Summary BTC volatility dropped to 33%, the lowest since summer 2024. What has been driving ETH price action? We believe it is the combination of tokenization and stablecoins interacting with ETH price ascension, to drive buying activity. HBAR climbed +70% in July on a wave of partnerships, network growth, and broadening institutional legitimization. Crypto markets rebounded in July as regulatory momentum in Washington accelerated, Ethereum surged on tokenization and stablecoin demand, and exchanges filed for broad new crypto ETP approvals. Regulatory momentum in Washington accelerated in July, with a string of major crypto announcements this week following the earlier passage of the GENIUS and CLARITY Acts. Major Crypto Announcements This Past Week July 29, 2025 – SEC clears in‑kind ETP transactions : Spot bitcoin and ether funds can now issue and redeem shares directly in crypto rather than cash, a shift expected to boost liquidity and align them with commodity ETFs. July 30, 2025 – White House publishes 160‑page digital‑asset report : The President’s Working Group outlined a unified regulatory framework, signaling federal support for innovation alongside new guardrails. July 30, 2025 – Cboe, Nasdaq, NYSE seek generic ETP standards : The exchanges proposed rules allowing faster approval of crypto funds without case‑by‑case SEC sign‑offs, potentially opening the door to dozens of new products. July 31, 2025 – SEC unveils “Project Crypto” : Chair Paul Atkins proposed a broad overhaul of U.S. crypto oversight aimed at enabling tokenization of traditional assets and integrating on‑chain markets into existing financial rules. Collectively, these steps mark a shift toward institutionalization, with U.S. policymakers laying the groundwork for a more mature and accessible digital‑asset market. Price Returns July (%) YTD (%) Ethereum 49.83 12.19 MarketVector Smart Contract Leaders Index 28.48 -6.80 MarketVector Decentralized Finance Leaders Index 28.26 -35.01 MarketVector Meme Coin Index 21.95 -43.30 MarketVector Infrastructure Application Leaders Index 13.57 -39.41 Bitcoin 8.99 24.98 Coinbase 7.78 52.14 MarketVector Global Digital Assets Equity Index 5.74 21.78 Nasdaq Index 3.70 9.38 S&P 500 Index 2.17 7.79 Source: Bloomberg as of 7/31/2025. Index performance is not representative of fund performance. It is not possible to invest directly in an index. Past performance is no guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. ETH/BTC Falls Below 5-YR Lows, Rebounds +38% in July Source: Artemis XYZ as of 7/29/2025. Past performance is no guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. BTC volatility dropped to 33%, the lowest since summer 2024. This was partly seasonal but also reflects structural demand: ETPs bought 42K BTC in June and BTC treasury firms added another 68K, more than offsetting June’s 13.5K BTC mined. This steady absorption suppresses volatility by providing a consistent bid. July was a strong month for crypto with BTC ( BTC-USD ) (+9%) and many altcoins exceeding BTC’s returns as exemplified by MVSCLE’s (+34%) performance in July. While XRP ( XRP-USD ) (+38%), ADA ( ADA-USD ) (+33%), and Sui ( SUI-USD ) (+35%) were big winners, the most notable performer was ETH ( ETH-USD ) (+50%). After many agonizing months of ETH’s weakness relative to BTC and ETH/BTC breaking 5 yr lows, ETH rallied (+50%) in dollar terms in July and (+38%) relative to BTC. Besides the technical rebound, ETH’s price performance was catalyzed by strong ETP inflows. In July, spot ETH ETP net flows were $4.7B which is just over half all-time, cumulative inflows of $9.2B. Bitcoin net inflows remained strong with $5.9B in total, helping support positive BTC price action. On a relative basis, ETH inflows absorbed 1% of total ETH spot market capitalization while BTC’s were only 25bps. BTC ETPs Hold More Supply The ETH’s, But ETH ETPs Accelerated in July Source: Glassnode as of 7/29/2025. Past performance is no guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. What has been driving ETH price action? We believe it is the combination of tokenization and stablecoins interacting with ETH price ascension, to drive buying activity. Many who have missed out on BTC’s run are drawn to ETH’s positive price action, noticing that it is below its all-time highs as BTC establishes new peak prices. Others are encouraged by the monstrous returns offered by CRCL ( CRCL ), (+500%), since its IPO in June. In July, news emerged that several important financial institutions were taking an active interest in stablecoins and tokenization in the Ethereum ecosystem. These included Robinhood launching 200+ tokenized stocks and ETFs on an Arbitrum L2, eToro’s ( ETOR ) announcing the upcoming rollout of 100 U.S.-listed stocks and ETFs on Ethereum L1, and Kraken unveiling 24/5 tokenized equity trading. Some of this jubilance spilled over into ETH’s price action. As Ethereum ecosystem is responsible for 62% of all stablecoin value transfer thus far in 2025 and holds 71% of all assets locked in DeFi, it appears to be the target blockchain for the tokenization and stablecoin efforts of major financial institutions. Ethereum’s revenue also had a strong July (+23% MtM) as DEX Volumes climbed (+8% MtM) and TVL jumped (+39% MtM). As a consequence, Ethereum overtook Solana to jump into third place amongst the top revenue producing blockchains. Top 5 Blockchains by Average Daily Revenue Top Chains This Month TRX SOL BNB Avg Daily Revenue $1,960,040 $1,398,636 $355,868 3 Months Ago TRX SOL BTC Avg Daily Revenue $1,676,844 $1,341,198 $526,049 6 Months Ago SOL TRX BTC Avg Daily Revenue $8,335,649 $1,824,358 $659,445 9 Months Ago ETH BTC BNB Avg Daily Revenue $4,474,905 $1,569,310 $342,183 12 Months Ago ETH TRX BNB Avg Daily Revenue $3,044,133 $1,345,962 $359,367 Source: Artemis XYZ as of 7/31/2025. Past performance is no guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Institutional Bitcoin, Ethereum, and Solana Holdings vs. Token Supply Institutional Crypto Holdings vs. Supply Metric Bitcoin Ethereum Solana Total Supply 19,899,396 120,710,562 606,327,009 Total Institutional Holdings 3,096,459 8,164,604 5,209,195 Treasury Holdings 1,742,781 2,329,611 3,440,000 ETP Holdings 1,353,678 5,834,993 1,769,195 Total Institutional Holdings (% of Total Supply) 15.6% 6.8% 0.9% Treasury Holdings 8.8% 1.9% 0.6% ETP Holdings 6.8% 4.9% 0.3% Total Institutional Holdings ($000s) $364,208,562 $30,779,823 $925,986 Treasury Holdings $204,987,644 $8,782,424 $611,494 ETP Holdings $159,220,918 $21,997,399 $314,492 Investment Needed for ETH, SOL to Reach Institutional Supply Share Parity with BTC Holdings Metric Bitcoin Ethereum Solana Multiple Needed to Match Institutional Share of Bitcoin Supply * 1.0 2.3 18.1 Treasury Parity Multiple 1.0 4.5 15.4 ETP Parity Multiple 1.0 1.4 23.4 Investment Needed to Match Institutional Share of Bitcoin Supply ($000s)* $0 $40,031,326 $16,159,791 Investment Needed for Treasury Parity $0 $31,072,242 $8,827,894 Investment Needed for ETP Parity $0 $8,959,024 $7,331,896 Source: Glassnode, Artemis.xyz, Bitcoin Treasuries, The Block, StrategicETHReserve.xyz as of 7/29/2025. Past performance is no guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Currently, we track eight significant ETH Digital Asset Treasuries (DATS) that hold roughly 1.46M ETH. The largest, Bitmine Immersion Technologies, owns 625K ETH valued at about $2.4B, almost half the DAT total. When corporates that simply keep ETH on their balance sheets are added, institutional treasury reserves reach 2.3M ETH. Combining DATs, treasuries, and exchange‑traded products (ETPs), institutions control 8.2M ETH, or 6.8% of circulating supply. By contrast, Bitcoin’s institutional share is 15.6% and to match it, ETH treasuries would have to expand 4.5x and ETH ETPs 1.4x. For Solana, treasuries and ETPs hold Despite the positive price action for ETH as ETH DATs multiply and mature, several potentially bearish catalysts materialized on Ethereum’s blockchain in July. Over the past few weeks, the exit queue for validators has 24x’d its normal amount to reach 24.2k validators holding 774k in ETH. This is the largest figure in the history of Ethereum and has created a backlog that will last just under 12 days. Realistically, this exit line represents a small portion of total staked ETH, just 2%, but has coincided with other interesting on-chain developments. The Ethereum whale, Justin Sun, also withdrew about $600M worth of ETH from AAVE which corresponds to ~5% of supply and caused ETH borrow rates to spike to above 9% several times. Institutional Crypto Integrations Major Financial Institutions Announced Crypto Integrations This Month Date Firm(s) Announcement 7/2/2025 AllUnity(JV Between DWS Group, Flow Traders, & Galaxy Digital) Secures a German Federal Financial Supervisory Authority (BaFin) E-Money Insitution (EMI) License to Launch MiCAR-Compliant Euro Stablecoin. 7/15/2025 JPMorgan ( JPM ) CEO says JPM will engage with both deposit coin and stablecoins, building upon JPM client-only stablecoins announced last month. 7/15/2025 Citigroup ( C ) CEO says Citi is exploring a stablecoin and focused on tokenized deposits, custody, and reserve management. 7/16/2025 Bank of America ( BAC ) On the company's Q2 earnings call, CEO Brian Moynihan states the bank is working on launching a stablecoin and that investors can expect BofA to move forward with it. 7/23/2025 BNY Mellon (BK), Goldman Sachs ( GS ) Announce blockchain-based system to track Money Market Fund (MMF) ownership and improve MMF share transferability. 7/24/2025 Franklin Templeton Expands BENJI platform to VeChain for enterprise US gov’t money fund access; Bitgo and Keyrock join as partners. 7/25/2025 SoFi ( SOFI ) Will launch global crypto remittances and reintroduce crypto investing with plans for stablecoins, staking, and more. 7/28/2025 Interactive Brokers ( IBKR ) Exploring its own stablecoin for 24/7 brokerage funding; may also integrate trusted third-party stablecoins and other crypto asset transfers. 7/28/2025 FIS, Circle ( CRCL ) FIS integrates Circle’s USDC into Money Movement Hub to enable domestic and cross-border stablecoin payments. 7/31/2025 Visa ( V ) Adds USDC, PYUSD, EURC support; expands settlement to Stellar and Avalanche to serve fintech and stablecoin netorks, citing demand for stablecoin-linked cards and the company's vision for comprehensive blockchain & token services. Source: Various News Reports as of 7/31/2025. Not intended as a recommendation to buy or sell any securities named herein. While some suppose the validator unwind presages sell pressure, many contend that those unwinding their validators may not be selling their ETH positions. Instead, many validator companies may be reducing their validator count to consolidate operations and reduce overhead expenses. The catalyst for this consolidation can be traced to Ethereum’s Pectra upgrade in May which increased the maximum ETH per validator from 32 ETH to 2048 ETH. Additionally, the outflow of staked ETH is somewhat offset by an inflow of 390K ETH that backs validators seeking to join the Ethereum network. In fact, as of July 14, just before the mass withdrawals of ETH, staked ETH reached a record 36.4M ETH. Going forward, we see positive developments persisting for Ethereum as the community appears aligned in increasing Ethereum’s throughput. For example, in July, 47% of the validators backed a proposal to increase Ethereum’s gas limit from 36M to 45M which increases transaction capacity by 25%. Even with the increase in throughput, Ethereum’s average transaction price, in USD, was (+14%) higher than it was in May and reached the highest average, $1.04, since February 2025. ETH Volatility at its Lowest Levels Since Fall 2024 Source: Artemis XYZ as of 7/31/2029. Past performance is no guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. July’s positive crypto price action has sucked the wind out of volatility’s sails. While a summer decline in volatility is typical across all risk assets, July is noteworthy for the persistence of BTC’s volatility drop. BTC and ETH dropped to their lowest volatility levels since fall 2024. In fact, BTC’s volatility has been hovering near its lowest reading ever. We attribute this development to the net buying from both ETPs and Digital Asset Treasuries (DATS) buying both BTC and ETH. However, we believe this volatility vacation is short-lived and believe the fall will bring greater levels of uncertainty, which will translate into price variance. Over the medium term, we suspect that the DATs have the potential to add substantial volatility if there is a sustained digital asset sell off. HBAR Rallies on Momentum HBAR ( HBAR-USD ) climbed +70% in July on a wave of partnerships, network growth, and broadening institutional legitimization. The Reserve Bank of Australia and the Digital Finance Cooperative Research Centre chose Hedera for Project Acacia, a six‑month pilot that tests how tokenized assets and a wholesale CBDC could settle on distributed ledgers. Nineteen live pilots and five proofs of concept will cover assets such as fixed income, carbon credits, and private‑market securities. Hedera’s new private‑network product, HashSphere, lets institutions trial tokenization, AI, and digital‑asset workflows in a compliant environment while staying interoperable with the public chain. At the same time, Hedera became core infrastructure in EQTY Lab’s secure‑AI initiative with Nvidia ([[NVDA]], [[NVDA:CA]]), SCAN UK, and Accenture Public Sector. The project uses NVIDIA Blackwell confidential computing to govern autonomous AI agents; Hedera records cryptographic proofs of agent actions and verifies compliance with legal and geographic policies. Institutional tokenization activity is also emerging. In late July, Archax created Hedera token contracts named after BlackRock, Fidelity ILF, State Street, Aberdeen Investments, and LGIM. Archax’s CEO confirmed these represent money‑market funds that could soon transact in HBAR, signaling early but still pre‑launch interest in real‑world‑asset tokenization on the network. Network Activity and DeFi Growth Hedera’s onchain activity was strong as Hedera’s transactions surged as did the supply of stablecoins on its blockchain. The Supply of Stablecoins on Hedera Reached All-Time Highs in July Source: DeFiLlama as of 8/1/2025. Past performance is no guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Rising Transactions & Usage: Hedera continued to handle high throughput (up to 10,000 TPS capacity) as new use cases went live. Notably, network utilization spiked during key announcements. DeFi TVL and Stablecoins Up: The total value locked in Hedera DeFi protocols jumped ~50% in July, reaching ~$146 million, +82% MoM. Stablecoin circulation on Hedera also hit new highs over $208 million, ~99.9% of which is USDC. Ecosystem Expansion: Developers and startups continue to build on Hedera. July saw the launch of the Hello Future: Origins global hackathon, a three-part saga offering a total of $550,000 in prizes to Hedera builders. The first stage in late July attracted participants worldwide to innovate on Hedera for $150,000 in prizes. Expanding Access and Legitimacy Grayscale Inclusion: In early July, Grayscale added HBAR to its Smart Contract Platform Select Fund, assigning it a 5.8% weight. Robinhood U.S. Listing: HBAR gained broader retail access when Robinhood enabled trading for U.S. users in late July (following its earlier EU listing). ETP Speculation: A Bloomberg Intelligence graphic shared by ETF analyst Eric Balchunas estimated an ~85% chance of a spot HBAR ETP approval in 2025. White House Recognition: A July 30 White House report, “American Leadership in Financial Technology,” referenced Hedera’s report “DeFi Stack: Getting a Grip on the DeFi Ecosystem” in a section covering DeFi infrastructure. Hyperliquid Earned 35% of All Blockchain Revenue in July 2025 Source: Artemis XYZ as of 7/31/2029. Past performance is no guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Solana’s Outperformed Bitcoin in July, But Awaits Catalysts In January 2025 SOL price spiked to an all-time high of $262.50 as memecoin speculation blossomed and many considered Solana the epicenter of on-chain trading. In January 2025, despite being a “low-cost blockchain,” Solana was producing more revenue from transactions fees than the next four largest blockchains combined. If we count MEV, or maximal extracted value, Solana was likely producing at least 4x the total revenue of all other chains put together. However, since it’s the start of the year, SOL (-8%) has underperformed BTC (+26%), ETH (+13%), XRP (+48%) and even XLM (+23%). While this is partly due to SOL price reliance on expectations of unsustainable levels of memecoin trading, Solana’s status as the king of on-chain trading has been usurped by Hyperliquid. Hyperliquid was able to capture much of Solana’s momentum, and likely Solana’s market capitalization, because it offers a simple, highly functional product. Thus, Hyperliquid has poached high value users from Solana and has retained them. For a long time, the bull case on Solana was that it boasted a strong ecosystem of builders who could utilize Solana’s best in class transaction processing capabilities. As a result, trading would continue to thrive on Solana. However, Solana has not delivered meaningful improvements to boost its user experience, specifically in perpetual futures trading (perps), and Hyperliquid stepped up with a better product. The Firedancer developer team, tasked with making revolutionary improvements in Solana’s capabilities, could not meet production deadlines for upgrades to Solana’s core software. Firedancer was not only supposed to expand Solana’s throughput, but also make it provably reliable. Neither goal has been accomplished. At the same time, some of the most important developers left Firedancer and disputes over the quality of Firedancer’s codebase boiled over into public disputes. Some would even argue that the team chosen to improve Solana’s architecture, crack software engineers from the HFT hegemon Jump Trading, were ill-suited to improve Solana. While the Anza team has picked up the slack, the failure of Firedancer has manifested a market poltergeist who is suppressing SOL’s price. Solana’s key differentiating factor compared to Ethereum is its ability to handle more transaction bandwidth. But this advantage only matters if Solana can capture the activity driving current excitement around blockchain. This enthusiasm revolves around financial institutions deploying to blockchain, but many are hesitant to deploy to Solana due to its reliability issues. Thus far, Solana has not been able to make a strong case that it will be important to either the businesses with blockchain plans or to investors who want to profit from the blockchain revolution. Luckily, nothing is set in stone, but we are rapidly approaching the event horizon point for blockchain deployment decisions. Most major financial players still refer to blockchain in the abstract and committed their efforts to one blockchain ecosystem. It is generally assumed that there will be a mix of private ledgers and public ledgers operating in unison. The Ethereum community believes that by default, these banks will choose Ethereum for public exchange of value and L2s for internal remittances. Since this issue is not settled, Solana has a chance to make its case for why it should be the preferred chain of choice. To accomplish this, its community and development team should focus on messaging not only around its capabilities, but also its long-term stability. Ethereum Could Still Emerge as a Better Store of Value Than Bitcoin Alternative digital asset treasuries are growing rapidly, and the most common assets chosen are BTC and ETH. Initially, entities opted to choose BTC because of its strong store of value properties created through its ossified economic policies. The lynchpin of this policy structure is BTC’s predictable issuance that results in a finite total supply. More recently, DATs have emerged that focus on Ethereum. These upstart DATs believe ETH is a better asset for running a digital treasury because savvy firms can engage in exotic financial activities to accumulate ETH at a faster rate than they could BTC. While BTC treasuries can increase their BTC holdings by financing additional purchases, conducting sophisticated options strategies, or lending out their BTC, ETH treasuries have greater flexibility. ETH DATs can replicate BTC DAT financial strategies and also stake their Ethereum to receive Ethereum network revenues and inflationary issuance. Additionally, they can participate in DeFi to achieve additional income. Lost in the discussion, however, are the basic principles that govern Ethereum vs Bitcoin. Paradoxically, Ethereum may arrive at an economic system that favors its tokenholders more than Bitcoin’s. Ethereum, who turned 10 years old on July 30th, 2025, began with much higher inflation than BTC’s, 14.4% vs. 9.3%. However, Ethereum made two major economic policy changes that set it upon the path towards a lower inflation rate than that of Bitcoin. The first adjustment was EIP 1559 which was instituted in August 2021 and created the “burn” of ETH base transaction fees. The consequence of this change is that increases in Ethereum activity cause the total amount of ETH supply to decrease. The second, substantial policy change was the transition of Ethereum from Proof of Work (PoW) to Proof of Stake (PoS). Called “the Merge,” the transition occurred in September 2022. The Merge allowed Ethereum to reduce its inflation issuance from ~13,000 ETH/day to ~1,700 ETH/day because it no longer needed to compensate the miners who secured its network. The result was that by March 8,2023, Ethereum’s inflation rate dropped below that of BTC’s. Since that date, ETH’s supply has grown only (+0.2%) while BTC’s has grown (+3%). In fact, the combination of these two monetary upgrades led to temporary reductions in Ethereum’s ETH supply. Total supply of ETH fell between October 7th, 2022, and April 4th, 2024, moving from ~120.6M on to a low of ~120.1M on, achieving an annualized (-0.25%) inflation rate over the period. Since that time, ETH burn has been reduced due to the increase in Ethereum transaction throughput, and the network has accrued (+0.5%) in additional supply. Regardless, over that same period, BTC supply has increased (+1.1%). ETH Inflation Dropped Below BTC's on March 8, 2023 Source: Glassnode as of 7/31/2025. Past performance is no guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein However, the superiority of ETH’s inflationary policy may be short lived. Bitcoin’s halving in April 2024 predictably dropped its inflation rate by (-50%). Currently, ETH’s annual inflation over the last year is (+0.38%) vs BTC’s at (+0.84%). Over the course of the next few halvings, BTC’s inflation rate will approach (+0%). Conversely, Ethereum’s rate is hard to predict and may be as high as (+0.5%) or it may be negative. Even if ETH’s current inflationary trajectory remains unchanged, BTC’s will not be lower until 2028. One very underappreciated dynamic is the issue of the Bitcoin’s security budget. Bitcoin maintains inflationary issuance as an incentive to miners and without it, would have to rely upon network transaction fees. In the last year, miners made $278M from transaction fees and $14.64B in network inflation. Clearly, the economics of miners would have to radically adjust if they had to rely upon transaction fees alone. As the halvings occur, BTC’s price must increase to make up for the difference of reduced network inflation to keep miners economically viable. If this price trajectory does not occur, the network’s security may have to adopt a different economic model. There are many potential solutions to this problem and any change will not have a terminal impact on Bitcoin. But the economic policy adjustment will have winners and losers. For example, one option to traverse the security budget dilemma would be for Bitcoin to introduce inflation through a hard fork. Regardless of its implementation, it would undercut one of its community’s core critiques of Ethereum which is that Ethereum’s economic policy is too malleable. More importantly, it would subject BTC holders to a taxation that would favor miners. These political-economic decisions are not zero-sum games and Bitcoin’s system centered around miners favors their interests over token holders. In proof-of-stake systems like Ethereum, token ownership dictates which fork the validators will follow because stake will migrate to validators who choose the preferred forks. By contrast, Bitcoin’s fork choice rule is ultimately decided by the miners and nodes who secure the network. By identity, there is a substantial conflict of interest which favors people whose interest lies in selling BTC to fund their operations. Ethereum, under PoS, lacks this dynamic. While there are inherent economic tradeoffs with each system, ETH’s set of tradeoffs favor the holders of ETH because they ultimately decide network direction. Though BTC holders do have sway on Bitcoin’s network, their ability to influence the progression of the network is far limited compared to ETH holders’ domestic sway. As such, ETH may yet prove to be a better asset than BTC. Disclosures Index Definitions S&P 500 Index: is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization. Nasdaq 100 Index: is comprised of 100 of the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization. MarketVector Centralized Exchanges Index: designed to track the performance of assets classified as 'Centralized Exchanges'. MarketVector Decentralized Finance Leaders Index: designed to track the performance of the largest and most liquid decentralized financial assets, and is an investable subset of MarketVector Decentralized Finance Index. MarketVector Media & Entertainment Leaders Index: designed to track the performance of the largest and most liquid media & entertainment assets, and is an investable subset of MarketVector Media & Entertainment Index. MarketVector Smart Contract Leaders Index: designed to track the performance of the largest and most liquid smart contract assets, and is an investable subset of MarketVector Smart Contract Index. MarketVector Infrastructure Application Leaders Index: designed to track the performance of the largest and most liquid infrastructure application assets, and is an investable subset of MarketVector Infrastructure Application Index. MarketVector Digital Assets 100 Large-Cap Index: market cap-weighted index which tracks the performance of the 20 largest digital assets in The MarketVector Digital Assets 100 Index. MarketVector Digital Assets 100 Small-Cap Index: market cap-weighted index which tracks the performance of the 50 smallest digital assets in The MarketVector Digital Assets 100 Index. MarketVector Meme Coin Index: modified market cap-weighted index which tracks the performance of the 6 largest meme coins. Meme coin refers to crypto assets often named after characters, individuals, animals, artworks, or other memetic elements. Initially supported by enthusiastic online traders and communities, these coins are intended for entertainment purposes. Coin Definitions Bitcoin (BTC): A decentralized digital currency enabling peer-to-peer transactions without intermediaries or a central authority. Ethereum (ETH): A decentralized smart contract platform enabling developers to build and deploy decentralized applications (dApp S ) and financial infrastructure. XRP (XRP): A digital asset used for cross-border payments and settlement, associated with Ripple Labs and known for its speed and low transaction fees. Cardano (ADA): A proof-of-stake blockchain platform emphasizing academic research, peer-reviewed development, and energy-efficient smart contract execution. Sui (SUI): A Layer 1 blockchain built by Mysten Labs focused on high-performance smart contracts and fast finality, utilizing the Move programming language. Solana (SOL): A high-performance Layer 1 blockchain known for its low fees, fast transaction processing, and a rapidly growing ecosystem of DeFi and consumer applications. HBAR (HBAR): The native token of the Hedera network, used for transaction fees, network security via proof-of-stake, and access to decentralized services. Stellar (XLM): A decentralized protocol for transferring digital assets across borders quickly and with low fees, often compared to XRP. Risk Considerations This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees. Index performance is not representative of fund performance. It is not possible to invest directly in an index. In vestments in digital assets and Web3 companies are highly speculative and involve a high degree of risk. These risks include, but are not limited to: the technology is new and many of its uses may be untested; intense competition; slow adoption rates and the potential for product obsolescence; volatility and limited liquidity, including but not limited to, inability to liquidate a position; loss or destruction of key(s) to access accounts or the blockchain; reliance on digital wallets; reliance on unregulated markets and exchanges; reliance on the internet; cybersecurity risks; and the lack of regulation and the potential for new laws and regulation that may be difficult to predict. Moreover, the extent to which Web3 companies or digital assets utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material increase in the value of such companies or digital assets. Digital asset prices are highly volatile, and the value of digital assets, and Web3 companies, can rise or fall dramatically and quickly. If their value goes down, there’s no guarantee that it will rise again. As a result, there is a significant risk of loss of your entire principal investment. Digital assets are not generally backed or supported by any government or central bank and are not covered by FDIC or SIPC insurance. Accounts at digital asset custodians and exchanges are not protected by SPIC and are not FDIC insured. Furthermore, markets and exchanges for digital assets are not regulated with the same controls or customer protections available in traditional equity, option, futures, or foreign exchange investing. Digital assets include, but are not limited to, cryptocurrencies, tokens, NFTs, assets stored or created using blockchain technology, and other Web3 products. Web3 companies include but are not limited to, companies that involve the development, innovation, and/or utilization of blockchain, digital assets, or crypto technologies. All investing is subject to risk, including the possible loss of the money you invest. As with any investment strategy, there is no guarantee that investment objectives will be met and investors may lose money. Diversification does not ensure a profit or protect against a loss in a declining market. Past performance is no guarantee of future performance. © Van Eck Associates Corporation. Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.