writing, the total net asset value of the HYPE spot ETF is $515 million, with a net asset ratio of 2.44%, and the historical cumulative net inflow has reached $343 million.

According to SoSoValue data, last week's trading days (Eastern Time from September 28 to October 2) saw a net outflow of $138 million from Ethereum spot ETFs.The Ethereum spot ETF with the highest net outflow last week was Fidelity ETF FETH, with a weekly net outflow of $74.0624 million; currently, FETH has a historical total net inflow of $2.35 billion. The second was Grayscale Ethereum Trust ETHE, with a weekly net outflow of $27.8910 million; currently, ETHE has a historical total net outflow of $5.44 billion.The Ethereum spot ETF with the highest net inflow last week was 21Shares ETF TETH, with a weekly net inflow of $1.742 million; currently, TETH has a historical total net inflow of $32.88 million.As of the time of writing, the total net asset value of Ethereum spot ETFs is $17.46 billion, with an ETF net asset ratio (market value compared to Ethereum's total market value) of 5.37%, and the historical cumulative net inflow has reached $13.80 billion.

The cryptocurrency asset ETP issuer 21Shares has listed the first European Zcash exchange-traded product (ETP) on the pan-European exchanges in Paris and Amsterdam, with the code ZCASH and an annual management fee of 2.5%. This product physically holds ZEC, with BitGo serving as the custodian.ZCASH is traded in euros in Paris and in dollars in Amsterdam, with an initial issuance of 5,000 shares, each with a net asset value of $20.04, and an asset management scale of approximately $100,000. Grayscale's Zcash ETF ZCSH has an asset scale close to $890 million and will complete a 1-for-3 share split on September 30.

On Tuesday, European asset management firm 21Shares launched the first physically-backed ETP tracking Zcash on the Euronext Paris and Euronext Amsterdam exchanges, allowing investors to gain exposure to ZEC through brokerage accounts without directly holding the cryptocurrency. 21Shares also introduced an ETP tracking ETHFI, which is the governance and utility token of the decentralized finance protocol Ether.fi, providing crypto-financial services such as staking. Both ETPs are physically-backed with an annual management fee of 2.5%, higher than most Bitcoin and Ethereum investment products in Europe.The launch of the Zcash ETP closely follows Grayscale's introduction of the Zcash ETF in the United States, which is listed on the NYSE Arca under the ticker ZCSH. Zcash has recently performed strongly, with prices briefly surpassing $1500, and a nearly 1100% increase over the past year, leading to heightened market interest in it as an alternative to Bitcoin. Grayscale's research director Zach Pandl believes that Zcash may benefit from a "latecomer advantage," helping it overcome Bitcoin's entrenched network effects.The popularity of Zcash has also spread to the mining sector. Fortitude Digital Mining told Cointelegraph that the company mined about 28% of the total ZEC in the first half of 2026, with its focus on Zcash based on the network's proof-of-work model, supply cap, and privacy features.

The report believes that if the privacy sector can capture 5% of the offshore wealth market (valued at approximately 11 to 16 trillion dollars), the market capitalization of this sector will reach 550 billion to 800 billion dollars, representing a growth potential of 18 to 27 times compared to the current approximately 30 billion dollars.Ethereum and Solana have both incorporated privacy features into their roadmaps, and a16z has also listed privacy as the most important competitive advantage for 2026.

According to Bitcoin.com, Matt Mena, a senior crypto research strategist at 21Shares, stated that in the context of approximately $603 million in cumulative net inflows into U.S. spot Bitcoin ETFs and a rebound in risk appetite for altcoins, Bitcoin's market performance in the fourth quarter is expected to strengthen significantly.Mena pointed out that BTC is currently supported around $77,000, and the likelihood of it pushing towards the $82,000 range by the end of the month is increasing. He listed potential target levels for the fourth quarter as $100,000 BTC, $3,500 ETH, $100 HYPE, and $130 SOL. Additionally, Ethereum has outperformed Bitcoin in the last three weeks by 29% to 20%, and Hyperliquid is approaching $90, indicating that funds are rotating towards altcoins.

According to Crypto Briefing, the U.S. Depository Trust & Clearing Corporation (DTCC) has added 21Shares' Polkadot Staking ETF to its listing, with the code TDOT, marking the official entry of this product into the U.S. ETF ecosystem. Meanwhile, 21Shares has renamed the fund from its original name "21Shares Polkadot ETF" to "21Shares Polkadot Staking ETF," with this change taking effect on August 27, 2026.This name change is not just a superficial adjustment; the term "Staking" clearly communicates the product mechanism to institutional investors: the fund holds DOT tokens, stakes 40% to 95% of its holdings through network validators, and distributes earnings to shareholders on a quarterly basis. The current staking yield is 2.04%, with a management fee of 0.3%, and custody is jointly handled by Anchorage Digital, BitGo, and Coinbase. The ETF was listed on Nasdaq on March 6, 2026, with initial seed funding of approximately $11 million, and as of the end of August, the assets under management are approximately $7.5 to $7.9 million.

The 21Shares report shows that Solana is advancing two governance proposals, SIMD-550 and SIMD-553, which may significantly change the SOL holding economic model in the next two years.SIMD-550 proposes to increase Solana's annual inflation reduction rate from 15% to 30%, allowing it to reach a terminal inflation rate of 1.5% more quickly, with nominal staking yields expected to drop to about 2.25% within three years.SIMD-553 was approved and merged on July 20, and will introduce a destruction fee for compute unit requests, increasing the daily SOL burn amount from about 600-800 to about 7500-9000.The report believes that although the decline in staking income will directly affect the earnings of validators and stakers, a lower issuance combined with a higher burn rate may improve the long-term supply and demand structure of SOL, and could drive some capital towards the decentralized finance ecosystem on the Solana chain.

21Shares posted on platform X that the Bitcoin seller exhaustion indicator is currently about 0.007, which is in the lowest 0.3% range of all readings since 2010. This indicator has only reached such a low level 11 times in history, and in all previous cases, the price increased one year later, with a median increase of 155%.The institution pointed out that this is not necessarily a bottom judgment, as past cases have indeed shown some short-term declines before the final turnaround.

According to Protos, the latest disclosure from 21Shares' Polkadot ETF (TDOT) shows that in the second quarter of 2026, for every $1 in distribution income generated through the sale of DOT tokens to pay staking rewards, there was an accompanying realized loss of approximately $4.52.According to regulatory documents, TDOT sold 98,505 DOT in the second quarter, generating about $107,500 in cash to pay staking rewards to shareholders. However, due to a significant drop in DOT prices, these sales confirmed a loss of approximately $485,600.Data shows that DOT fell by about 34% in the second quarter of 2026, with a cumulative decline of 76% over the past 12 months as of June 30. Since TDOT shareholders receive distributions in USD rather than directly receiving DOT staking rewards, the fund needs to sell DOT to convert to cash payments, thereby locking in losses in a low-price environment. In the second quarter, TDOT paid shareholders a cumulative distribution of approximately $0.14698 per share, but during the same period, the fund's share price dropped from $14.95 to $9.86, a decline of about 34%, and the staking rewards did not offset the losses caused by the decline in asset prices.

According to SoSoValue data, yesterday (Eastern Time July 31), the HYPE spot ETF had a total net outflow of $1.8305 million in a single day.Yesterday, only the 21Shares Hyperliquid ETF (THYP) experienced a net outflow, with a single-day net outflow of $1.8305 million, and the historical total net inflow currently stands at $49.7753 million.As of the time of writing, the total net asset value of the HYPE spot ETF is $246 million, with a net asset ratio of 2.09%, and the historical cumulative net inflow has reached $278 million.

According to SoSoValue data, yesterday (Eastern Time July 17), the HYPE spot ETF had a total net outflow of $5.4543 million.The HYPE spot ETF with the highest net outflow yesterday was the Bitwise Hyperliquid ETF (BHYP), with a net outflow of $3.3698 million for the day, currently having a historical total net inflow of $124 million.Next was the 21Shares Hyperliquid ETF (THYP), with a net outflow of $2.0845 million for the day, currently having a historical total net inflow of $52.9628 million.As of the time of publication, the total net asset value of the HYPE spot ETF is $30.6 million, with a HYPE net asset ratio of 2.31%, and the historical cumulative net inflow has reached $301 million.

According to SoSoValue data, yesterday (Eastern Time July 10), the total net inflow of the SOL spot ETF was $150,500.Yesterday, only the 21Shares Solana ETF (TSOL) had a net inflow, with a single-day net inflow of $150,500, and the historical total net outflow has reached $102 million.As of the time of writing, the total net asset value of the SOL spot ETF is $901 million, with a net asset ratio of 1.99%, and the historical cumulative net inflow has reached $1.136 billion.

According to SoSoValue data, yesterday (Eastern Time July 10), the total net inflow of the XRP spot ETF was $107,400.Yesterday, only the 21Shares XRP ETF (TOXR) had a net inflow, with a single-day net inflow of $107,400, and the historical total net outflow has reached $20,059,200.As of the time of writing, the total net asset value of the XRP spot ETF is $997 million, with an XRP net asset ratio of 1.45%, and the historical cumulative net inflow has reached $1.48 billion.