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		62.04

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 - November 30th, 2024

CHF 21.00

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

November marked a pivotal month for digital assets, with Bitcoin delivering its second-best monthly performance of 2024, surging 37.3%.

The rally, driven by the U.S. election and accurate forecasts from decentralized prediction markets, saw Bitcoin nearly breach the historic $100K milestone, peaking at $99.5K. Ethereum also had an exceptional month, posting a 47.2% return—its strongest of the year. Favorable macro conditions, including a 25bps Fed rate cut, further bolstered the market, driving record-breaking gains across digital assets.

Bitcoin solidified its position as the seventh-largest asset globally, while spot Bitcoin ETFs crossed half a trillion dollars in cumulative trading volume within a year, with the introduction of options trading enhancing market depth. The crypto market cap soared past $3 trillion, underscoring the scale of the current rally.

Market metrics also set records: the stablecoin market cap reached $190 billion, and CME’s futures open interest hit all-time highs, reflecting growing institutional activity. Optimism soared with the pro-crypto Trump administration poised to take office, SEC Chair Gary Gensler’s planned resignation, and Republicans securing Congress and Senate control. This historic alignment, humorously echoed by Elon Musk naming a department “Doge,” signals a new era of crypto-friendly policies.

Outlook

December is set to close 2024 on a strong note, supported by high market sentiment and historical patterns. In election years where the first half gains exceed 10%, December has consistently delivered positive returns. Crypto markets are seeing increased activity, with altcoins like XRP gaining traction after recent regulatory clarity. Stablecoin inflows signal rising risk appetite, often a precursor to altcoin gains.

Ethereum is expected to rise further as optimism around its ETF potential grows. Bitcoin remains dominant, nearing the $100K milestone. Capital rotation into altcoins is gaining momentum, supported by the incoming Trump administration’s pro-crypto stance, including proposals like the “Bitcoin Act” and plans for a U.S. Bitcoin reserve. Anticipation of a crypto-friendly SEC Chair and relaxed regulatory pressures adds to the positive outlook.

Private institutions continue adopting Bitcoin as a treasury reserve, fueling long-term demand. With favorable macro conditions, growing altcoin activity, and supportive policies, December marks a pivotal moment, concluding a transformative year and paving the way for greater adoption and expansion of digital assets in 2025.