On July 13, 2023, a U.S. judge ruled that Ripple Labs did not violate federal securities law by selling its XRP token on public exchanges. As a result, XRP is posting flattering returns this month. Solana has also had a positive month, most probably due to the unveiling of Solang, a novel compiler engineered to facilitate how developers familiar with Ethereum’s programming suite can transition to building on Solana. On the other side, Bitcoin presented negative returns in July, which seems to be mainly driven by recession fears in the U.S.
Altcoins have pulled the market upwards this month, which is illustrated by the form of ALTS, STAKE, and TRXESG. VCFMOM achieved a remarkable +19% return over the last three months thanks to its weighting on ETH and XRP for June and July, respectively. It is also worth noting that the equally-weighted indexes were among the best performers during this month as HODLV, VNEQ10, and VNEQ5’s monthly returns can attest. All indexes posted positive returns except one: GXMC, giving a 50/50 exposure to BTC and ETH.
Here is a quick description of each index in the table, with links to the relevant methodology.
- VNMC10: Vinter Top 10 market cap weighted.
- VNEQ10: Vinter Top 10 equal weighted.
- VNEQ5: Vinter Top 5 equal weighted.
- VNMC5: Vinter Top 5 market cap weighted.
- HODLX: Top 10 market cap weighted.
- HODLV: Top 5 equal weighted.
- ALTS: Top 10 excl. the largest two assets, market cap weighted.
- MOON: Top 10 layer 1 assets weighted by Github, Social and market data.
- BOLD1: Bitcoin and gold, equal risk weighted.
- VDAB10: Top 10 capped market cap weighted.
- VTRXBC: Top 10 smart contract platforms, market cap weighted.
- PANDO6: Top 6 weighted by the square root of market cap.
- DDV30: Top 30 market cap weighted.
- VHASHMOM: Top 12 by market cap weighted by their momentum score times their risk parity score.
- STAKE: Top 10 of the largest staking protocols by current market capitalization including staking rewards.
- BTCC: Bitcoin Covered Call, go long BTC and sell an out-of-the-money call option.
- KVQ: Equal-weighted index selecting high-quality assets from an investor perspective among the top 30 by market cap.
- TRXESG: Top 10 ESG-rated assets, current market cap-weighted with a maximum weight of 25%.
- GXMC: Top 2 by 90 days average market capitalization, equally-weighted.
- GXLC: Top 5 by 90 days average market capitalization, current market cap-weighted with a maximum weight of 40%.
- GXMDC: Top 10 by 90 days average market capitalization starting from the asset ranked #3, current market cap-weighted with a maximum weight of 40%.
- VCFMOM: Selects assets from the Top 15 by current market capitalization and weighs them according to a combination of their on-chain activity and the price momentum.
- VCFWB3: Selects as many assets driving WEB 3.0 that can be listed, and weighs them by their Asset Score which is a linear combination of market capitalization, momentum, and social media interest.
- VVTOP10: Top 10 by 30-day average market capitalization, current market cap-weighted with a maximum weight of 40%.
The reference rates (“Ref rate”) are calculated using Vinter’s single-asset reference rate methodology.
