FiCAS Dynamic Crypto ETP

The asset dipped as low as $74,000, a level last seen in November 2024, amid escalating trade tensions and tariff-related uncertainties. However, sentiment quickly reversed as investors sought refuge from volatility in traditional markets, pushing Bitcoin to close the month at $94,000. In contrast, Ethereum recorded its fifth consecutive month of negative returns, underlining its relative underperformance and ongoing structural challenges.

Bitcoin’s behavior diverged meaningfully from U.S. equity indices, showing signs of decoupling and reduced correlation, a dynamic increasingly observed as institutional narratives shift toward Bitcoin as a macro-hedge. Institutional flows reflect this transition, with global crypto investment products attracting $3.4 billion in net inflows for the month. Notably, Sui’s ecosystem outperformed the broader altcoin market, driven by increased developer activity and user adoption. Meanwhile, Grayscale renewed its push for Ethereum staking ETF approval, as the SEC deliberates on frameworks for staking-based products, and Morgan Stanley confirmed plans to offer crypto trading via E*Trade, marking another step in Wall Street’s progressive integration of digital assets.