November Momentum - Valkyrie

Weekly Market Update from the Office of the CIO


November Momentum

Bitcoin, Ethereum and Polkadot have hit all time highs (ATHs) over the past two weeks. October was predicted to be a big move for crypto, with bitcoin taking the lead and asserting dominance with an ATH on Oct 20. October has historically been a strong month for bitcoin prices, but November is tracking higher this year.

Prices as of 11.2.2021
BTC: 64,300 (ATH 66,999 on Oct 20)
ETH: 4,511 (ATH today)
DOT: 51.66 (ATH today)

This momentum is not surprising. The world is awash with liquidity and the United States seems to be the least inflationary. This is in large part due to domestic production of commodities such as Oil and Wheat compared to much of the rest of the world that is facing broken supply chains to access these necessities.

Commodity Prices as of 11.2.2021
Oil Futures up 115% YoY
Wheat Futures up 24% YoY

Oil Futures

Wheat Futures

We see no evidence of slowing inflation, which may lead to continued ATHs in the crypto economy.


Polkadot Spotlight

Why is DOT finally rallying over its previous $47.95 High from May 14?

Early in October, Polkadot announced that parachain auctions would debut on November 11 and this was recently confirmed as the Polkadot Counsel approved the upgrade to allow developers to register parachains. This auction process is a significant milestone for Polkadot to achieve true interconnected status in crypto. Parachain auctions require DOT as the underlying asset to secure parachains, which is another catalyst for the demand pushing DOT to new all-time highs.

Valkyrie launched a DOT trust on May 17, in partnership with Consolidated Capital that utilizes staking on a masternode, distributing staking rewards to investors.

Valkyrie Polkadot Trust

Valkyrie in the News:

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The Portfolio Management Team

Steven McClurg, CIO
Bill Cannon, Portfolio Manager
Wes Cowan, Portfolio Manager, Head of Defi
Sean Rooney, Head of Research, Trader
Will McDonough, Vice Chairman, Investment Committee
Leah Wald, CEO, Investment Committee
Shannon Smith, Head of Investor Relations