Weekly Crypto Wrap: 18th January 2024

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Rachael Lucas
Weekly Crypto Wrap: 18th January 2024

Welcome back to our first 'Weekly Crypto Wrap' for 2024.

We hope you enjoyed a relaxing break over the holidays and spent some quality time with your family and friends.

The year kicked off with a Bitcoin price surge, ETF approvals, altcoin shifts and more.

We're excited to resume our 'Weekly Crypto Wrap' newsletter this week, and look forward to delivering you the latest news, insightful analyses, and updates on all the latest happenings in the blockchain space.

It's going to be an exciting year ahead in the crypto space.


The BTC Market Team


  • Spot Bitcoin ETF trading volumes reach nearly US$10 billion.
  • Institutional giants inject fresh liquidity.
  • The Bitcoin halving countdown to April begins.
  • Chainlink (LINK) gains +12.20% on the week.
  • Ethereum's ETF speculation sparks crypto surge as market eyes SEC decision.

BTC Markets in the news

3AW Money News: With Deborah Night.

Listen in as BTC Markets CEO, Caroline Bowler, talks with 3AW’s Deborah Knight on Money News. The discussion delves into the recent approval of the spot Bitcoin ETF in the US, marking a significant stride towards mainstream adoption.

With giants like BlackRock, Fidelity, and Invesco entering crypto, the integration into traditional finance takes centre stage. Bowler explores both sides of the approval debate, offering perspectives on the future growth of crypto. Highlighting the upcoming Bitcoin halving in April, a potential bull run, and looking at parallels from historical performance.

The discussion also touches on the prospects of a spot Bitcoin ETF trading on the ASX and insights from Standard Chartered projecting a US$100k price target for Bitcoin. Listen to the full interview here.

The Australian: Cryptocurrency explosion tipped as US takes the brakes off.

One of Australia's largest digital asset exchanges, BTC Markets, sees the acceptance (of the ETF) would provide greater context for (the) ASX to approve spot Bitcoin ETFs and was likely to see crypto markets expand.

“The impacts will be increasingly felt over time. 2024 may be the year of Bitcoin dominance, with the next halving expected in April. This reduction in supply will take place in an increasingly risk-on investment market. These conditions have historically predicated a bull run in cryptocurrency trading,” BTC Markets CEO Caroline Bowler said. Read the full article here.

The Sydney Morning Herald: What does backing Bitcoin ETFs in the US mean here?

Crypto proponents have hailed the move as a watershed moment for the industry, believing the approval by the influential SEC will further legitimise the asset class, which has long been viewed as volatile and unreliable.

ETF approval will also theoretically allow sophisticated investors and funds to invest in Bitcoin in a simpler manner, which supporters again believe will accelerate the cryptocurrency's path to broader adoption.

‘‘This further opens cryptocurrency to both retail and institutional investors via a traditional financial product,'' says the chief executive of local crypto exchange BTC Markets, Caroline Bowler.

‘‘It is also reasonable to assume that this will expand crypto markets in general, as liquidity follows utility.

‘‘So, while this is an historic day for the industry, the impacts will be increasingly felt over time.'' Read the full article here.

AFR: Financial advisers likely to give Bitcoin ETF a ‘wide berth’.

Caroline Bowler, who runs BTC Markets, Australia’s largest cryptocurrency exchange, said the Securities and Exchange Commission’s decision “cracks open” Bitcoin to retail and institutional investors. “Locally, it provides greater context for the ASX to list a spot Bitcoin ETF” she added. Read the full article here.

SMS Trustee News: Bitcoin ETFs receive US endorsement.

BTC Markets chief executive Caroline Bowler pointed out the SEC approval was inevitable and part of the integration of crypto assets into mainstream financial services via a traditional financial product.

She suggested bitcoin was an entry point for traditional asset allocators and the US decision provided impetus for the Australian Securities Exchange to list a spot Bitcoin ETF.

“This further opens cryptocurrency to both retail and institutional investors via a traditional financial product. It is also reasonable to assume that this will expand crypto markets in general, as liquidity follows utility. So, while this is an historic day for the industry, the impacts will be increasingly felt over time,” she said. Read the full article here. Read the full article here.

BTC Markets announcements.

Remember to update your BSB for Direct Deposits to your BTC Markets account.

Last month, we sent out an email notifying you that we are switching to a dedicated BTC Markets BSB for Direct Deposits. Please ensure you update your BSB to 808 202 immediately as the old BSB is no longer valid. Your account number remains the same.

There may be initial bank delays, especially with the first transaction which can be resolved by following the instructions and confirming your intention to proceed. Additionally, consider exploring alternative deposit methods, such as Osko (PayID) and card deposits.

This move aims to streamline deposit processes, reinforcing our strong fraud prevention record in Australia. To learn more, visit our Help Centre.

AUD card deposits are now available.

Recently we announced that you can now deposit AUD directly into your BTC Markets account using your Australian issued Visa or Mastercard credit or debit card.

This new deposit method makes it even easier and faster to fund your account, all without leaving the exchange. Simply log in to your BTC Markets account and enter your card details. Your funds will be available in your account instantly, ready for you to start trading.

Here are some of the benefits of using AUD card deposits:

  • Fast and convenient: Deposit funds instantly without having to leave the exchange.
  • Flexible: Use your Visa or Mastercard credit or debit card.
  • Secure: We use industry-leading security measures to protect your card information.

In addition to card deposits, we also offer a variety of other deposit methods, including:

  • Osko (PayID)
  • Direct deposit

We are committed to providing you with a convenient trading experience. We believe that adding AUD card deposits will make it even easier for Australians to access digital assets.

To learn more about AUD card deposits, please visit our Help Centre.

OTC Desk

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Over the past year, our OTC desk has been instrumental in assisting a diverse range of clients as they realign their SMSF holdings, navigate the complexities of EOFY, and free up additional capital during the tax season.

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State of crypto

  • Spot Bitcoin ETF trading volumes reach nearly US$10 billion.
  • Institutional giants inject fresh liquidity.
  • The Bitcoin halving countdown to April begins.
  • Chainlink (LINK) gains +12.20% on the week.

On the first trading day of 2024, Bitcoin's price achieved a significant breakthrough by surpassing a critical resistance zone, resulting in an impressive gain of nearly 5%. It kicked off the year on a positive note, closing the day at US$44,197.

Amidst the market's anticipation of a spot Bitcoin ETF approval, an unauthorised party managed to gain access to the Security and Exchange Commissions (SEC) X account. They posted the Commission's purported approval of the ETF, along with a second post approximately two minutes later, simply stating "$BTC." Price rallied to a high US$48,969 before coming off and settling in the US$46k range. The official announcement of the approval was released a day later, on the SEC’s website.

The entrance of institutional giants such as BlackRock, Fidelity, and VanEck has injected fresh liquidity and substantial trading volumes into the market. In just their initial three days on the market, spot Bitcoin ETFs have garnered impressive trading volumes, reaching approximately US$10 billion.

Grayscale Investments and BlackRock's funds have emerged as leaders in this category, surpassing their competitors. Highlighting the significance of these volumes, Eric Balchunas, Senior ETF Analyst for Bloomberg noted:

"500 ETFs launched in 2023. Today, they did a COMBINED $450m in volume. The best one did $45m. And many have had months to get going."

This underscores the robust impact of institutional involvement in the crypto space.

So where to from here?

Bitcoin is currently trading in the US$42k zone, holding on to the 50-day moving average as support. With significant support below current price, we could see price consolidate as the markets digest the ETF approvals. If it fails to hold support at US$40k, price could reach US$35k or lower. Keep an eye on the S&P500 as the broader macro market tends to heavily influence Bitcoin and the rest of the crypto market.

The future of crypto

The Bitcoin halving approaches as market eyes potential bull run.

As the hype and mania around the spot Bitcoin ETF approvals starts to settle, the markets attention is turning to the upcoming Bitcoin halving. Considered by some as a potential catalyst for a bullish market. Historically, the last three bull markets in Bitcoin followed each of the previous halving’s that occurred in 2012, 2016, and 2020.

The halving event, due around April 19, will reduce the block rewards for miners by 50%, from 6.25 BTC to 3.125 BTC. This reduction in daily Bitcoin supply is expected to create a supply crunch, potentially driving the price of Bitcoin higher. However, predicting the exact impact of the halving is challenging, and the immediate effects are likely to be felt by Bitcoin miners.

Miners currently earn about 900 BTC (US$38.9 million) each day through block rewards, and they may face challenges covering their overhead costs, primarily electricity expenses, after the halving. Transaction fees, which have seen an increase in popularity, could help bridge the revenue gap for miners.

The article suggests that Bitcoin's price becomes a crucial factor in the post-halving scenario. If the price drops significantly, miners might need to turn off their mining rigs to avoid operating at a loss, potentially leading to financial stress for the mining market. However, the current price of Bitcoin at U$42k (at the time of writing) provides miners with some buffer, considering an estimate that a drop to US$30k could stress most of the mining market.

The historical performance of Bitcoin around halving events highlights that there is no consistent pattern, although prices generally tend to go up. Bitcoin's performance leading up to the upcoming halving compared to the previous two halving’s, is showing a 50% rally this time, which is better than the lead-up to the 2020 halving and the 2016 halving when, Bitcoin had jumped by less than one-third and fell by 3%, respectively.

There will always be uncertainty surrounding the exact impact of the halving on Bitcoin's price and the mining market. It is important to note that a doubling of Bitcoin's price could alleviate concerns about block rewards for miners.

The weekly crypto close.

During Monday’s morning trading session, Bitcoin maintained a position around the US$43k mark, following a spike to almost US$49,000 earlier in the week triggered by the ETF launch, marking its highest level since December 2021. Before the SEC announcement, BTC had retraced to its established range of US$42,000 to US$45,000. Throughout 2023, Bitcoin displayed an incredible rebound, showcasing an impressive 155% increase.

As the new year progresses, Bitcoin has seen a year-to-date rise of just under 1%, closing the week at a 5% loss. However, the market appears to have found support at the US$42.6k level, resulting in price stabilisation.

The weekly performance of other major altcoins is outlined below:

  • Chainlink (LINK): +12.20%
  • Ethereum (ETH): +11.32%
  • Litecoin (LTC): +8.57%
  • Cardano (ADA): +6.19%
  • Avalanche (AVAX): +4.90%
  • Solana (SOL): +4.89%
  • XRP (XRP): +4.50%

The total crypto market cap closed the week at US$1.602 trillion, a 0.41% increase. Bitcoin has lost its dominance, retracing 5.39% on the week before settling at 50.82%. The last time its dominance was this low was in October 2023.

Meanwhile, the crypto market sentiment is in the Greed sone, currently at 63 on the Crypto Fear & Greed index, up from 60 yesterday.

Year-to-date in the crypto space

The year-to-date performance in the crypto space:

  • Ethereum (ETH) +10.83%
  • Chainlink (LINK) +4.88%
  • Bitcoin (BTC) +0.98%.
  • Solana (SOL) +0.85%
  • Avalanche (AVAX) -6.61%
  • XRP (XRP) -7.83%
  • Cardano (ADA) -11.40%.

*The weekly trading stats as of Monday, January 15th at 11:00 am AEDT, based on data from Tradingview in USD.

**Year-to-date performance as of Thursday, January 18th at 11:00 am AEDT, based on data from Tradingview in USD.

Crypto news

Spot Bitcoin ETFs surpass US$10 billion in trading volume in the first three days.

In their first three days on the market, spot Bitcoin ETFs have witnessed significant trading activity, reaching approximately US$10 billion. Grayscale Investments and BlackRock lead the way, with Grayscale's newly converted Bitcoin Trust ETF (GBTC) experiencing large volumes, although it saw net outflows of US$579 million last week.

BlackRock's iShares Bitcoin Trust (IBIT) is positioned as a potential liquidity leader, garnering attention from industry analysts. While initial trading volumes indicate pent-up demand, 21Shares President Ophelia Snyder emphasises that focusing on short-term flows is shortsighted, anticipating a gradual increase in activity as spot Bitcoin ETFs become more mainstream over time.

Buy Bitcoin on BTC Markets.

Ethereum's ETF speculation sparks crypto surge as market eyes SEC decision.

The anticipation of Ethereum's potential approval for an exchange traded fund (ETF) in the US triggered a remarkable 10% surge to reach a 20-month high. The price surge comes off the back of the US Securities and Exchange Commissions (SEC) approval of spot Bitcoin ETFs for major institutions such as BlackRock and Fidelity. Bitcoin briefly surpassed US$48K, with alts, including Solana, Cardano, Avalanche, Polkadot, Polygon, and Chainlink, witnessing gains ranging from 5% to 10%.

The markets attention has shifted from Bitcoin to Ethereum, with speculation revolving around the approval of an Ethereum ETF. The SEC has scheduled a decision date of May 23 for the potential approval of the Ethereum ETF, heightening expectations for positive price action in Ethereum.

As anticipation continues to build, investor focus is turning towards expected significant ETF inflows, with estimates ranging from US$50-$100 billion for the year. The approval of spot Bitcoin ETFs in the US is viewed as a confidence boost for the broader digital asset ecosystem and a potential catalyst for increased Wall Street involvement in cryptos.

Meanwhile, Ripple CEO Brad Garlinghouse expressed certainty about the emergence of Ethereum (ETH) spot ETFs at Davos. While avoiding a specific timeline, he acknowledged the inevitability of other ETFs, maintaining reservations about the prospects of a spot XRP ETF. Garlinghouse highlighted the unique circumstances leading to Bitcoin ETFs, referencing a US court's intervention in response to the SEC's arbitrary application of the law. Despite net outflows from spot BTC ETFs, Bitcoin saw gains, while Bloomberg Intelligence analysts noted extraordinary trading volumes of US$10 billion in the first three days of spot BTC ETFs.

Buy ETH on BTC Markets.

Solana Mobile unveils second crypto-ready smartphone.

Solana Mobile is set to launch its next generation crypto smartphone, building on the hype of its initial model, Saga. The upcoming device preserves Saga's features—a built-in crypto wallet, tailormade Android software, and a dedicated "dApp store" for crypto applications. Saga, initially priced at US$1,000, struggled due to sluggish sales amidst an extended bear market. This new Solana Mobile release is poised to meet the demand in the secondary market for Saga smartphones, where prices have skyrocketed to US$3,200 on eBay.

Saga's unexpected success stems from its incorporation of BONK tokens, resulting in swift sellouts and ongoing dividends through token and NFT airdrops. This unexpected surge signifies Saga's unique appeal within the crypto community.

In the broader crypto landscape, the competition intensifies between Ethereum and Solana. While Ethereum's smart contract technology sets industry standards, smaller contenders strive for prominence, and Solana has emerged as a formidable player.

Market comparisons indicate that the BNB Chain and Cardano have come closest to Ethereum in the last three years. Solana, achieving a record market cap ratio of 19% relative to Ethereum, now hovers at about 14% post-Christmas. It underscores the importance of considering various metrics beyond market caps, such as total value locked, unique addresses, and developer activity, in evaluating the comprehensive strength of cryptos and blockchains. Despite Solana's significant growth, Ethereum maintains its dominance in the market.

Buy SOL on BTC Markets.

Chainlink & Circle collaborate to boost secure cross-chain USDC transactions.

Chainlink and Circle have partnered to advance interoperability in USDC (USD Coin) transactions, integrating Circle's Cross-Chain Transfer Protocol (CCTP) into Chainlink's Cross-Chain Interoperability Protocol (CCIP).

This collaboration facilitates secure USDC stablecoin transfers across diverse blockchain networks, expanding possibilities in decentralised finance (DeFi) and payments. Chainlink's CCIP, a cross-chain messaging framework, empowers developers to transfer data and assets across blockchains through smart contract mechanisms.

Meanwhile, Circle's CCTP serves as a standardised bridge protocol, enabling native USDC transfer between supported networks. This integration covers seven blockchain networks, showcasing the growing acceptance of Circle's CCTP in the crypto ecosystem. The partnership signifies a trend of cooperation in the cryptocurrency sector to enhance user experience and broaden the use cases of digital assets like USDC.

Chainlink's integration of CCTP reinforces its commitment to secure cross-chain interoperability, backed by a high level of security and reliability, including the Risk Management Network's monitoring of cross-chain operations for anomalous activity.

Buy LINK on BTC Markets.

The week ahead: upcoming economic events

January 19th: United States Building Permits, Japan’s Inflation Rate and United Kingdom Retail Sales MoM.

January 20th: United States Michigan Consumer Sentiment.

January 23rd: Australia’s Business Confidence report and Japan’s Interest Rate decision.

January 24th: Japan’s Balance of Trade and Germany’s Manufacturing PMI.

January 25th: Canada’s Interest Rate announcement.

Economic Calendar (

Market reflections


In Australia, January saw a 1.3% decline in consumer sentiment, extending a persistent pessimistic trend lasting nearly two years. The Westpac Melbourne Institute Consumer Sentiment index dropped to 81, reflecting prolonged concerns over rising living costs and elevated interest rates. Despite a surprising rise in dwelling approvals, indicating mixed economic indicators, inflation spiked by 1.0% in December 2023, raising challenges for the Reserve Bank of Australia in achieving its inflation target. In global economic developments, the US maintained steady core inflation, China exhibited robust industrial growth and GDP expansion, Germany's economic sentiment surged, the UK showcased varied trends, and Canada experienced rising inflation.


  • Consumer sentiment drops in Jan with a 1.3% decline.
  • Extended pessimism, indicator falls below 100.
  • Mixed economic indicators as dwelling approvals rise.
  • Inflation concerns rise in Dec 2023 with a 1.0% spike.

In January 2024, the Westpac Melbourne Institute Consumer Sentiment index in Australia experienced a 1.3% decline. This ongoing pessimistic trend has persisted for almost two years, primarily influenced by surging living costs and elevated interest rates. The index has lingered below the neutral 100 mark since February 2022, marking the lengthiest period of pessimism since the early 1990s recession.

Despite a significant reduction in concerns over potential rate rises, consumers still anticipate mortgage rates to remain relatively stable over the next 12 months. This divergence between reduced rate rise fears and continued pessimism raises questions about the multifaceted challenges impacting consumer sentiment.

In addition to the consumer sentiment index, several economic indicators provide insights into the broader Australian market. Dwelling approvals unexpectedly rose by 1.6% in November 2023, defying market expectations of a 2% decline. On the other hand, building permits year-on-year decreased by 4.6% in November.

Australia's trade surplus on goods increased to AU$11.44 billion in November 2023, surpassing market forecasts of AU$7.5 billion. The largest trade surplus since March 2023 was driven by growing exports, reaching a six-month high of AU$46.31 billion.

Amidst these economic dynamics, the value of new home loans for owner-occupied homes in Australia rose by 0.5% to AU$17.86 billion in November 2023, demonstrating resilience in the housing market.

However, concerns over inflation are mounting, as reflected in the Melbourne Institute's Monthly Inflation Gauge, which showed prices sharply accelerating to 1.0% in December 2023 from a 0.3% rise in the previous month. This indicates potential challenges in bringing inflation back to the target range of 2 to 3%, as expressed by the Reserve Bank of Australia.


  • US core inflation remains steady in December 2023.
  • China shows industrial growth, GDP expansion, & trade surplus surge.
  • Germany's economic sentiment soars, as GDP contracts.
  • UK's economic indicators showcase varied trends.
  • Canada's inflation on the rise but in line with market expectations.

United States

In December 2023, the US witnessed a consistent trend in core inflation, reflecting both resilience and moderation in annual rates. The economic landscape displayed a delicate balance, influenced by nuanced shifts in goods and services.

Core consumer prices in the US, excluding volatile elements like food and energy, displayed a steady increase of 0.3% in December 2023, in line with market expectations. This modest uptick revealed changes across diverse sectors as costs in the services sector eased and goods prices rebounded.

The annual core consumer price inflation rate dipped to a 2.5-year low of 3.9% in December, surpassing market forecasts of 3.8%. The shelter index played a significant role in this decrease. The annual inflation rate in the US rose to 3.4% in December from a five-month low of 3.1% in November. The slower descent of energy prices contributed to this increase. Retail sales rose by 0.6% in December, exceeding economists' 0.4% forecast, driven by increased activity in clothing and accessory stores and online non-store businesses.


China's economy is expected to slow to below 5% growth in 2024, presenting challenges for President Xi Jinping amid high debt, a housing crisis, and an ageing population. The country's population declined by 2 million in the previous year, exacerbating the issues of an ageing population and structural challenges.

Despite a 5.2% economic growth in 2023, slightly below expectations, concerns loom over China's economic recovery, with property investment falling and deflationary pressures. Economists anticipate China's growth to drop below 5%, with structural issues, declining exports, rising unemployment, and reduced foreign investment contributing to economic hardships.

The economic slowdown does not currently impact demand for key Australian commodities, such as iron ore. The government has been urged to consider more aggressive stimulus measures to achieve its 5% annual growth target.


In January 2024, Germany's SEW Economic Sentiment Index surged, surpassing market expectations. This optimistic shift signals a positive outlook for Europe's largest economy, driven by expectations of interest rate cuts by the ECB. However, the economic situation in Germany remained unchanged, coming in below market expectations.

Meanwhile, Germany's full-year GDP for 2023 contracted by 0.3%, reflecting challenges from stubbornly high inflation, rising interest rates, and declines in various sectors, including a substantial drop in industrial output.

United Kingdom

UK inflation unexpectedly rose to 4.0% in December, marking the first increase in 10 months and complicating the outlook for interest rate cuts by the Bank of England. The Consumer Prices Index surpassed economists' forecasts, which anticipated a decline to 3.8%.

The rise was primarily attributed to a government increase in tobacco duty, resulting in a 16% increase in tobacco prices. This surge in inflation, coupled with unchanged core inflation at 5.1%, raises questions about the Bank's approach to interest rates.

Despite the slight increase, overall inflation is expected to fall below the Bank's 2% target by spring, but uncertainties persist, including geopolitical tensions and disruptions to shipping in the Red Sea.


Canada's annual inflation rate rose to 3.4% in December 2023, in line with market expectations. The Bank of Canada's signal of sustained elevated inflation levels supports the possibility of another rate hike. Factors contributing to the acceleration include rebounding gasoline costs and increased transportation expenses.

Compliance conversations

The dangers of clicking on unverified links.

Cybercriminals are becoming increasingly sophisticated, and their tactics often involve tricking unsuspecting individuals into clicking on malicious links. One prevalent example of the dangers associated with such actions is the tax refund scam, where victims have faced severe financial repercussions.

The tax refund scam

Imagine receiving an email claiming to be from the tax department, informing you that you are entitled to a significant tax refund. The email looks legitimate, complete with official logos and language that seems authentic. To claim your refund, all you need to do is click on the provided link and fill in some personal information. Falling victim to this scam could have devastating consequences.

Such emails are a classic phishing attempt aimed at stealing sensitive information. By clicking on the link and entering personal details, victims unwittingly provide cybercriminals with the keys to their financial kingdom. Once armed with this information, fraudsters can wreak havoc on victims' lives.

The emotional toll and financial devastation caused by scams are significant and underscore the critical importance of being vigilant online.

How to stay safe online.

Given the prevalence of scams and phishing attempts, it's crucial to adopt a proactive approach to online safety. Here are some tips to help you navigate the digital landscape securely:

  • Verify the source: Before clicking on any link, carefully examine the source. Legitimate institutions, such as banks, government agencies, or reputable businesses, usually communicate through secure channels. If in doubt, independently verify the information by contacting the entity directly.
  • Check for HTTPS: Legitimate websites use HTTPS to encrypt data during transmission. Before entering any sensitive information, ensure that the website's URL begins with "https://" rather than "http://."
  • Be sceptical of unsolicited emails: Phishing attempts often come in the form of unsolicited emails. Avoid clicking on links or downloading attachments from unknown or unexpected sources. Verify the legitimacy of the communication through alternative means.
  • Use security software: Employ reliable antivirus and anti-malware software to protect your devices from potential threats. Keep the software updated to ensure it can identify and mitigate new risks.
  • Educate yourself: Stay informed about the latest cybersecurity threats and tactics used by cybercriminals. Awareness is a powerful tool in preventing falling victim to scams.
  • Enable Two-Factor Authentication (2FA): Whenever possible, enable 2FA for your online accounts. This adds an extra layer of security by requiring additional verification beyond a password.

The tax refund scam serves as a stark reminder of the dangers lurking in the online world. Clicking on links from unverified sources can have severe consequences, ranging from financial loss to identity theft.

By adopting a cautious and informed approach, individuals can better protect themselves from falling prey to cybercriminals and ensure a safer online experience. Stay vigilant, verify sources, and prioritise your digital safety.

ASIC provides a checklist of common scams and ways to avoid them. To learn more, visit ASIC’s website.

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Prices are accurate as of 11:00 AM AEST on 18/01/2024.

Disclaimer: The information provided on this page is issued by BTC Markets Pty Ltd (BTC Markets, we, us, our). The information is general only and is not intended to constitute an opinion or recommendation with respect to its contents. Past performance is not a reliable indicator of future performance. Any reference to past performance is intended to be for general illustrative purposes only. The information cannot be relied upon for any purposes and is not intended to be a substitute for professional advice. The information does not purport to be complete, accurate or contain all of the information that a person may require to make a decision. It may also contain forward looking statements, which are subject to known and unknown risks, uncertainties and other factors. We recommend you obtain professional advice before making any decision with respect to the matters discussed in this document. To the maximum extent permitted by law, BTC Markets will have no liability for any loss or liability of any kind: (i) arising in respect of the information contained (or not contained) on this page; or (ii) arising from a person relying on any information or statement contained on this page. The information provided is only intended for recipients in Australia. This information cannot be reproduced without our prior written permission.

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