15 FiCAS Active Crypto ETP

This rebound was catalyzed by the Federal Reserve’s 50 basis point rate cut—the first in over four years since the pandemic-driven cuts of 2020. With macro conditions easing, optimism flooded the crypto markets, providing a boost not only to Bitcoin but also to key altcoins. The resurgence of the AI-crypto sector further underscored digital assets’ potential to serve as the currency of an AI-powered future.

As mid-September saw a shift to positive ETF net flows, institutional momentum was also evident. BlackRock’s BTC holdings hit a record 360,000, reinforcing Bitcoin’s evolving role as a store of value. Additionally, the SEC’s green light for options trading on BlackRock’s iShares Bitcoin Trust is expected to deepen market liquidity, inviting greater speculation and institutional involvement in Bitcoin ETFs, further anchoring Bitcoin’s position in diversified portfolios.

On the macro front, the broader environment remained favorable for risk assets. The ECB slashed interest rates to 3.5%, and China’s introduction of fresh stimulus measures has continued to support market sentiment. Meanwhile, the U.S. presidential race has injected a fresh dose of market intrigue. Projections from Standard Chartered suggest Bitcoin could hit $125,000 by year-end if Trump wins, or $75,000 if Harris prevails. Both candidates have embraced the crypto sector, with Harris publicly vowing to support blockchain innovation for the first time, a notable shift in the political narrative.