Bitcoin

Bloomberg and Galaxy Digital announce a new benchmark Index for DeFi

. The new index tracks the performance and financial transactions of the most important decentralised financial protocols, such as Uniswap or Aave Bloomberg announced yesterday that it was launching a benchmark for decentralised finance (DeFi) through a collaboration with digital asset financial services and investment management company Galaxy Digital. The Bloomberg Galaxy DeFi Index uses…

The new index tracks the performance and financial transactions of the most important decentralised financial protocols, such as Uniswap or Aave

Bloomberg announced yesterday that it was launching a benchmark for decentralised finance (DeFi) through a collaboration with digital asset financial services and investment management company Galaxy Digital.

The Bloomberg Galaxy DeFi Index uses the ticker DEFI. It is being launched alongside a passively managed fund called the Galaxy DeFi Index Fund that tracks its performance. This fund can be found on the Galaxy Fund Management platform.

Heads of Product Management at Bloomberg’s Multi-Asset Index Business, Alan Campbell, explained , that “Decentralised finance” is becoming the next major investment theme in crypto. As liquidity and institutional custody solutions continue to grow, DeFi has become an increasingly compelling option for institutional investors, and we’ll continue working with Galaxy to expand our crypto index offering.”

Cobranded with Galaxy, this benchmark is managed by Bloomberg Index Services. It will measure the performance of the largest protocol in DeFi according to market value. In the selection of protocols for inclusion in DEFI, quality of pricing, institutional trading, and readiness for custody were all considered.

Galaxy Digital Partner, and Head of Asset Management Steve Kurz added: ” The blockchain-based infrastructure behind DeFi continues to evolve at an accelerating pace and clear examples of how the new technology can disrupt financial service are emerging in real time. This partnership with Bloomberg and our DeFi Index Fund provides investors with data and tools that deliver calculated exposure to the future of financial services.”

As of the start of this month, the index comprises 40% Uniswap (UNI), 18% Aave (AAVE), 12.7% Maker (MKR), 10% Compound (COMP), 5.4% Yearn Finance (YFI), 5% Synthetix (SNX), 4.3% SushiSwap (SUSHI), 2.8% 0x (ZRX) and 1.8% UMA (UMA).

Each month, DeFi protocol additions and deletions to the index will be taken into consideration.

With DeFi’s explosive growth, more and more investors are looking for DeFi exposure. In fact, just last month, Grayscale announced the launch of its own DeFi investment product which tracks the CoinDesk DeFi Index.

The Grayscale DeFi Fund is similar to the Bloomberg Galaxy DeFi Index except that it includes Curve (CRV), Bancor Network Tokens (BNT) and is missing 0.x.

Bitcoin

Bitcoin Demand Shows Signs of Cooling as Whale and ETF Purchases Halve: Cryptoquant

Bitcoin demand growth is decelerating after a rally toward $112,000, with key indicators signaling a potential slowdown phase, according to a new Cryptoquant Institutional Insights report. Profit-Taking Dominates Futures Market Amid Bitcoin Slowdown Cryptoquant’s analysis reveals bitcoin spot demand continues expanding but at a sharply reduced pace…
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Bitcoin

Bitcoin Price Watch: Bulls Eye $108K as Momentum Builds Across Lower Timeframes

Bitcoin is trading at $105,971 to $106,032 over the last hour, with a market capitalization of $2.10 trillion and a 24-hour trading volume of $21.88 billion. During the past 24 hours, the price has fluctuated between $104,004 and $106,450, reflecting a narrow intraday range that coincides with ongoing technical indecision across broader timeframes…
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Bitcoin

XCN defies Bitcoin and Ethereum slump with 97% spike

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure. The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier. Tariffs and other market conditions weigh on investor sentiment. Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins…

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure.
The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier.
Tariffs and other market conditions weigh on investor sentiment.

Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins with an impressive 97% over the past 24 hours.

In a price rally that put it on top of the daily gainers’ list, XCN shot up to an intraday high of $0.017.

The performance bucks the downward pressure that has seen Bitcoin (BTC) and Ethereum (ETH) pare gains from a day ago with dips below $80k and $1.5k, respectively.

XCN price performance

The XCN token’s standout performance sees it outpace Flare, Kaspas, and Walrus, among other notable gainers.

According to data from CoinMarketCap, XCN is currently trading at $0.017, with its volume up 1,230%.

The token’s market, though tiny at $531 million, is up 97% and puts Onyxcoin in the top 100 by market cap.

XCN has flipped Floki and CORE, which currently rank 100th and 99th by market cap, respectively.

Onyxcoin’s massive spike comes despite a broader risk market downturn in the past 24 hours.

BTC, ETH, and other coins’ dip has seen the global cryptocurrency market cap drop by 3.9% to $2.52 trillion.

Volume is down 20% to about $127 billion as crypto mirrors losses on Wall Street.

Overall market outlook

Crypto and the stock market rose sharply on Wednesday after US President Donald Trump changed his tariffs stance.

His announcement of a 90-day pause sent risk assets skyrocketing, with Bitcoin’s price breaking to above $82k.

S&P 500 and the Dow Jones Industrial jumped, rising by historic single-day gains.

However, the S&P 500 and Dow opened lower on Thursday and looked to close lower with 3.2% and 2.4 %, respectively.

Dow was down more than 900 points.

On Thursday, Trump announced an additional 25% tariff on China, bringing this to 145%.

After excluding it from the 90-day pause, analysts say the trade war will continue to hurt optimism.

This looks to be the case as stocks sold off despite the latest inflation report that showed CPI dropped to 2.4% against an expected 2.6%.

While this sees many turn to the Federal Reserve for expectations of interest rate cuts, analysts are pointing to “sticky” prices and tariff impact for likely pressure on equities and crypto. Analysts point to a potential bull trap.

Peter Schiff said via a post on X:

“I’ve never seen such a mass selloff of US assets. The US dollar, bonds, and stocks are all getting killed. I can’t remember when the dollar lost 3.5% against the Swiss franc in one day. America’s ride on the global gravy train is about to come to a screeching halt. Buckle up.”