LISTED

CHF

sECONDARY MARKET

OPEN END

FiCAS Dynamic Crypto ETP

BTCD trades up to 15 selected digital assets as defined by the SIX Swiss Exchange in USD, CHF, and EUR with the aim of generating an absolute return and ultimately increasing the net asset value (NAV) of the ETP in the medium to long term. The product is a long-only strategy that is significantly influenced by the analysis of Bitcoin dominance.

ISIN

CH1295937705

KID

Base Prospectus

Factsheet

Cumulative Return

___.__^%

Return since 1 month

__.__^%

Return YTD

__.__^%

Performance

Risk Metrics

BTCD

standard deviation

__%

maximum drawdown

__%

S&P 500

standard deviation

__%

standard deviation

__%

Historical Monthly Performance

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Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2023										9.00	3.49	14.89	29.60
2024	0.69	17.93	10.33	-21.32	3.22	-3.63	1.88	-11.74	8.79	4.08	55.21	-8.43	48.38
2025	3.80												3.80

Objective

The product is a long-only strategy that is significantly influenced by the analysis of Bitcoin dominance. Bitcoin dominance dictates the asset allocation between Bitcoin and altcoins, with a primary focus on Bitcoin and shifts to altcoins led by favorable Bitcoin dominance trends.

TradingView's Market Cap BTC Dominance Index serves as a key metric for Bitcoin dominance trend analysis. The investment style is discretionary and there is no leverage.

LISTING

SIX Swiss Exchange

MANAGEMENT FEE

2^%

NAV - January 31st, 2025

CHF 19.96

ASSET MANAGER

FiCAS AG

ISSUER

Bitcoin Capital AG

ISSUE DATE

20.10.2023

ISSUE PRICE

CHF 10.00

BASE CURRENCY

CHF

Basket Allocation

The investment product allows retail, professional and institutional investors in Switzerland, Liechtenstein and in Austria, Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Malta, Netherlands, Spain, and Sweden to invest in digital assets through their bank or broker, just as they would buy traditional equities in a regulated environment.

ISIN

CH1295937705

Ticker

BTCD

FiCAS Expert Team Market Commentary

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Market Review

The year kicked off with global markets watching Trump’s inauguration and the first set of executive orders.

Bitcoin surged to a new all-time high of $109K, while Solana and Ripple posted strong gains of 22% and 45%, fueled by expectations of U.S. spot ETFs under the new SEC leadership. Meanwhile, Ethereum underperformed, closing the month down 1%, extending its recent struggles. Despite anticipation, no immediate crypto-related executive orders post-inauguration triggered a market correction in early January. However, Bitcoin rebounded to new highs by mid-month before broader market sentiment turned cautious. The launch of DeepSeek, China’s AI competitor, along with the Fed’s hawkish stance, led to risk-off moves across equities and crypto.

January also marked the first anniversary of spot Bitcoin ETFs, which now hold 1.13 million BTC—an astonishing 262% increase from their initial $29.38 billion AUM. Institutional demand remains a key force, with Bitcoin wallets holding 100 to 1,000 BTC reaching a record 15,777. Notably, Norway’s sovereign wealth fund increased its Bitcoin exposure by 153% in 2024, signaling continued institutional confidence.
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Regulatory shifts were also in focus. South Korea announced plans to lift its ban on institutional crypto trading, while newly appointed crypto-friendly SEC Commissioner Mark Uyeda took office. According to Bank of America, U.S. banks are prepared to adopt cryptocurrency payments once regulatory clarity improves, aligning with the SEC’s new policy direction.
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Finally, the month saw unexpected market action in Trump Memecoin and Melania, both experiencing sharp fluctuations, adding an element of speculation-driven excitement to the evolving digital asset landscape.

Outlook

As the most volatile month for Bitcoin and crypto assets historically, February brings several market-moving uncertainties. The potential impact of Trump’s tariff policy and the effectiveness of the D.O.G.E. (Department of Government Efficiency) initiative remain key unknowns. Market speculation over these policies’ inflationary effects could drive short-term FUD, but clearer insights will emerge in the next 100 days. Meanwhile, Elon Musk is reportedly exploring blockchain solutions to improve U.S. federal spending transparency and accountability, a move that could strengthen crypto’s role in government innovation.

Trump’s “America First” policy signals that U.S.-based crypto assets are likely front-runners for the next wave of SEC-approved spot ETFs. Notably, XRP, Solana, Litecoin, Cardano, Chainlink, Polkadot, and even Dogecoin are among the top contenders. CME’s website hints at upcoming XRP and SOL futures, while new ETF filings for Chainlink, Cardano, and Polkadot reinforce institutional demand. This aligns with a recent S&P Global Crisil Coalition Greenwich report showing that 40% of fund managers—many overseeing portfolios above $100 million—are now interested in trading 10 or more altcoins, highlighting a major shift in risk appetite toward diversified crypto investments.
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Ethereum faces increasing scrutiny over its governance structure, with critics citing inefficiencies in decision-making and value creation. Despite technological advancements, the network struggles to maintain a competitive edge as rival ecosystems gain momentum. With major institutional players seeking greater transparency and scalability, Ethereum’s governance challenges could become a focal point in 2025.