Hashdex Commodities Trust

1. Kevin Warsh's first FOMC meeting concluded with rates unchanged at 3.50%–3.75%, the elimination of forward guidance, and a sharply streamlined 130-word policy statement. Across asset classes, WTI crude fell 15.78% (its worst weekly performance of the year), while gold rose 6.1%, silver gained 8.2%, and the Nikkei 225 surged 11.0%, making it the week's strongest major index. We believe the emerging combination of higher rates and quantitative tightening will gradually weaken the liquidity-driven narrative that defined the QE era, while assets with sustainable revenue generation should be better positioned in a tighter monetary environment. 2. This report applies a traditional P/S valuation framework to compare leading DeFi protocols with major global brokerage firms. PumpFun (4.4x P/S) and Sky (5.5x P/S) now trade below the median valuation multiple of traditional online brokers (5.5x P/S), while Aave (9.4x P/S) sits within a reasonable growth-stock range. Although Hyperliquid (74.8x P/S) appears expensive on conventional metrics, its valuation reflects expectations that it could evolve into an on-chain alternative to exchanges such as CME, ICE, and Cboe. Uniswap (74.6x P/S) stands to benefit from regulatory developments such as the CLARITY Act, which could accelerate real-world asset tokenization and significantly expand the pool of tradable assets on-chain. 3. Bitget Quant Strategy Backtest (May 18–June 17): Short-biased trend-following strategies significantly outperformed range-trading strategies during the review period. The 10x MACD Short Futures Strategy ranked as the top-performing BTC and ETH strategy, delivering returns of +322% and +463%, respectively. The primary driver was the persistent downtrend observed across both assets throughout the testing period. Key assets/events to watch: BTC, ETH, SOL, SKY, AAVE, UNI, PUMP. Monitor Micron (MU) earnings for signals on AI infrastructure spending and semiconductor demand.