June Weekly Update #3

June 16th to 22nd Recap

▫️Strategy acquired an additional 10,100 BTC for $1.05B at $104,080 per BTC

▫️US Senate passed stablecoin bill “The GENIUS Act” 68-32, advances to House

▫️Thailand approved tax exemption on crypto capital gains until 2029

▫️Texas officially opened state-managed fund for BTC reserves

▫️DDC Enterprise announced up to $528M raise to accelerate BTC Treasury strategy

▫️Singapore BTC miner Bitdeer announced $330M convertible notes offering

▫️BTC rewards firm Fold secured $250M facility to expand BTC holdings

▫️JP Morgan filed 'JPMD' trademark hinting at stablecoin development

▫️Crypto group Tron to go public after US pauses probe into Justin Sun

▫️Trump's Truth Social filed for a dual BTC & ETH ETF

▫️Iranian crypto exchange Nobitex exploited for over $90M

▫️TAC raised $11.5M to bring DeFi to Telegram’s ecosystem

▫️Total stablecoin market cap hit a new ATH of $250B, up 55% over the past year

▫️ETH surpassed 35 million ETH staked, a new high for the network

▫️DeFi lending TVL surpassed $56B & hit a new ATH

▫️Active loans on Base surpassed $1B

▫️ETH revealed to have around $20B in tokenized BTC on-chain

▫️USDC on ARB hit $5.2B Market Cap, with 70% being used to fuel Hyperliquid

⏫ Bitcoin Weekly High: $108,822
⬇️ Bitcoin Weekly Low: $98,467

⏫ Ethereum Weekly High: $2,671
⬇️ Ethereum Weekly Low: $2,142


June 23rd to 29th Upcoming Events

June 24 - VENOM, $10M token unlock 🔓
June 24 to 26 - Permissionless conference in NYC 🇺🇸

*Nota Bene

Markets were rocked towards the end of the week as the Israel-Iran conflict escalated with the US becoming involved. Markets dropped over the weekend as news of the developments spread despite trading sideways for most of the week (BTC briefly dropped to below $100k before recovering back to $101k at the time of writing).

In other macro news, the Fed held interest rates steady but kept the door open to two rate cuts in 2025 pending promising data. Despite a shortened US trading week BTC ETFs gained $1.05B while ETH ETFs amassed $40M over the week.

Globally, digital asset investment products saw a total of $1.24B worth of inflows, which marked a 10th consecutive week of inflows, bringing the YTD inflows to a record $15.1B.
Looking forward, in the week ahead geopolitics will once again most likely be the key catalyst that moves the markets in either direction, it may prove wisest to be prepared & positioned for sudden spikes or dips as a result of geopolitical news announcements.

June Weekly Update #4

June 23rd to 29th Recap

▫️Strategy acquired an additional 245 BTC for $26 million at $105,856 per BTC

▫️FHFA directed Fannie Mae & Freddie Mac to consider crypto assets in mortgage assessments

▫️Anthony Pompliano closed $1B merger to create ProCap Financial; raised over $750M for public BTC treasury company & acquired 3,724 BTC for $386.5M & 1,208 BTC for $129M

▫️US spot BTC ETFs hit $1T cumulative trading volume in under 18 months since launch

▫️Metaplanet raised $515M through new stock issuance & bought an additional 1,234 BTC for $133M

▫️Cardone Capital bought 1,000 BTC for $101M & announced 3,000 BTC strategy

▫️Norwegian deep-sea mining firm Green Minerals AS announced $1.2B BTC treasury plan

▫️UAE based fund purchased $100M of Trump-backed WLFI

▫️IoT firm Sequans announced $385M raise via debt & equity offering to acquire BTC

▫️Nasdaq-listed Nano Labs announced $500M convertible note sale plan to fund BNB treasury

▫️Trump's Truth Social filed for BTC & ETH ETF with NYSE

▫️SEC cleared REX-Osprey to launch SOL, ETH staking ETFs

▫️Bit Digital wound down BTC mining operations, & switched to ETH staking & plans

▫️SharpLink Gaming expanded ETH treasury to 188,478 ETH with $30M purchase

▫️Crypto giant Galaxy raised $175M for premier Galaxy Ventures Fund

▫️Canton blockchain builder Digital Asset raised $135M

▫️DeFi vault project Veda raised $18M from backers including Coinbase Ventures & Animoca Ventures

▫️Hyperliquid revealed to have generated $305.9M in cumulative revenue since Dec 2024, with over $51.6M in June

▫️Active loans on Euler hit $1B, up from $100M in early February

⏫ Bitcoin Weekly High: $108,432
⬇️ Bitcoin Weekly Low: $98,914

⏫ Ethereum Weekly High: $2,501
⬇️ Ethereum Weekly Low: $2,172


June 30th to July 6th Upcoming Events

June 30 - SUI, $126M token unlock 🔓
July 2 - ENA, $11M token unlock 🔓
July 3 - US unemployment announcement 🇺🇸

*Nota Bene

Markets recovered over the course of the week as the Israel-Iran ceasefire appeared to remain intact. BTC is trading 7% higher WoW at the time of writing while the S&P500 has hit all-time highs.

ETF flows also highlighted the general optimism as US BTC ETFs amassed a whooping $2.2B while ETH ETFs drew in $172M worth of inflows. Globally, digital asset investment products saw over $2.5B worth of inflows last week, which also marked 11 weeks of consecutive inflows.

Looking forward, the positive momentum will likely continue in the week ahead with geopolitics once again most likely to be the biggest risk to upward moves. This could be either in the form of negative news around the US-Canada trade war or a flare up in the conflict in the middle east.

July Weekly Update #1

June 30th to July 6th Recap

▫️Strategy acquired an additional 4,980 BTC for $531.9M at $106,801 per BTC

▫️Robinhood launched stock tokens, & revealed layer 2 blockchain based on ARB

▫️Supreme Court rejected bid to protect Coinbase user data from IRS

▫️Kazakhstan announced national cryptocurrency reserve plan using state-mined coins

▫️Metaplanet bought 1,005 BTC to reach 13,350 BTC in total holdings & issued $208M in bonds for further purchases

▫️Russian state giant Rostec announced ruble-pegged stablecoin, payment platform on Tron plan

▫️NY bankruptcy judge gave Celsius the green light to pursue $4.3B lawsuit against Tether

▫️Circle applied for US National Trust Bank license

▫️Public companies bought more BTC than ETFs did for the 3rd consecutive quarter

▫️First spot SOL staking ETF, $SSK, ended 1st day with $33M in volume & 12M in inflows

▫️Coinbase bought token manager Liquifi in 4th acquisition YTD

▫️Trump-backed American Bitcoin raised $220M for BTC mining

▫️SEC approved conversion of Grayscale Digital Large Cap Fund into BTC, ETH, XRP, SOL & ADA ETF

▫️Bit Digital raised $163M from share offering to fund ETH treasury

▫️BitMine Immersion Technologies announced $250M private placement to initiate ETH treasury strategy

▫️DeFi Development announced $112M convertible note plan to acquire SOL & repurchase shares

▫️SOL CME Futures volume hit a new ATH of 1.75M contracts

▫️Base revealed to have accounted for 67% of L2 fees in 2025

⏫ Bitcoin Weekly High: $110,498
⬇️ Bitcoin Weekly Low: $105, 404

⏫ Ethereum Weekly High: $2,631
⬇️ Ethereum Weekly Low: $2,396


July 7th to 13th Upcoming Events

June 11 - IMX, $10M token unlock 🔓
July 12 - APT, $50M token unlock 🔓


*Nota Bene

The passing of Trump's landmark 'big beautiful bill' was the most noteworthy news in the week as BTC traded 1% higher WoW. In addition, the market's reaction to the news of massive government spending was displayed as US BTC ETFs amassed $1.01B in the 2 trading days after the bill passed. This was also during a shortened US trading week due to July 4th holiday with BTC ETFs recording $769.5M net inflows for week.

ETH ETFs attracted another $219M amid a slew of positive announcements at EthCC with arguably the biggest being Robinhood launching tokenized equities for EU investors on Arbitrum. Globally, digital asset products saw $1.03B in weekly inflows, marking a 12th week of consecutive inflows.

With the Trump administration moving the July 9th tariff deadline to August 1st, prior expectations of a volatile week due to tariff announcements/misses have now shifted to expectations of sideways moves in the week ahead. It remains to be seen if institutional BTC buying continues in the week due to US fiscal spending fears. We will also be looking out for any US policy developments as the 14th July commences the House Committee on Financial Services' Crypto Week.

July Weekly Update #2

July 7th to 13th Recap

▫️Close to $1B of shorts liquidated on Thursday as BTC broke past $115k

▫️CoreWeave announced acquisition of crypto miner Core Scientific with $9B all-stock deal

▫️Nasdaq-listed BioSig merged with Streamex & arranged $1.1B in financing to tokenize commodities

▫️Metaplanet bought an additional 2,205 BTC for almost $239M, taking total holdings to 15,555 BTC

▫️Pump. fun confirmed $600M sale & token airdrop, however EU residents barred

▫️BTC ETF dominance hit a new ATH of just over 30%

▫️Sequans closed $384M strategic investment to launch BTC treasury

▫️Onchain perpetuals exchange GMX suffered $42M exploit, hacker then agreed to return funds for $5M bounty

▫️Japan's Remixpoint raised $215M to expand BTC treasury

▫️Bit Digital swapped entire treasury into ETH, now a top public ETH holder after $172M raise

▫️Crypto miner BIT Mining announced pivot to Solana & plan to raise $300M for SOL treasury

▫️Percentage of long-term holders hit a 15-year high at 74% of the total BTC supply

▫️Trump's Truth Social filed S-1 for Crypto Blue Chip ETF, assets include BTC, ETH, SOL, XRP & CRO

▫️SharpLink Gaming completed direct purchase of 10,000 ETH from the Ethereum Foundation for $25.7M

▫️Stablecoin startup Agora raised $50M, Series A led by Paradigm & Dragonfly

▫️Percentage of total ETH supply staked hit a new ATH of 29%

▫️Usage of CoWSwap on ETH & Gnosis chain hit a new ATH

▫️Stablecoins revealed to be used for around $800B in tx volume per month

▫️ETH devs announced Layer 1 zkEVM rollout plan

⏫ Bitcoin Weekly High: $119,089
⬇️ Bitcoin Weekly Low: $107,746

⏫ Ethereum Weekly High: $3,025
⬇️ Ethereum Weekly Low: $2,505


July 14th to 20th Upcoming Events

July 14 - US House Crypto Week 🇺🇸
July 15 - US CPI announcement 🇺🇸
June 15 - STRK, $17.5M token unlock 🔓
July 15 - SEI, $18.3M token unlock 🔓
June 16 - ARB, $37.7M token unlock 🔓
July 18 - TRUMP, $846M token unlock 🔓
June 18 - FTN, $90M token unlock 🔓
July 20 - ZRO, $55.5M token unlock 🔓


*Nota Bene

The last seven days saw generally positive price action as the S&P 500 hit a new all time high & BTC traded 8.6% higher WoW. This was in spite of Trump announcing a spate of new tariffs on countries such as Japan, South Korea, & Mexico. The EU was also hit with a 30% tariff on exports to the US.

Despite this, US BTC ETFs amassed a whopping $2.7B in inflows, while ETH recorded $990M worth of inflows. Globally, digital asset investment products saw inflows worth $3.7B, making last week's total the 2nd largest ever. In addition, July 10th recorded the 3rd highest daily inflow ever with the positive flow of funds also marking the 13th consecutive week of inflows, bringing year-to-date (YTD) inflows to $22.7B.

Looking forward, there could be a slew of significant announcements this week as the 14th of July commences the House Committee on Financial Services' Crypto Week. Further announcements regarding stablecoins could be on the table as well as advances regarding digital asset regulatory enforcement.

Looking beyond crypto, several large companies are set to produce earnings reports this week, with BlackRock, JPMorgan Chase, Citigroup, Wells Fargo, Bank of America, Goldman Sachs, Morgan Stanley, General Electric, Netflix, & Taiwan Semiconductor Manufacturing Company all set to provide stakeholders with deeper insight into their current financial makeup.

As a result, the right mix of positive announcements could see markets maintain the upward trend, while the possibility for adverse moves in reaction to "negative" news from the White House remains a possibility.

July Weekly Update #3

July 14th to 20th Recap

▫️Strategy acquired an additional 4,225 BTC for $472.5M at $111,827 per BTC

▫️Trump signed stablecoin GENIUS Act & US House of Representatives passed the Clarity Act

▫️Nasdaq filed application to allow staking for iShares ETH Trust

▫️The US DOJ & CFTC ended Polymarket investigations

▫️Trump commenced preparation to open $9T US retirement market to crypto investments

▫️Strategy revealed to hold 3% of all BTC in circulation

▫️Coinbase launched Base App, an all-in-one social & trading platform

▫️Sonnet BioTherapeutics agreed to $888M merger, become Hyperliquid Strategies, & launch HYPE treasury

▫️ETH surpassed BTC in global perps volume, in 1st with $90.82B, BTC in 2nd with $82.93B

▫️BitMine Immersion acquired 163,000 ETH after $250M raise

▫️Bit Digital acquired 19,683 ETH, growing treasury to over 120,000 ETH

▫️BTC treasury companies reached holdings over 50% of the amount of supply held in all ETFs combined

▫️Trump Jr.-backed Thumzup Media received board approval for $250M treasury in BTC, XRP, & DOGE

▫️SharpLink Gaming acquired $73M, $68M, & $118M worth of ETH via various purchases & filed for $5B share offering

▫️ Aave surpassed $50B in net deposits

▫️DEX volume revealed to be tied 50/50 between SOL & ETH/rollup stack

▫️Total DeFi TVL hit $138.5B, the highest level since May 2022

▫️US-listed miners' share of BTC hashrate reached a new ATH

⏫ Bitcoin Weekly High: $122,776
⬇️ Bitcoin Weekly Low: $116,131

⏫ Ethereum Weekly High: $3,815
⬇️ Ethereum Weekly Low: $2,945


July 21st to 27th Upcoming Events

July 21 - Coinbase launches Perpetual Futures in the US 🇺🇸
June 25 - VENOM, $13M token unlock 🔓


*Nota Bene

The signing of the Genius Act & further positive developments in US crypto legislation & market structure led the way in terms of industry news during a positive week for global crypto markets. Significantly, markets remained resistant to US trade tariff announcements and escalations in the Middle East.

ETH proved to be the big winner trading 25% up WoW at the time of writing. US BTC ETFs amassed $2.4B in inflows with ETH ETFs a close 2nd with $2.1B worth of inflows.

ETH's 2025 inflows have already surpassed the total for 2024 at $6.2B & last week's inflows were close to double the amount of any previous week on record.

Globally, digital asset investment products recorded their largest weekly inflows on record, totalling $4.39B, beating the post-US election peak of $4.27B set in December 2024.

ETH's positive price action continues to benefit from a growing number of corporations opting for an ETH corporate treasury strategy with most also planning to stake their acquired ETH. Additionally basis trades (currently long spot, short futures) on ETH continue to be profitable for hedge funds further stimulating the positive trend.

With Trump possibly reiterating his calling for Fed Chair Powell's removal over rate-cut disagreements, markets might consolidate over the next few days as a wait-and-see posture ahead of the interest rate announcement scheduled for the following week.

As a result, the right mix of positive announcements could see markets maintain the upward trend, while the possibility for adverse moves in reaction to "negative" news from the White House remains a possibility.

July Weekly Update #4

July 21st to 27th Recap

▫️Strategy acquired an additional 6,220 BTC for $739.8M at $118,940 per BTC

▫️Strategy announced IPO of 5 million shares of STRC stock

▫️Trump Media announced its BTC treasury purchases reached $2B

▫️Galaxy completed an 80,000 BTC sale (worth over $9B) belonging to an investor from the Satoshi era

▫️FBI ended investigation of Kraken founder Jesse Powell

▫️FTX announced the record date for the Next Distribution is September 30, 2025

▫️Over 30% of the BTC supply revealed to have not moved in over five years

▫️Coinbase made “perpetual-style” futures contracts available to US retail investors

▫️Global liquidity relative to BTC supply hit a 12-year high, with $5.7M in global M2 supply per BTC in circulation

▫️Pantera backed Ether Machine raised $1.5B for ETH investment company

▫️Weekly trading volume on crypto treasury vehicles (US public) hit a 7 month high at $41.1B

▫️BitMine Immersion’s ETH holdings doubled to more than $2B

▫️Corporate treasuries revealed to have added 825k ETH ($3B) & 2.95M SOL ($531M) in 2025

▫️Nasdaq-listed electric car maker Volcon closed $500M raise for BTC treasury strategy

▫️SharpLink purchased 79,949 ETH between Jul 14 - Jul 20 at an average of $3,238 (total: $258M)

▫️Ethena Foundation announced intention to complete $260M open market purchase of ENA, around 8% of circulating supply

▫️ cbBTC hit $6B Market Cap, 39.5% of WBTC's Market Cap

▫️Ethena's USDe supply hit a new ATH high of 6.12B

▫️ETH hit a new ATH in daily gas usage

▫️USDC on Hyperliquid doubled to hit $4.9B

⏫ Bitcoin Weekly High: $119,997
⬇️ Bitcoin Weekly Low: $115,145

⏫ Ethereum Weekly High: $3,843
⬇️ Ethereum Weekly Low: $3,523


July 28th to August 3rd Upcoming Events

July 30 - US interest rate decision 🇺🇸
July 30 - US Crypto working group 180-day report released🇺🇸
July 30 - Ethereum's 10th Anniversary Livestream at 2:30 UTC🦄
July 31 - OP, $23M token unlock 🔓
August 1 - SUI, $170M token unlock 🔓
August 2 - ENA, $23M token unlock 🔓


*Nota Bene

As suggested in our last summary, after a steep rally upwards markets consolidated over the past week with BTC trading at $119k at the time of writing. This consolidation trend was also mirrored by BTC ETF flows as US BTC ETFs amassed just $73M in inflows. However, ETH ETFs continued to go on a tear with another week of massive inflows with US ETFs attracting $1.8B worth of inflows.

Globally, digital asset investment products saw around $1.9B worth of inflows last week, with ETH doing most of the heavy lifting. This came off the back of Ether Machine among other corporations announcing ETH-backed treasury strategies.

Looking forward, while most experts expect US interest rates to be held steady in the July 30th meeting, expect volatility around the announcement as the Fed Chair sheds light on the rest of the year plans.

August Weekly Update #1

July 28th to August 3rd Recap

▫️Strategy acquired an additional 21,021 BTC for $2.46B at $117,256 per BTC

▫️Strategy filed for $4,2B STRC offering to fund BTC purchases

▫️SEC launched Project Crypto initiative to modernize securities rules & enable American leadership in digital finance

▫️Over $1B worth of liquidations on Friday as BTC fell below $115k

▫️SEC permitted in-kind creations & redemptions for crypto ETPs

▫️US appeals court overturned ex-OpenSea product manager's NFT insider trading conviction

▫️PayPal opened up service to let U.S. merchants accept payment in more than 100 cryptos

▫️Coinbase disclosed 2,509 BTC acquisition in Q2, & plan to offer tokenized stocks & prediction markets for U.S. users

▫️Tron Inc. files for issuance of up to $1B in mixed securities

▫️Tether reported a $4.9B net profit for Q2 & $127B worth of US Treasuries holdings

▫️Metaplanet bought 780 BTC for $92.5M & announced $3.7B stock offering

▫️New Ether treasury firm 'ETHZilla' emerged with $425M funding

▫️SOL treasury company Upexi entered into $500M credit agreement to fund additional SOL buys

▫️SharpLink Gaming bought $295M of ETH, moved total holdings to over 438,000 ETH

▫️Mill City bought 76.3 million SUI after closing $450 million private placement & planned additional $500M raise

▫️ 10X Capital & YZi Labs led $500M offering to establish BNB treasury

▫️DeFi sector TVL hit a 3-year high of $153B, with ETH leading nearly 60% of the market share

▫️ETH validator exit queue reached highest point ever at 744k validators

▫️Ethereum Foundation announced 10 year plan, aiming for 10K TPS & quantum resistance

⏫ Bitcoin Weekly High: $119,479
⬇️ Bitcoin Weekly Low: $112,158

⏫ Ethereum Weekly High: $3,915
⬇️ Ethereum Weekly Low: $3,372


August 4th to 10th Upcoming Events

August 8 - IMX, $12.5M token unlock 🔓

*Nota Bene

At the time of writing, BTC trades at $114k, down 4% WoW as Trump's latest round of global tariff announcements spooked investors in both traditional & crypto markets.

The tariff news alongside a weak US jobs report showed in ETF flows as US ETFs lost $926M on Thursday & Friday. This was despite inflows of $284M up until Wednesday. Over the course of the week US BTC ETFs recorded $642.9M worth of outflows while US ETH ETFs drew in $154M. Globally, digital asset investment products saw $223M in outflows as close to $200M worth of buying in Hong Kong brought the outflow total down.

With regards to macro, as expected, despite criticism from the White House, the Fed kept rates steady while keeping the door open to 2 rate cuts for the remainder of the year. On the regulatory front, both the 180-day report from the White House working group & the SEC Chair Atkins' letter are bullish for crypto & promise unprecedented support to further develop the US crypto sector.

With no known significant catalysts in the week ahead, any dramatic trade tariff related news ahead of tariffs taking effect on August 7th could swing prices in either direction.

August Weekly Update #2

August 4th to 10th Recap

▫️Strategy made no additional BTC purchases with its total holdings standing at 628,791 BTC, acquired for $46.8B, at an average price of $73,227 per BTC

▫️Fundamental Global Inc filed $5B shelf offering, intends to use proceeds to acquire ETH

▫️President Trump signed an executive order allowing 401(k) investors to access digital assets, & an order to stop 'unfair banking' of crypto industry

▫️Digital assets revealed to be the fastest-growing alternative asset sector, with $60B of cash injection up to the end of July 22

▫️SEC declared liquid staking to be outside of securities laws in guidance update following ‘Project Crypto’ initiative

▫️Tornado Cash creator Roman Storm found guilty on money transmitting charge

▫️El Salvador passed new legislation which legalized BTC Banks

▫️UK BTC treasury firm Satsuma raised $218M in convertible note round backed by Kraken

▫️Chainlink announced plan to use revenue to form LINK token reserve, with tokens bought off market

▫️Verb Technology Co. announced $558M private placement with Kingsway Capital to form 1st publicly traded TON treasury company

▫️Nasdaq-listed Cosmos Health entered $300M facility for ETH treasury strategy

▫️Ripple announced $200M acquisition of stablecoin platform Rail

▫️SharpLink acquired 83,561 ETH for $264.5M at an average price of $3,634

▫️Base’s daily token issuances outpaced SOL fueled by surge in Zora creator coins

▫️ 40% of all blockchain fees revealed to be paid to send USDT across nine chains

▫️Ethena’s USDe jumped to 3rd largest stablecoin as market cap surged 75% to $9.3B since July

▫️SOL DApps generated $1.6B in revenue in H1 of 2025, 4x higher than H1 2024

▫️Hyperliquid recorded its highest-ever monthly trade volume in July

▫️ETH's daily transactions reach new ATH of 1.74M, surpassing 2021 peak

⏫ Bitcoin Weekly High: $118,994
⬇️ Bitcoin Weekly Low: $112,790

⏫ Ethereum Weekly High: $4,319
⬇️ Ethereum Weekly Low: $3,560


August 11th to 17th Upcoming Events

August 12 - US CPI announcement 🇺🇸
August 12 - APT, $52.7M token unlock 🔓
August 15 - AVAX, $40M token unlock 🔓
August 15 - STRK, $17M token unlock 🔓
August 15 - SEI, $17.5M token unlock 🔓
August 15 - FTX creditor distribution 🪂
August 16 - ARB, $43M token unlock 🔓
August 17 - APE, $10M token unlock 🔓

*Nota Bene

The last 7 days were generally a great week for crypto as the total market cap crossed $4T. ETH was a big winner gaining a whooping 21% WoW & crossing the $4300 mark. This rebound mostly came towards the end of the week in a positive response to Trump's global tariff announcements spooking both tradfi & crypto markets the week prior.

US ETF flows reflected the sentiment shift as BTC ETFs drew in $253M while US ETH ETFs recorded $327M worth of inflows over the week. This was despite significant outflows on both Monday & Tuesday & globally digital asset products saw over $570M worth of inflows.

Aside from the US-China tariff relief deadline looming, the US inflation announcement on Tuesday is the macro indicator to watch out for as a cool report could result in both higher crypto & equity markets prices. But with a lack of any crypto-specific catalysts in the week ahead, investors should also be cautious of potential downside risk.

August Weekly Update #3

August 11th to 17th Recap

▫️Strategy acquired an additional 155 BTC for $18.0M at $116,401 per BTC

▫️Bitmine Immersion expanded its offering by $20B to acquire more ETH

▫️US Treasury Secretary Bessent stated govt won't buy BTC for strategic reserve but will retain seized assets

▫️Crypto firm Bullish raised $1.1B in IPO priced over range

▫️CME ETH futures volume shown to have hit a record $118B in July

▫️Circle announced plan to launch Layer 1 blockchain Arc using USDC as native gas token

▫️Do Kwon pled guilty to US fraud charges in $40B Terra collapse

▫️Paxos announced it's applying for trust bank license with U.S. OCC

▫️Stripe revealed to be building Tempo blockchain with crypto VC Paradigm

▫️Digital Currency Group filed lawsuit against subsidiary Genesis over $1.1B promissory note

▫️Bank of America, Citadel, Société Générale & DTCC collaborated on 1st US treasury financing against USDC on Canton Network

▫️CEA Industries bought $160M in BNB, to become largest publicly listed company by holdings

▫️Coinbase relaunched Bootstrap Fund to boost stablecoin liquidity on Aave, Morpho, Kamino, & Jupiter

▫️OKX exchange burnt 279M OKB tokens worth $26B

▫️25% of all staked ETH revealed to be controlled by Lido

▫️Total deposits into lending protocols hit a new ATH of $100B

▫️Hyperliquid revealed to have earned 35% of all blockchain revenue in July 2025

▫️TVL on ETH passed $95B for the first time since Jan 2022

⏫ Bitcoin Weekly High: $124,210
⬇️ Bitcoin Weekly Low: $116,910

⏫ Ethereum Weekly High: $4,776
⬇️ Ethereum Weekly Low: $4,203


August 18th to 24th Upcoming Events

August 18 to 21 - Wyoming Blockchain Symposium 🇺🇸
August 20 - KAITO, $26M token unlock 🔓

*Nota Bene

After a bullish start to the week which saw the total market cap cross $4.2T, the market retraced to hover around $4T on Sunday evening.

With regards to ETFs, while US BTC ETFs amassed "only" $548M in inflows, ETH ETFs were on a tear, collecting over $1B worth of inflows on Aug 11 alone. This led to a stunning weekly total inflow of $2.85B. These figures came on the back of repeated ETH Treasury allocation announcements, the largest coming from Bitmine who revealed an intention to hold up to 5% of the total ETH supply. Amidst these positive announcements ETH currently trades over $4500 (6.7% up WoW). Globally, digital asset investment products saw inflows worth over $3.5B, the fourth largest on record.

With bullish momentum in traditional markets on the back of strong earnings announcements it seems likely that crypto markets will continue trading higher in the week ahead. However, the possibility remains that shorter term market participants may take the opportunity to lock in profits.

August Weekly Update #4

August 18th to 24th Recap

▫️Strategy acquired an additional 430 BTC for $51.4M at $119,666 per BTC

▫️Wyoming state debuted U.S. dollar stablecoin on 7 blockchains

▫️SharpLink authorised $1.5B stock buy back program

▫️Tether appointed ex White House crypto council executive director Bo Hines as strategic advisor

▫️KindlyMD acquired 5,744 BTC for $679M to expand Nakamoto BTC treasury

▫️DBS launched tokenized structured notes on ETH

▫️Spot BTC ETF assets shown to have ended Q2 at a record $134.6B

▫️US DOJ official declared 'Writing code without ill intent is not a crime,' following Tornado Cash verdict

▫️MetaMask announced mUSD stablecoin on ETH & Linea, issued by Stripe-owned Bridge

▫️VanEck proposed JitoSOL ETF, potentially premiering crypto staking fund

▫️Hong Kong construction company Ming Shing entered $483M agreement to buy 4,250 BTC

▫️SharpLink acquired 143,593 ETH for $667.4M at $4,648, taking total holdings to 740,760 ETH

▫️Verb Technology, (Ton Strategy Company), acquired $713M worth of TON

▫️Digital asset treasuries (DATs) revealed to control over 2% of the total ETH supply

▫️Global perps open interest reached a new ATH of $125.51B with ETH holding a 34.35% share, while the altcoin share hit 55%

▫️50% of all USDC transfers revealed to occur on SOL

▫️Aave surpassed $69B in total market size with ETH holding 90% of liquidity

▫️Base reached new ATHs in TVL ($5B) & Stablecoin market cap (~$4B)

▫️Ethena crossed $500M in cumulative gross interest revenue

⏫ Bitcoin Weekly High: $117,370
⬇️ Bitcoin Weekly Low: $112,024

⏫ Ethereum Weekly High: $4,873
⬇️ Ethereum Weekly Low: $4,073


August 25th to 31st Upcoming Events

August 26 - VENOM, $9M token unlock 🔓
August 28 - JUP, $25M token unlock🔓
August 31 - OP, $22M token unlock🔓

*Nota Bene

The market fluctuated around the $4T mark last week, as Fed Chairman Powell hinted at an interest rate-cut during the upcoming September 17-18 meeting. Despite this, US BTC ETFs experienced significant sell offs and lost a cumulative $1.18B which was also reflected in the spot BTC price as it closed out 4% lower WoW.

Conversely, US ETH ETFs lost $241M over the course of the week, however, ETH continued it's strong run going on to surpass its 2021 ATH price of $4,884, & close out 7% up WoW. Globally, digital asset investment products saw over $1.4B in outflows, with ETP trading volumes spiking at $38B.

The discrepancy in price action between the top 2 digital assets could be due to ETF & spot investors rotating from BTC to ETH & others in anticipation of an altcoin season. As Powell's address was on Friday, it's likely that traditional markets continue to trade up at the start of next week & crypto follows suit once sellers have been exhausted.

September Weekly Update #1

August 25th to 31st Recap

▫️Strategy acquired an additional 3,081 BTC for $356.9M at $115,829 per BTC

▫️Trump Media Group entered into agreement for $6.42B CRO digital asset treasury partnership

▫️Numerai announced a $500M commitment from JPMorgan Chase

▫️Philippines proposed a 10,000 BTC strategic reserve with 20-year lockup

▫️US Department of Commerce announced plan to issue statistics on the blockchain

▫️Galaxy, Jump, & Multicoin sought $1B for SOL reserve & Pantera Capital sought $1.25B for SOL treasury firm

▫️CFTC announced plan to create pathway for US citizens to trade on offshore exchanges such as Binance, Bybit, OKX

▫️Ex-Polymarket team launched onchain prediction markets with $15M round

▫️Bitwise filed for a spot LINK ETF & Grayscale filed S-1 with SEC to convert Avalanche Trust into spot AVAX ETF

▫️Sharps Technology announced $400M private placement for SOL treasury

▫️SharpLink acquired 56,533 ETH for $252M at $4,462 taking total holdings to 797,704 ETH

▫️Former Bitmain execs announced BNB treasury firm with YZi Labs backing, targeting a $1B raise

▫️Crypto startup M0 raised $40M to build stablecoin network

▫️Jump Trading alums raised $20M for aPriori high-frequency trading tools startup

▫️World Liberty Fi became the 5th biggest stablecoin issuer in the market

▫️Total stablecoin market cap hit a new ATH $280B

▫️Hyperliquid's spot & perp monthly volumes shown to have passed Robinhood's trading volume in May ($256B) & June ($231B)

▫️Late August saw the 3rd highest DEX volume ever, surpassed only by two weeks in January

▫️ETH onchain volume topped $320B in August, highest since mid-2021

⏫ Bitcoin Weekly High: $113,352
⬇️ Bitcoin Weekly Low: $107,727

⏫ Ethereum Weekly High: $4,779
⬇️ Ethereum Weekly Low: $4,266


September 1st to 7th Upcoming Events

September 1 - WLFI Token Generation Event 🚀
September 2 - ENA, $25M token unlock 🔓
September 5 - IMX, $12.2M token unlock🔓
September 5 - US employment announcement 🇺🇸


*Nota Bene

BTC is trading 2% down WoW & hovering around $109k at the time of writing as a tech stock led sell-off in US equities on Friday spread to crypto. This took place after the markets had traded sideways for most of the week. Friday also marked the end of the summer in the US & the start of a holiday weekend which may explain the general sluggishness in the markets. However, a late frenzy of activity saw US ETH ETFs post a record $7B in trading volume on Friday.

ETH ETFs continued their strong pull with $1.08B amassed during the week as multiple ETH DAT's such as SharpLink announced purchases. As a result, US ETH ETFs recorded total net inflows of approximately $3.87B in August. US BTC ETFs gained $441M during the week while globally, digital asset investment products recorded over $2B worth of inflows with funds also flowing into SOL & XRP.

With no known crypto-specific catalysts in the week ahead it's quite likely that crypto trades alongside equities namely the S&P500 & FTSE100 (still close to ATH). However, with September a notoriously bad performer for digital assets, traders may get itchy fingers and look to preserve capital rather than chase gains.

September Weekly Update #2

September 1st to 7th Recap

▫️Strategy acquired an additional 4,048 BTC for $449.3 million at $110,981 per BTC

▫️Trump family’s World Liberty Financial token started trading with $30B valuation

▫️Nasdaq approved SOL Strategies for Sept 9 listing

▫️Global corporate BTC holdings crossed 1 million BTC for the first time

▫️DeFi (44.6%), RWAs (38.7%), & Stablecoin platforms (38.6%) revealed to be the best performers of 2025

▫️Sora Ventures launched $1B fund to support BTC treasury firms in Asia

▫️U.S. SEC & CFTC combine to clear registered firms for spot crypto trading

▫️Ether Machine raised $654M in private Ether financing

▫️BitMine acquired $65M worth of ETH via Galaxy Digital

▫️Winklevoss twins back EU BTC fund Treasury BV in $147M deal

▫️SharpLink acquired 39,008 ETH for $177M at $4,531 taking total holdings to 837,230 ETH

▫️Etherealize raised $40M to expand Wall Street’s use of ETH

▫️IP tokenization platform Aria raised $15M at $50M valuation

▫️PayPal & General Catalyst lead $18M investment in crypto AI startup Kite

▫️CEA Industries bought $33M worth of BNB, & expanded holdings to 388,888 BNB

▫️Liquid staking tokens hit a record TVL of $86B last week & accounted for over 50% of the DeFi market

▫️Hyperliquid posted highest monthly revenue in August, surpassing $100M

▫️Quarterly DEX trading volumes revealed to have surpassed $1T in Q2

▫️ETH Developers introduce mechanism to tokenize burned ETH as BETH

⏫ Bitcoin Weekly High: $113,124
⬇️ Bitcoin Weekly Low: $107,403

⏫ Ethereum Weekly High: $4,483
⬇️ Ethereum Weekly Low: $4,255


September 8th to 14th Upcoming Events

September 10 - LINEA Token Generation Event 🚀
September 11 - APT, $49.5M token unlock 🔓
September 11- US inflation announcement 🇺🇸


*Nota Bene

Markets mostly traded sideways last week with BTC trading up 2% WoW at time of writing. This was despite a weaker than expected US employment report that raised concerns about a potential economic slow down.

During a shortened US trading week due to Labor Day Monday, US BTC ETFs gained $250M while ETH ETFs experienced over $750M worth of outflows despite consecutive previous weeks of strong inflows. Germany posted strong inflows of $85M, however, globally digital asset investment products lost over $350M across the week.

Looking forward Macro indicators, such as US inflation reporting, are likely to serve as market price catalysts. This is due to participants deciding if fundamental bad news is actually Fed action good news that leads to rate cuts later this month.

September Weekly Update #3

September 8th to 14th Recap

▫️Strategy acquired an additional 1,955 BTC for $217.4M at $111,196 per BTC

▫️Forward Industries closed $1.65B private placement led by Galaxy Digital, Jump Crypto, & Multicoin Capital to initiate SOL treasury strategy

▫️An NPM developer hack led to a large scale crypto supply chain attack

▫️ETH's CEX spot volume surpassed BTC for the first time in 5 years

▫️Wall Street giant Cantor debuted BTC fund with gold insurance

▫️Strategy revealed to now hold 3% of the total BTC supply

▫️Tether unveiled USAT, its U.S.-regulated dollar-backed stablecoin, with Bo Hines as CEO of Tether USAT

▫️Grayscale filed an S-3 for a BCH ETF & LTC ETF & an S-1 for a HBAR ETF

▫️Galaxy Digital added $530M in SOL

▫️Ethena announced Binance partnership which enables USDe reward bearing collateral for futures & perpetuals trading & USDe spot pairs

▫️Crypto exchange volume shown to have hit $1.8T in August, highest monthly level since January

▫️MegaETH launched native USDm stablecoin with Ethena to subsidize sequencer fees

▫️Eightco Holdings announced $250M private placement to initiate Worldcoin treasury strategy

▫️Hyperliquid’s Unit revealed to have surpassed $1B TVL in August

▫️ LINK shown to control 62% market share among oracles ranked by total value secured,

▫️SOL reached a new ATH in TVL, surpassing $12B

▫️Data showed August ended as the highest DEX volume month ever, with $508B in total volume

▫️Consensys’ ETH L2 Linea launched TGE with 9.4 billion token airdrop

⏫ Bitcoin Weekly High: $116,700
⬇️ Bitcoin Weekly Low: $110,053

⏫ Ethereum Weekly High: $4,761
⬇️ Ethereum Weekly Low: $4,255


September 15th to 21st Upcoming Events

September 16 - ARB, $48M token unlock 🔓
September 17 US interest rate announcement🇺🇸
September 18 - FTN, $90M token unlock 🔓
September 20 - VELO, $45M token unlock 🔓
September 21 - OP, $90M token unlock 🔓


*Nota Bene

The markets traded up last week with the total market cap crossing $4T & BTC trading up 4% WoW. This positive momentum also showed in US ETF flows as BTC ETFs amassed $2.32B while US ETH ETFs drew in $637M. Globally, digital asset investment products recorded inflows worth close to $3B as Germany recorded $160M worth of inflows which were slightly offset by $92M worth of outflows in Switzerland.

Last weeks performance in both crypto & equity markets made it clear that observers are viewing the weaker economic data (weak jobs report, sticky US inflation) as a glass half full situation. This is due to the fact that there is a strong expectation of a rate-cut at this weeks Fed meeting, & this was priced in accordingly.

In addition. the blowout earnings announced by Broadcom & Oracle signalled that there may be sizeable AI-related growth yet to come as a counter to fears of recession in the broader economy.

Looking forward much depends on the upcoming Fed announcement in terms of the sentiment & comments that accompany the widely expected rate cut. Even allowing for a cut, any significantly hawkish or dovish statements will result in expected volatility over the subsequent trading days.

September Weekly Update #4

September 15th to 21st Recap

▫️Strategy acquired an additional 525 BTC for $60.2M at $114,562 per BTC

▫️Forward Industries purchased 6.82M SOL at a $232 average for $1.58B & announced a $4B at-the-market equity offering program to purchase more SOL

▫️US SEC & Gemini Trust agreed in principle to settle lawsuit over unregistered crypto lending program

▫️FTX Recovery Trust confirmed $1.6B third distribution to take place on September 30, 2025

▫️Binance edged close to deal to escape compliance monitor imposed by DOJ

▫️SEC approved generic listing standards for ETFs, allowing for digital asset listings without explicit approval

▫️CME Group announced intention to launch options on SOL & XRP futures on October 13, 2025

▫️SEC approved Grayscale's multi-crypto fund with XRP, SOL & ADA

▫️Bitwise filed S-1 for AVAX ETF

▫️ARK Invest backed Solmate SOL DAT announced $300M private placement

▫️Bitfinex-backed Plasma blockchain announced plan to launch mainnet & XPL token next week

▫️Digital asset treasuries (DATs) revealed to have accumulated over $25B this quarter, with 54% of flows to ETH

▫️ZKsync-based hybrid DEX GRVT raised $19M in Series A round

▫️ETH's stablecoin supply hit a record $166B

▫️Hyperliquid shown to account for 14% of Binance's trading volume

▫️BTC fee revenue hit multi-year lows at an average just under $500K in daily fee revenue ($179M annualized)

▫️The top 20 wallets on AAVE revealed to have driven 32.1% of all borrowing over the past year

▫️TVL on derivatives DeFi platforms hit a new ATH of over $6.4B

▫️ETH Fusaka upgrade set for December 3 mainnet launch

⏫ Bitcoin Weekly High: $117,849
⬇️ Bitcoin Weekly Low: $114,705

⏫ Ethereum Weekly High: $4,748
⬇️ Ethereum Weekly Low: $4,429


September 22nd to 28th Upcoming Events

September 25 - Plasma Mainnet Beta release & XPL TGE 🚀
September 28 - JUP, $25M token unlock 🔓

*Nota Bene

The markets initially rose leading up to the news of a Fed quarter point interest rate cut on Wednesday. However, the crypto market ended the week down with BTC & ETH trading 1% & 7% down WoW respectively at the time of writing.

This was despite US BTC ETFs amassing $887M while US ETH ETFs drew in $557M. Globally, digital asset investment products saw over $1.7B worth of inflows as SOL & XRP accounted for $127.3M & $69.4M of inflows respectively.

It's worth noting that the staked ETH validator exits conducted by enterprise staking company Kiln as a precautionary "de-risking" measure after the SwissBorg SOL hack meant that the ETH validator exit queues spiked to 45 days. This may partly be the cause for the sharp drop in ETH price as large-holders price in operational risk. This was of course compounded by significant selling over the weekend when tradfi is traditionally absent & volumes are lower.

This will continue to be an interesting development to keep an eye on as ETH DATs & Staked ETH ETFs come to a decision on what percentage of their holdings is optimal to stake.

With the Fed meeting behind us and no obvious near-term catalysts the week ahead might primarily involve markets trading sideways unless a further shake out sends the market lower.

September Weekly Update #5

September 22nd to 28th Recap

▫️Strategy acquired an additional 850 BTC for $99.7M at $117,344 per BTC

▫️BitMine acquired 234,850 ETH over the week taking total ETH holdings to 2.651M tokens > than 2% of the total ETH supply. With total cash + crypto holdings worth $11.6B.

▫️US SEC announced plan to introduce an “innovation exemption” by December, allowing crypto firms to launch products faster

▫️FTX Trust sued Genesis Digital over $1.15B

▫️CFTC launched tokenized initiative allowing derivatives traders to post stablecoins as collateral

▫️Kraken closed $500M funding round valuing company at $15B

▫️Cloudflare launched NET Dollar, a new U.S. dollar-backed stablecoin & x402 Foundation with Coinbase to drive agent payments

▫️Digital asset treasury (DAT) companies revealed to have raised over $20B in 2025

▫️Vanguard finally explored crypto ETF access for brokerage clients

▫️Bitwise filed for HYPE ETF

▫️Tether began raising funds at a $500B valuation, looking for initial $20B in funding

▫️Vivek Ramaswamy's Strive & Semler Scientific announced BTC treasury merger in all-stock transaction

▫️Crypto treasury companies revealed to have accumulated $105b of assets

▫️Crypto startup Zerohash raised $104M from Morgan Stanley, SoFi, Apollo & others

▫️Coinbase, Sony & Samsung backed $14.6M round for stablecoin startup Bastion

▫️Raiku raised $13.5M to bring 'guaranteed' transactions on SOL

▫️Stablecoin supply hit a new ATH $283.2B with monthly stablecoin senders also at an ATH of 25.2M

▫️BTC treasury companies revealed to have bought an average of 1,428 BTC per day in September, the lowest pace since May

▫️New data showed for the past year, ETH, SOL, & BSC have accounted for a min of 87% of monthly DEX volume market share on Layer 1s

▫️L2 volume on UNI reached a new yearly ATH of $311.5B


⏫ Bitcoin Weekly High: $113,806
⬇️ Bitcoin Weekly Low: $108,795

⏫ Ethereum Weekly High: $4,451
⬇️ Ethereum Weekly Low: $3,839


September 29th to October 5th Upcoming Events

September 30 - OP, $20M token unlock 🔓
October 1 - Senate finance committee crypto taxes hearing 🇺🇸
October 1 - SUI, $140M token unlock 🔓
October 1 - EIGEN, $53M token unlock 🔓
October 2 - ENA, $22M token unlock 🔓
October 3 - IMX, $16.7M token unlock 🔓
October 3 - US unemployment report 🇺🇸

*Nota Bene

Global markets declined last week as traders feared the recent positive news cycle was already priced into the bullish run while US Q2 GDP & durable goods figures were revised up. This weakness was highly illustrated in crypto markets as BTC trades 4% down while ETH is 9% down WoW at the time of writing.

ETFs mirrored the change in sentiment as US BTC ETFs racked up $898M worth of outflows while ETH ETFs saw outflows worth $796M. Internationally, Switzerland saw $126.8M worth of inflows, while Canada & Germany saw $58.6 & $35.5M worth of inflows respectively. As a result, globally, digital asset investment products saw close to $1B worth of inflows.

Looking forward, while this week's drop could result in buy the dip behavior, the impending month-end US government shutdown deadline coupled with Friday's unemployment report means that traders are likely to remain cautious.

October Weekly Update #1

September 29th to October 5th Recap

▫️Strategy acquired an additional 196 BTC for $22.1M at $113,048 per BTC

▫️CME Group announced plan to offer around-the-clock trading for cryptocurrency futures & options

▫️US SEC opened the door for investment advisers to use state trusts as crypto custodians

▫️Metaplanet acquired an additional 5,268 BTC, taking total holdings to 30,823 BTC

▫️Samsung added Coinbase crypto access for 75M Galaxy device users

▫️VisionSys AI launched an up to $2B SOL treasury initiative in partnership with Marinade Finance

▫️Societe Generale’s crypto arm deployed euro & dollar stablecoins on Uniswap, Morpho

▫️Tether revealed to have acquired 8,888 BTC ($1B) in Q3 2025

▫️US BTC ETFs (including GBTC) shown to have taken in a net capital inflow of over $55B to date

▫️VanEck registered Lido Staked ETH ETF in Delaware

▫️Avalanche Treasury Co. struck $675M merger deal to form AVAX DAT

▫️Andre Cronje's Flying Tulip raised $200M at a $1B token valuation

▫️BTC lending platform Lava raised $17.5M, launched new yield product

▫️SOL (24), Base (21), & POL (17) lead the way among chains in prediction markets platforms

▫️Data showed $17B of USDT is being sent wallet to wallet daily, up 130x since 2020

▫️The supply of MetaMask's mUSD stablecoin shown to have increased by around 320% in the past month

▫️New data showed Hyperliquid, Pump, Aerodrome, Jupiter, Sky, M0 comprise over 80% of all DeFi revenue going to token holders


⏫ Bitcoin Weekly High: $125,376
⬇️ Bitcoin Weekly Low: $111,781

⏫ Ethereum Weekly High: $4,605
⬇️ Ethereum Weekly Low: $4,103


October 6th to 12th Upcoming Events

October 10 - LINEA, $29M token unlock 🔓
October 11 - APT, $59M token unlock 🔓
October 12 - ATH, $88M token unlock 🔓


*Nota Bene

Last week proved to be a strong one for crypto markets as BTC crossed $125k & hit a new ATH. Markets rallied following a week of massive ETF inflows as US BTC ETFs amassed $3.24B while ETH ETFs drew in $1.3B. In addition, digital asset products amassed $312M in Germany & a record $563M in Switzerland. As a result, globally digital asset investment products recorded over $5.5B worth of inflows.

The US government shutdown has resulted in a flight towards safe-haven assets & this thesis is supported by Gold prices reaching a new ATH (PAXG trading at $3905 at the time of writing). In the week ahead if the US government shutdown continues then any previously scheduled government agency announcements including October 9th's US unemployment report (often a mover of markets) are unlikely to take place.

October Weekly Update #2

October 6th to 12th Recap

▫️Strategy did not acquire any additional BTC

▫️US President Trump announced 100% tariffs on Chinese imports leading to a 12% market drop & BTC hitting $102k on Binance

▫️Friday saw the largest liquidation event in crypto history as $19B worth of positions were liquidated

▫️BlackRock's IBIT surpassed Deribit as the #1 BTC options venue, its open interest stood at nearly $38B, higher than Deribit's $32B

▫️BTC ETF & derivatives exposure surged by over 63,000 BTC ($7.75 billion) in a single week , the strongest accumulation of 2025

▫️Data revealed that monthly trading volume on perpetual protocols surpassed $1T trillion for the first time in September

▫️NYSE owner Intercontinental Exchange announced deal for $2B stake in Polymarket

▫️Bitmine acquired 202,037 ETH worth over $830M taking total holdings to 3.03M ETH & $12.9B of crypto + cash

▫️Grayscale launched first spot staking crypto ETPs for ETH & SOL in U.S.

▫️S&P introduced Digital Markets 50 crypto index for diversified exposure

▫️Galaxy announced $460M strategic investment from an asset management firm & launched GalaxyOne platform offering crypto, stocks, & 8% yields to US users

▫️GraniteShares Funds filed for 3x levered ETFs that include BTC , ETH, SOL & XRP

▫️The UK, Russia, & Morgan Stanley dropped restrictions on crypto ETNs, crypto activity by banks, & wealth clients owning crypto funds respectively

▫️PayPay acquired 40% stake in Binance Japan

▫️Kalshi prediction market platform raised $300M at $5B valuation

▫️Bit Digital acquired 31,057 ETH, taking total holdings to 150,244 ETH worth around $675M

▫️ETH ETFs shown to account for 15% of spot market volume, up from 3% at launch

▫️Solana Company announced 2.2M SOL holdings worth around $530M

▫️CEA Industries announced holdings of 480,000 BNB & total crypto + cash holdings worth $663M

▫️YZi Labs announced $1B Builder Fund to expand BNB ecosystem

▫️Fluid became the fastest DEX to reach a cumulative volume of $100B on the ETH in 326 days

▫️Coinbase topped $1B in BTC-backed onchain loans

⏫ Bitcoin Weekly High: $126,183
⬇️ Bitcoin Weekly Low: $108,700

⏫ Ethereum Weekly High: $4,741
⬇️ Ethereum Weekly Low: $3,602

October 13th to 19th Upcoming Events

October 13 - CME Group launches options on SOL & XRP Futures 🚀
October 15 -STRK, $17M token unlock 🔓
October 15 - SEI, $12M token unlock 🔓
October 16 - ARB, $31M token unlock 🔓
October 18 - FTN, $40M token unlock 🔓

*Nota Bene

Despite BTC hitting a new ATH of $126k at the start of the week the crypto markets were in for a rude awakening on Friday as Trump announced additional tariffs on China causing a sudden downturn & mass liquidations almost immediately afterwards. Over the next 12 hours markets dropped as much as 12% as BTC fell to $108k before recovering back to $114k at the time of writing.

Due to the strong start to the week the ETF flows paint a rosier picture as US BTC ETFs drew in $2.6B while ETH ETFs amassed $488M in total despite $175M worth of outflows on Friday. The US led the way with regards to inflows, as Switzerland & Germany saw $132M & $53.5M worth of inflows respectively. Globally, digital asset investment products saw inflows of around $3.1B.

Looking forward, the US government shutdown continues as 1000s of federal employees began missing their first bi-weekly paychecks. In addition, the expected unemployment report was not released either. This will continue into the week ahead likely impacting other macro market-moving catalysts such as US production & industrial reports. Unexpectedly gold continued to trade near ATH amid the volatility & uncertainty (PAXG trading at $4015 at time of writing).

Crypto will be expected to try & recover from Friday's shakeout if no new large shorts & adverse developments once again push prices lower.

October Weekly Update #3

October 13th to 19th Recap

▫️Strategy acquired an additional 220 BTC for $27.2 million at $123,561 per BTC

▫️US sought forfeiture of 127,271 BTC ($14B) tied to the "pig butchering" scam run by Chen Zhi

▫️Ripple entered the corporate treasury world with $1B GTreasury acquisition

▫️Huobi founder Li Lin announced intention to lead $1B ETH treasury company

▫️Binance launched $400M “Together Initiative” to support users amid market turmoil & BNB Chain announced $45M BNB airdrop to over 160k addresses who traded memecoins over the past week

▫️Public companies & ETFs shown to now hold 12.2% of the BTC supply

▫️Bhutan announced the anchoring of its national digital identity system on ETH

▫️Bitmine acquired 203,826 ETH worth over $815M taking total holdings to 3.24M ETH & $13.4B of crypto + cash

▫️Investment bank China Renaissance announced $600M raise for BNB crypto treasury

▫️Stripe added stablecoin payments for subnoscriptions

▫️Bitcoin miner Bitfarms filed for $300M convertible note offering

▫️US regulator approved Erebor bank, the cryptobank backed by Peter Thiel & Palmer Lucky

▫️OpenSea pivoted to multi-chain crypto trading hub & set SEA token launch for Q1 2026

▫️Kraken acquired Small Exchange, a CFTC-licensed Designated Contract Market for $100M

▫️Stripe-backed Tempo blockchain raised $500M in round led by Thrive Capital & Greenoaks

▫️DePIN project Daylight raised $75M in equity & loans in round led by Framework

▫️The total ETH holdings of treasury firms & ETFs shown to have hit 12.50M ETH, representing 10.31% of the ETH supply

▫️Total stablecoin supply crossed $300B for the first time

▫️DEX weekly volume hit a new ATH of $180B

▫️Perps volume on SOL revealed to have hit a new record of $43.61B in September

▫️ETH shown to be the #1 ecosystem for new devs in 2025

⏫ Bitcoin Weekly High: $115,952
⬇️ Bitcoin Weekly Low: $103,736

⏫ Ethereum Weekly High: $4,282
⬇️ Ethereum Weekly Low: $3,692

October 20th to 26th Upcoming Events

October 22 -SCR, $14M token unlock 🔓
October 23 - TON, $81M token unlock 🔓
October 23 - SOON, $14M token unlock 🔓
October 23 - OM, $12.2M token unlock 🔓
October 23 - AVAX, $34M token unlock 🔓
October 24 - US inflation announcement (pending US Govt. Shutdown lift) 🇺🇸

*Nota Bene

Uncertainty continued to impact global markets last week & the crypto total market cap dropped 5% WoW. As the majority of the previous week's $19B worth liquidations took place after market close on Friday 10th, the past week's ETF flows reflected the delayed reaction.

As a result. US BTC ETFs lost $1.2B while ETH ETFs saw outflows worth $311M. However, Germany, Switzerland & Canada, recorded inflows of $54.2M, $48.0M & $42.4M respectively. Despite this, globally digital asset investment products recorded outflows in excess of $500M.

The US government shutdown & the uncertainty around its lifting continues to benefit gold in a flight to safety move (PAXG traded 5% up WoW). Looking forward, expect volatility to continue in the week ahead with any major up-moves likely reliant on positive news around the US government shutdown or re-leveraging from traders after the previous week's $19B leverage wipe-out.

October Weekly Update #4

October 20th to 26th Recap

▫️Strategy acquired an additional 168 BTC for $18.8M at $112,051 per BTC

▫️Fed Governor Waller outlined Fed’s shift toward embracing crypto & DeFi

▫️Trump pardoned Binance founder Changpeng Zhao

▫️JPMorgan announced plan to allow BTC & ETH as collateral for institutions

▫️Kraken announced Q3 revenue grew 114% YoY to hit $648M

▫️U.S. retailer Bealls Inc. revealed collaboration with Flexa to push crypto payments at over 660 stores across the U.S.

▫️YouTube rival Rumble teamed with Tether to add BTC tipping for creators

▫️Kadena team exited project, token plunged by 65%

▫️Polymarket CMO confirmed POLY token & airdrop plans

▫️Crypto. com filed National Trust Bank Charter application

▫️Bitmine acquired 77,055 ETH worth over $300M taking total holdings to 3.31M ETH & $14.2B of crypto + cash

▫️ETH ETF inflows surpassed BTC for the 1st time in Q3

▫️SharpLink acquired 19,271 ETH at $3,892 for $75M, bringing total holdings to 859,853 ETH ($3.5B)

▫️Greenlane Holdings announced $110M private placement to initiate Berachain treasury strategy

▫️Crypto trading firm FalconX acquired ETF manager 21shares

▫️Aave DAO proposed a $50M annual AAVE buyback plan & Aave Labs acquired Stable Finance

▫️Coinbase acquired crypto-investing platform Echo for $375M

▫️Hyperliquid Strategies sought $1B raise to expand HYPE treasury

▫️Tether joined $39M funding round in 'programmable' Pave Bank

▫️Tether announced USDT reached 500M total users in October 2025

▫️Solana TVL in terms of SOL reached its highest point in over 3 years

▫️USDT usage on ETH hit a new ATH, monthly tx vol in Sept was $580.9B with a12.5M transfer count

⏫ Bitcoin Weekly High: $114,531
⬇️ Bitcoin Weekly Low: $106,793

⏫ Ethereum Weekly High: $4,173
⬇️ Ethereum Weekly Low: $3,733

October 27th to November 2nd Upcoming Events

October 28 -GRASS, $79M token unlock 🔓
October 28 - JUP, $23M token unlock 🔓
October 29 - Fed interest rate announcement 🇺🇸
October 30 - ZORA, $16M token unlock 🔓
October 31 - OP, $14M token unlock 🔓
November 1 - SUI, $116M token unlock 🔓
November 1 - EIGEN, $42M token unlock 🔓
November 1 - ENA, $20M token unlock 🔓

*Nota Bene

Both TradFi & crypto markets reported upticks to the tune of 2% as inflation in the US & the UK came in lower than expected. However, the US govt shutdown continued into its 4th week.

US BTC ETFs amassed $446M of inflows while ETH ETFs recorded $244M in outflows with a slowdown of ETH DAT related news possibly being a factor. Interestingly, Germany saw $502M worth of inflows while Switzerland recorded $358.9M worth of outflows.

Looking forward, considering the tariff price fears were moderately allayed by the inflation announcement, it's looking likely that the Fed will lower rates by a quarter percent during its meeting on Wednesday potentially causing crypto markets to benefit in the week ahead.

November Weekly Update #1

October 27th to November 2nd Recap

▫️Strategy acquired an additional 390 BTC for $43.4 million at $111,053 per BTC

▫️Mt. Gox pushed back repayment deadline by another year

▫️Coinbase reported revenue of $1.87B in Q3, expectation was $1.8B

▫️Visa announced plan to accept payments in four stablecoins across four blockchains

▫️Tether's Q1-Q3 2025 attestation reported profit surpassing $10B

▫️Data showed DAT BTC buying over the last two weeks fell to nearly year-to-date lows

▫️Western Union announced plan to build stablecoin on SOL & issue with Anchorage

▫️Data revealed the percentage of retail investors in BTC is still around 66%

▫️Grayscale debuted SOL staking ETF

▫️Bitmine acquired 82353 ETH worth over $300M taking total holdings to 3.4M ETH & $13.7B of crypto + cash

▫️21Shares filed for Hype ETF

▫️Trump brothers’ American Bitcoin acquired $160M in BTC, & moved into top-25 public treasuries

▫️Mastercard closed in on $2B acquisition of crypto startup Zerohash

▫️DRW headed efforts to raise $500M for Canton token treasury

▫️ETHZilla sold approximately $40M ETH to facilitate stock repurchases

▫️Token buybacks shown to have reached over $1.4B over 2025, led by HYPE ( $644.6M), followed by ZRO ($150M ) & PUMP ($138.2M)

▫️Data showed Across Protocol accounts for 54% of the daily active bridge users

▫️ETH's Fusaka hard fork activated on final testnet as devs targeted Dec. 3 for full upgrade

⏫ Bitcoin Weekly High: $115,580
⬇️ Bitcoin Weekly Low: $106,398

⏫ Ethereum Weekly High: $4,235
⬇️ Ethereum Weekly Low: $3,697

November 3rd to 9th Upcoming Events

November 4 to 5 - Chainlink SmartCon 🔗
November 5 - ENA, $63M token unlock 🔓
November 7 - Scheduled US unemployment report🇺🇸

*Nota Bene

Despite strong earnings from the tech sector & the Fed cutting rates global markets mostly ended the week neutral while the total crypto market cap ended the week 4.6% down at $3.72T.

US BTC ETFs outflowed $799M while ETH ETFs mostly evened out recording $16M in net inflows. The Bitwise spot SOL ETF drew in $69.5M on its first day & $199.2M over the week. Despite this, alongside minor inflows in Germany & Switzerland digital asset investment products saw global outflows close to $400M.

Looking forward, the continued US government shutdown & Fed Chair Powell's remarks around a further rate cut in 2025 "far from guaranteed" are likely causes for the weakness in the markets.

Grayscale & Bitwise both launched staked SOL ETPs, however, the latter recording strong inflows didn't result in any token price appreciation. & SOL actually ended the week 6% down.

Given the absence of clear macro or crypto-specific catalysts (e.g., major network upgrades, ETF decisions), it makes sense to anticipate the market being adversely sensitive & reactive to breaking news & headline risk in the week ahead.

November Weekly Update #2

November 3rd to 9th Recap

▫️Strategy acquired an additional 397 BTC for $45.6M at $114,771 per BTC

▫️Robinhood doubled revenue Yoy to hit $1.27B & beat Q3 earnings expectations

▫️Coinbase reported revenue of $1.87B in Q3, expectation was $1.8B

▫️Kazakhstan announced plan to launch $1B crypto reserve fund using seized assets by 2026

▫️Samourai Wallet dev sentenced to 5 years in prison for unlicensed money transmitting

▫️Jack Dorsey’s Block saw nearly $2B in BTC revenue in Q3, nearly 1/3 of its total revenue

▫️Data showed Riot Blockchain & Hut 8 Mining's stock prices surged 110% & 211%, respectively, over the last 12 months

▫️Ripple announced $500M investment led by Fortress & Citadel Securities, at a $40B valuation

▫️BTC treasury firm Sequans sold 970 BTC to retire half of its convertible debt

▫️Strategy proposed euro STRE share offering to fund future BTC buys

▫️Bitmine acquired 110301 ETH worth over $401M taking total holdings to 3.5M ETH & $13.2B of crypto + cash

▫️MetaPlanet took 100M loan using BTC as collateral to buy more BTC

▫️Franklin Templeton debuted Hong Kong’s first tokenized fund under new AI-driven fintech plan

▫️Monad announced TGE date as November 24th

▫️ DeFi platform Balancer exploited in $120M hack

▫️127,000 ETH flowed into Tornado Cash, the largest ever weekly inflow & ETH in TC contracts hit a new ATH of 320,000 ETH

▫️Prop AMMs jumped to over 50% of SOL DEX volume

▫️Data showed monthly ETH stablecoin volume hit record $2.8T in October

⏫ Bitcoin Weekly High: $109,831
⬇️ Bitcoin Weekly Low: $99,133

⏫ Ethereum Weekly High: $3,867
⬇️ Ethereum Weekly Low: $3,099

November 10th to 16th Upcoming Events

November 10 - LINEA, $37M token unlock 🔓
November 10 - APT, $37M token unlock 🔓
November 13 - US Inflation announcement🇺🇸
November 13 - AVAX, $30M token unlock 🔓
November 15 - STRK, $23M token unlock 🔓
November 15 - SEI, $10M token unlock 🔓
November16 - ARB, $28M token unlock 🔓
November 17 to 22 -DevConnect conference 🤝

*Nota Bene

Crypto markets traded down for the majority of last week , however, news of a potential breakthrough in the US government shutdown resulted in some market recovery (BTC trading over $106k, 3% down WoW at the time of writing).

US ETF flows reflected the downward price action as BTC ETFs saw $1.21B of outflows while ETH ETFs experienced outflows of $508M. SOL ETFs were the notable exception as they amassed $136M over the week. Once again, on the international markets Germany & Switzerland saw inflows, this time worth $41.3M & $49.7M respectively. Despite this, digital asset investment products still saw global outflows well in excess of over $1B.

DeFi lending platform Balancer getting hacked on Monday to the tune of $120M in lost assets brought DeFi security back into the spotlight & possibly contributed towards the weak market sentiment given the lack of any clear, crypto-specific positive catalysts. However, the week ahead could see the market trading upwards if the US government shutdown is confirmed which then leads to Thursday's US inflation announcement taking place. A regular catalyst for market movements.