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Q3 2024 Quarterly investment outlook

Sector updates Research reports

This is our Q3 2024 quarterly investment outlook, a report from our Sygnum investment research.

Report highlights:

  • Token supply and demand trends are dominating the major tokens currently, with the launch of and fresh demand for ETFs in the US, as well as concern about supply from bankruptcy estates and governments.
  • The news on the US political and regulatory front is increasingly positive, with no action letters from the SEC in long-standing lawsuits recently, and rulings that have substantially reduced the risk of proof-of-stake cryptocurrencies being classed as securities.
  • Solana continues to stand out with transaction and revenue growth, however, a lot of this is fuelled by memecoins on Solana.
  • The market places a premium on real user traction – such as Telegram-related tokens’ (such as Toncoin and Notcoin) access to a 900m user base or the genuine demand growth for rendering services.
  • An exception to this is the Layer 2 scalability sector, where strong transaction volume growth has not translated into positive performance for the tokens as a lot of value leaks to projects with no token, new token launches in the sector, and dilution from large unlocks.
  • Despite the “hot narratives” of SocialFi and AI, the token prices of these projects are struggling as the market remains unconvinced that the right business models have been found to fuel significant user traction.
  • The trend for RWA tokenisation, however, attracts high valuations for related projects as a substantial push and investment by large institutions raise hopes of breakthrough user growth.
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This 15-page report is available to qualified investors. Please find further insights and news from our team here.

Disclaimer: The information in this publication pertaining to Sygnum Bank AG (“Sygnum”) is for general information purposes only, as per date of publication, and should not be considered exhaustive. This publication does not consider the financial situation of any natural or legal person, nor does it provide any tax, legal or investment advice. This publication does not constitute any advice or recommendation, an offer or invitation by or on behalf of Sygnum to purchase or sell any assets. No elements of precontractual or contractual relationship are intended. While the information is believed to be from accurate and reliable sources, Sygnum makes no representation or warranties, expressed or implied, as to the accuracy of the information. Sygnum expressly disclaims any and all liability that may be based on such information, omissions, or errors thereof. Any statements contained in this publication attributed to a third party represent Sygnum‘s interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. Sygnum reserves the right to amend or replace the information, in part or entirely, at any time, and without any obligation to notify the recipient of such amendment / replacement or to provide the recipient with access to the information. Simultaneously, there is no obligation of Sygnum to inform recipients of information, if before provided information later becomes outdated, inaccurate or obsolete, unless otherwise provided by applicable law. The information provided is not intended for use by or distributed to any individual or legal entity in any jurisdiction or country where such distribution, publication or use would be contrary to the law or regulatory provisions or in which Sygnum does not hold the necessary registration, approval authorisation or license. Except as otherwise provided by Sygnum, it is not allowed to modify, copy, distribute or reproduce, display, license, or otherwise use any content for commercial purposes.

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Disclaimer:

The information in this publication pertaining to Sygnum Bank AG (“Sygnum”) is for general information purposes only, as per date of publication, and should not be considered exhaustive. This publication does not consider the financial situation of any natural or legal person, nor does it provide any tax, legal or investment advice. This publication does not constitute any advice or recommendation, an offer or invitation by or on behalf of Sygnum to purchase or sell any assets. No elements of precontractual or contractual relationship are intended. While the information is believed to be from accurate and reliable sources, Sygnum makes no representation or warranties, expressed or implied, as to the accuracy of the information. Sygnum expressly disclaims any and all liability that may be based on such information, omissions, or errors thereof. Any statements contained in this publication attributed to a third party represent Sygnum‘s interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. Sygnum reserves the right to amend or replace the information, in part or entirely, at any time, and without any obligation to notify the recipient of such amendment / replacement or to provide the recipient with access to the information. Simultaneously, there is no obligation of Sygnum to inform recipients of information, if before provided information later becomes outdated, inaccurate or obsolete, unless otherwise provided by applicable law. The information provided is not intended for use by or distributed to any individual or legal entity in any jurisdiction or country where such distribution, publication or use would be contrary to the law or regulatory provisions or in which Sygnum does not hold the necessary registration, approval authorization or license. Except as otherwise provided by Sygnum, it is not allowed to modify, copy, distribute or reproduce, display, license, or otherwise use any content for commercial purposes.

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