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.
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 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 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.
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.
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 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 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.
X (formerly Twitter)
Strategy (@Strategy) on X
Strategy has acquired 155 BTC for ~$18.0 million at ~$116,401 per bitcoin and has achieved BTC Yield of 25.0% YTD 2025. As of 8/10/2025, we hodl 628,946 $BTC acquired for ~$46.09 billion at ~$73,288 per bitcoin. $MSTR $STRC $STRK $STRF $STRD
https://t.co/WULee6PoNn
https://t.co/WULee6PoNn
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 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.
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.
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 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 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.
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.
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.
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.
November Weekly Update #3
November 10th to 16th Recap
▫️Strategy acquired an additional 487 BTC for $49.9M at $102,557 per BTC
▫️SEC Chair Paul Atkins unveiled plan for 'token taxonomy' to redefine crypto regulation
▫️China accused U.S. of stealing 127K BTC worth $13B hacked from Chinese mining pool in 2020
▫️Dubai court froze $456M linked to Justin Sun’s bailout of TrueUSD issuer Techteryx
▫️US Senate Committee unveiled draft crypto bill giving CFTC oversight power
▫️Grayscale Investments filed for IPO
▫️Data showed the percentage of traditional hedge funds holding crypto rose from 47% in 2024 to 55% this year
▫️Tether revealed to have amassed more than $12B worth of gold as part of its reserve assets
▫️Galaxy Digital Research revealed that crypto loans reached a record $73.6B in Q3, topping the old record of $69.4B from Q4 2021
▫️Wintermute revealed that the correlation between BTC & the Nasdaq-100 remains high at ~0.8
▫️JPMorgan rolled out deposit token JPM coin to institutional clients on Base
▫️Winklevoss-backed Cypherpunk targeted 5% of Zcash supply with $58M treasury seed
▫️Coinbase called off $2B deal for stablecoin startup BVNK
▫️Bitmine acquired 54,156 ETH worth over $168M taking total holdings to 3.5M ETH & $11.8B of crypto + cash
▫️Tether eyed €1B funding deal with AI robotics start-up Neura
▫️Republic secured $100M zero-interest financing to buy ETH & expand staking operations
▫️ETH Perp DEX Lighter raised $68M at a $1.5B valuation
▫️ Tokenized stocks shown to have hit $0.4B (+115%) in Q3. Led by Ondo Global Markets ($303M), Securitize ($250M), & Backed Finance’s xStocks ($82M). Total holders top 3, xStocks (70K), Superstate Opening Bell (4K) & Ondo Global Markets (3.6K)
▫️Data showed stablecoin issuers capture up to 75% of daily crypto protocol revenue
▫️Data revealed Uniswap's monthly trading volume hit a new ATH in October at $116.6B, & that since inception, Uniswap has generated over $5.2B in total fees
▫️ETH Ecosystem collective TPS hit a new ATH of 24,192
⏫ Bitcoin Weekly High: $106,658
⬇️ Bitcoin Weekly Low: $94,305
⏫ Ethereum Weekly High: $3,643
⬇️ Ethereum Weekly Low: $3,022
November 17th to 23rd Upcoming Events
November 17 to 22 -DevConnect conference 🤝
November 20 - US Unemployment announcement🇺🇸
November 20 - ZRO, $37M token unlock 🔓
November 23 - SOON, $30M token unlock 🔓
*Nota Bene
Crypto suffered last week as the total market cap dropped by 10% or $370B, while BTC fell as low as $93k. This was reflected in ETF flows as US BTC funds lost $1.11B while ETH ETFs saw $728M worth of outflows. There was little respite from the selloff as Germany was the only nation to record "significant" inflows worth $13.2M. Globally, digital asset investment products saw $2B in outflows.
Equity markets also tumbled amid AI spending being in scope however, most global markets recovered by the end of the week. Somewhat significantly, the US government shutdown officially ending did not prove enough of a catalyst to stimulate a market recovery.
It appears that the flurry of negative news over the past few weeks from the October deleveraging to DeFi exploits, & DAT slowdowns are likely contributing to this large-scale drop in the crypto total market cap.
Looking forward, a promising earnings report from NVIDIA on Wednesday could allay fears around the AI trade & possibly be a catalyst for stimulus in both traditional & crypto markets.
November 10th to 16th Recap
▫️Strategy acquired an additional 487 BTC for $49.9M at $102,557 per BTC
▫️SEC Chair Paul Atkins unveiled plan for 'token taxonomy' to redefine crypto regulation
▫️China accused U.S. of stealing 127K BTC worth $13B hacked from Chinese mining pool in 2020
▫️Dubai court froze $456M linked to Justin Sun’s bailout of TrueUSD issuer Techteryx
▫️US Senate Committee unveiled draft crypto bill giving CFTC oversight power
▫️Grayscale Investments filed for IPO
▫️Data showed the percentage of traditional hedge funds holding crypto rose from 47% in 2024 to 55% this year
▫️Tether revealed to have amassed more than $12B worth of gold as part of its reserve assets
▫️Galaxy Digital Research revealed that crypto loans reached a record $73.6B in Q3, topping the old record of $69.4B from Q4 2021
▫️Wintermute revealed that the correlation between BTC & the Nasdaq-100 remains high at ~0.8
▫️JPMorgan rolled out deposit token JPM coin to institutional clients on Base
▫️Winklevoss-backed Cypherpunk targeted 5% of Zcash supply with $58M treasury seed
▫️Coinbase called off $2B deal for stablecoin startup BVNK
▫️Bitmine acquired 54,156 ETH worth over $168M taking total holdings to 3.5M ETH & $11.8B of crypto + cash
▫️Tether eyed €1B funding deal with AI robotics start-up Neura
▫️Republic secured $100M zero-interest financing to buy ETH & expand staking operations
▫️ETH Perp DEX Lighter raised $68M at a $1.5B valuation
▫️ Tokenized stocks shown to have hit $0.4B (+115%) in Q3. Led by Ondo Global Markets ($303M), Securitize ($250M), & Backed Finance’s xStocks ($82M). Total holders top 3, xStocks (70K), Superstate Opening Bell (4K) & Ondo Global Markets (3.6K)
▫️Data showed stablecoin issuers capture up to 75% of daily crypto protocol revenue
▫️Data revealed Uniswap's monthly trading volume hit a new ATH in October at $116.6B, & that since inception, Uniswap has generated over $5.2B in total fees
▫️ETH Ecosystem collective TPS hit a new ATH of 24,192
⏫ Bitcoin Weekly High: $106,658
⬇️ Bitcoin Weekly Low: $94,305
⏫ Ethereum Weekly High: $3,643
⬇️ Ethereum Weekly Low: $3,022
November 17th to 23rd Upcoming Events
November 17 to 22 -DevConnect conference 🤝
November 20 - US Unemployment announcement🇺🇸
November 20 - ZRO, $37M token unlock 🔓
November 23 - SOON, $30M token unlock 🔓
*Nota Bene
Crypto suffered last week as the total market cap dropped by 10% or $370B, while BTC fell as low as $93k. This was reflected in ETF flows as US BTC funds lost $1.11B while ETH ETFs saw $728M worth of outflows. There was little respite from the selloff as Germany was the only nation to record "significant" inflows worth $13.2M. Globally, digital asset investment products saw $2B in outflows.
Equity markets also tumbled amid AI spending being in scope however, most global markets recovered by the end of the week. Somewhat significantly, the US government shutdown officially ending did not prove enough of a catalyst to stimulate a market recovery.
It appears that the flurry of negative news over the past few weeks from the October deleveraging to DeFi exploits, & DAT slowdowns are likely contributing to this large-scale drop in the crypto total market cap.
Looking forward, a promising earnings report from NVIDIA on Wednesday could allay fears around the AI trade & possibly be a catalyst for stimulus in both traditional & crypto markets.
December Weekly Update #1
December 1st to 7th Recap
▫️Strategy acquired an additional 130 BTC for $12M at $89,959 per BTC
▫️Vanguard allowed clients to access crypto ETFs & funds
▫️U.S. FDIC chief stated first GENIUS Act regulations heading for proposal this month
▫️Bank of America backed 4% crypto allocation cap, ended adviser restrictions & added BTC ETF coverage
▫️UK passed law officially recognizing crypto as third kind of property
▫️Grayscale's LINK ETF went live
▫️21Shares 2x SUI ETF was approved for trading on the Nasdaq
▫️The average cash cost to produce one BTC among publicly listed miners rose to approximately $74,600 in Q2 2025
▫️Strategy established a $1.44B USD reserve for dividends
▫️Stablecoins ranked among the top 20 holders of U.S. Treasuries, ahead of Saudi Arabia, South Korea, & Germany
▫️Bitnomial announced plan to launch first CFTC-regulated spot crypto trading
▫️Solmate announced intention to buy RockawayX in all-stock deal to build $2B institutional SOL giant
▫️Bitmine acquired138,452 ETH worth over $434M taking total holdings to 3.86M ETH & $13.2B of crypto + cash
▫️TON treasury filed $420.69M meme shelf registration to invest in tokens & Telegram AI ecosystem
▫️Harvard grads raised $20M million for Ostium, a crypto perps trading platform
▫️Total Perp DEX vol surpassed $1T for the second month in a row in November. Up 4X in a year
▫️Curve Finance's revenue in November shown to have reached its highest point since 2022
▫️40% of all transactions on ETH mainnet revealed to be stablecoin related
▫️ ETH L2 Base network launched bridge to Solana
▫️ETH's Fusaka rollout resulted in more blob space, lower L2 costs, & smarter data availability
⏫ Bitcoin Weekly High: $93,972
⬇️ Bitcoin Weekly Low: $88,402
⏫ Ethereum Weekly High: $3,224
⬇️ Ethereum Weekly Low: $2,740
December 8th to 14th Upcoming Events
December 10 - Fed interest rate announcement🇺🇸
December 10 - LINEA, $11M token unlock 🔓
December 11 - APT, $21M token unlock 🔓
December 13 - CHEEL, $13M token unlock 🔓
*Nota Bene
Despite an upwards tick during the US Thanksgiving period, the market generally moved sideways last week as BTC traded just shy of $90k at the close of the weekend.
With regards to funds, US BTC & ETH funds outflowed $88M & $65M WoW respectively, while SOL ETFs saw moderate inflows of $19M. Globally, digital asset products were boosted by inflows worth $96.9M & $80.7M in Germany & Canada respectively.
Looking forward, a key catalyst in the week ahead will be the Fed interest rate decision which will likely have an impact on the direction both the Swiss National Bank & Bank of England decide to take. A 25 bps rate-cut, the chances of which have gone up following growing unemployment in last month's reading, could result in a rally in the markets.
December 1st to 7th Recap
▫️Strategy acquired an additional 130 BTC for $12M at $89,959 per BTC
▫️Vanguard allowed clients to access crypto ETFs & funds
▫️U.S. FDIC chief stated first GENIUS Act regulations heading for proposal this month
▫️Bank of America backed 4% crypto allocation cap, ended adviser restrictions & added BTC ETF coverage
▫️UK passed law officially recognizing crypto as third kind of property
▫️Grayscale's LINK ETF went live
▫️21Shares 2x SUI ETF was approved for trading on the Nasdaq
▫️The average cash cost to produce one BTC among publicly listed miners rose to approximately $74,600 in Q2 2025
▫️Strategy established a $1.44B USD reserve for dividends
▫️Stablecoins ranked among the top 20 holders of U.S. Treasuries, ahead of Saudi Arabia, South Korea, & Germany
▫️Bitnomial announced plan to launch first CFTC-regulated spot crypto trading
▫️Solmate announced intention to buy RockawayX in all-stock deal to build $2B institutional SOL giant
▫️Bitmine acquired138,452 ETH worth over $434M taking total holdings to 3.86M ETH & $13.2B of crypto + cash
▫️TON treasury filed $420.69M meme shelf registration to invest in tokens & Telegram AI ecosystem
▫️Harvard grads raised $20M million for Ostium, a crypto perps trading platform
▫️Total Perp DEX vol surpassed $1T for the second month in a row in November. Up 4X in a year
▫️Curve Finance's revenue in November shown to have reached its highest point since 2022
▫️40% of all transactions on ETH mainnet revealed to be stablecoin related
▫️ ETH L2 Base network launched bridge to Solana
▫️ETH's Fusaka rollout resulted in more blob space, lower L2 costs, & smarter data availability
⏫ Bitcoin Weekly High: $93,972
⬇️ Bitcoin Weekly Low: $88,402
⏫ Ethereum Weekly High: $3,224
⬇️ Ethereum Weekly Low: $2,740
December 8th to 14th Upcoming Events
December 10 - Fed interest rate announcement🇺🇸
December 10 - LINEA, $11M token unlock 🔓
December 11 - APT, $21M token unlock 🔓
December 13 - CHEEL, $13M token unlock 🔓
*Nota Bene
Despite an upwards tick during the US Thanksgiving period, the market generally moved sideways last week as BTC traded just shy of $90k at the close of the weekend.
With regards to funds, US BTC & ETH funds outflowed $88M & $65M WoW respectively, while SOL ETFs saw moderate inflows of $19M. Globally, digital asset products were boosted by inflows worth $96.9M & $80.7M in Germany & Canada respectively.
Looking forward, a key catalyst in the week ahead will be the Fed interest rate decision which will likely have an impact on the direction both the Swiss National Bank & Bank of England decide to take. A 25 bps rate-cut, the chances of which have gone up following growing unemployment in last month's reading, could result in a rally in the markets.
December Weekly Update #2
December 8th to 14th Recap
▫️Strategy acquired an additional 10,624 BTC for $962.7M at $90,615 per BTC
▫️US bank regulator says banks can act as crypto intermediaries
▫️YouTube launches option for U.S. creators to receive stablecoin payouts through PayPal
▫️CFTC launched digital assets pilot allowing BTC, ETH & USDC as collateral
▫️Circle, Ripple, Paxos, Fidelity Digital Assets & BitGo secured OCC federal bank charter approvals
▫️Terraform's Do Kwon sentenced to 15 years in prison for fraud
▫️Tether submitted proposal to acquire Juventus Football Club
▫️BlackRock filed for staked ETH ETF
▫️Interactive Brokers opened up stablecoin funding for retail accounts
▫️Glassnode revealed the aggregated size of BTC treasuries held by public & private companies has grown from 197K BTC to 1.08M BTC, a 448% increase since Jan 23
▫️Data showed over $13B was traded on prediction markets last month
▫️The market cap of tokenized stocks hit a new ATH of $800M, up 30x since the start of the year
▫️Bitmine acquired 102,259 ETH worth over $314M taking total holdings to 3.97M ETH & $13.3B of crypto + cash
▫️Crypto exchange HashKey launched up to $215M raise via Hong Kong IPO
▫️Crypto startup LI. FI raised $29M for cross-blockchain price discovery tool
▫️Surf, a crypto AI platform raisesd$15M
▫️Data showed 80% of all perp DEX users & 52% of open interest remain on Hyperliquid
▫️ Data revealed November was a new ATH for Base with 452.9M monthly txs
▫️The total stablecoin supply broke $300B, with ETH holding the highest share & SOL having the fastest growth in supply
⏫ Bitcoin Weekly High: $93,567
⬇️ Bitcoin Weekly Low: $89,469
⏫ Ethereum Weekly High: $3,392
⬇️ Ethereum Weekly Low: $3,054
December 15th to 21st Upcoming Events
December 15 - ARB, $19M token unlock 🔓
December 16 - US unemployment announcement🇺🇸
December 18 - US inflation announcement 🇺🇸
December 20 - ZRO, $38M token unlock 🔓
*Nota Bene
Last week saw another seven days of sideways movement in the markets with BTC trading at $88,500 at the time of writing after trading at over $90,000 for most of the week.
US Crypto ETFs remained positive & posted inflows for BTC ($287M), ETH ($209M) & SOL ($36M). Outside of the US, Germany saw the most significant inflows worth $68.6M.
The early week price action & positive US fund inflows can somewhat be explained by the Fed cutting rates by a quarter of a percent as expected.
Key catalysts to watch out in the week ahead are all macroeconomic on both sides of the Atlantic as the US makes unemployment rate & inflation announcements while the Bank of England is expected to follow the Fed in cutting rates by 25 bps.
December 8th to 14th Recap
▫️Strategy acquired an additional 10,624 BTC for $962.7M at $90,615 per BTC
▫️US bank regulator says banks can act as crypto intermediaries
▫️YouTube launches option for U.S. creators to receive stablecoin payouts through PayPal
▫️CFTC launched digital assets pilot allowing BTC, ETH & USDC as collateral
▫️Circle, Ripple, Paxos, Fidelity Digital Assets & BitGo secured OCC federal bank charter approvals
▫️Terraform's Do Kwon sentenced to 15 years in prison for fraud
▫️Tether submitted proposal to acquire Juventus Football Club
▫️BlackRock filed for staked ETH ETF
▫️Interactive Brokers opened up stablecoin funding for retail accounts
▫️Glassnode revealed the aggregated size of BTC treasuries held by public & private companies has grown from 197K BTC to 1.08M BTC, a 448% increase since Jan 23
▫️Data showed over $13B was traded on prediction markets last month
▫️The market cap of tokenized stocks hit a new ATH of $800M, up 30x since the start of the year
▫️Bitmine acquired 102,259 ETH worth over $314M taking total holdings to 3.97M ETH & $13.3B of crypto + cash
▫️Crypto exchange HashKey launched up to $215M raise via Hong Kong IPO
▫️Crypto startup LI. FI raised $29M for cross-blockchain price discovery tool
▫️Surf, a crypto AI platform raisesd$15M
▫️Data showed 80% of all perp DEX users & 52% of open interest remain on Hyperliquid
▫️ Data revealed November was a new ATH for Base with 452.9M monthly txs
▫️The total stablecoin supply broke $300B, with ETH holding the highest share & SOL having the fastest growth in supply
⏫ Bitcoin Weekly High: $93,567
⬇️ Bitcoin Weekly Low: $89,469
⏫ Ethereum Weekly High: $3,392
⬇️ Ethereum Weekly Low: $3,054
December 15th to 21st Upcoming Events
December 15 - ARB, $19M token unlock 🔓
December 16 - US unemployment announcement🇺🇸
December 18 - US inflation announcement 🇺🇸
December 20 - ZRO, $38M token unlock 🔓
*Nota Bene
Last week saw another seven days of sideways movement in the markets with BTC trading at $88,500 at the time of writing after trading at over $90,000 for most of the week.
US Crypto ETFs remained positive & posted inflows for BTC ($287M), ETH ($209M) & SOL ($36M). Outside of the US, Germany saw the most significant inflows worth $68.6M.
The early week price action & positive US fund inflows can somewhat be explained by the Fed cutting rates by a quarter of a percent as expected.
Key catalysts to watch out in the week ahead are all macroeconomic on both sides of the Atlantic as the US makes unemployment rate & inflation announcements while the Bank of England is expected to follow the Fed in cutting rates by 25 bps.
December Weekly Update #3
December 15th to 21st Recap
▫️Strategy acquired an additional 10,645 BTC for $980.3M at $92,098 per BTC
▫️US Senate postponed crypto market structure bill to next year
▫️Federal Reserve withdrew restrictive 2023 policy severely limiting 'novel' crypto activities
▫️Bhutan committed up to 10,000 BTC to back new mindfulness-based economic hub
▫️Visa offered stablecoin settlement for US banks using Circle’s USDC
▫️Coinbase launched stock trading alongside prediction markets in the U.S
▫️BTC saw a one-year low in active addresses as the 7 day MA fell to 660K
▫️USDT shown to have settled $156B of $1,000 or smaller payment transfers in 2025
▫️The SEC declared that broker-dealers must maintain crypto private keys to comply with customer protection rules
▫️Bitwise filed S-1 for SUI ETF
▫️CME Group announced intention to launch spot-quoted XRP & SOL futures
▫️JPMorgan launched 1st tokenized money market fund on ETH
▫️Bitmine acquired 98,852 ETH worth over $295.6M taking total holdings to 4.06M ETH & $13.2B of crypto + cash
▫️RedotPay raised $107M Series B to expand stablecoin payments platform
▫️ETHGas raised $12M in token round & launched ETH blockspace futures market with $800M in liquidity commitment
▫️Data showed EURO stablecoin supply increased from 158M to 425M (+168%) over 2025
▫️Gold-backed stablecoins shown to have exceeded $4B in market cap, growing almost 3x from $1.3B at the start of 2025
⏫ Bitcoin Weekly High: $90,150
⬇️ Bitcoin Weekly Low: $84,740
⏫ Ethereum Weekly High: $3,061
⬇️ Ethereum Weekly Low: $2,785
December 22nd to 28th Upcoming Events
December 23 - US Q3 GDP announcement🇺🇸
December 25 - H, $18M token unlock 🔓
December 25 - XPL, $12M token unlock 🔓
December 28 - JUP, $10M token unlock 🔓
*Nota Bene
The market traded slightly upwards as the BTC price hovered around the $88,000 mark. Strategy also purchased close to $1B in BTC for the second week running.
US BTC ETPs saw $497.1M worth of outflows, while US ETH ETPs recorded $643.9M of outflows. Globally, crypto ETPs posted close to $1B worth of outflows, despite minor inflows from Canada & Germany.
The US Congress pushing the Senate review of the CLARITY Act to January possibly played a role in the institutional selling of crypto.
Despite this, the macro news was mostly positive as The Bank of England cut its base rate by 25bps to 3.75% while the ECB left rates unchanged at 2%. US inflation came in lower than expected at 2.7% against an expectation of 3.1%.
Looking forward there are no major catalysts in a shortened trading week over the coming festive season so expect lighter trading volumes which can result in sudden volatility in either direction.
December 15th to 21st Recap
▫️Strategy acquired an additional 10,645 BTC for $980.3M at $92,098 per BTC
▫️US Senate postponed crypto market structure bill to next year
▫️Federal Reserve withdrew restrictive 2023 policy severely limiting 'novel' crypto activities
▫️Bhutan committed up to 10,000 BTC to back new mindfulness-based economic hub
▫️Visa offered stablecoin settlement for US banks using Circle’s USDC
▫️Coinbase launched stock trading alongside prediction markets in the U.S
▫️BTC saw a one-year low in active addresses as the 7 day MA fell to 660K
▫️USDT shown to have settled $156B of $1,000 or smaller payment transfers in 2025
▫️The SEC declared that broker-dealers must maintain crypto private keys to comply with customer protection rules
▫️Bitwise filed S-1 for SUI ETF
▫️CME Group announced intention to launch spot-quoted XRP & SOL futures
▫️JPMorgan launched 1st tokenized money market fund on ETH
▫️Bitmine acquired 98,852 ETH worth over $295.6M taking total holdings to 4.06M ETH & $13.2B of crypto + cash
▫️RedotPay raised $107M Series B to expand stablecoin payments platform
▫️ETHGas raised $12M in token round & launched ETH blockspace futures market with $800M in liquidity commitment
▫️Data showed EURO stablecoin supply increased from 158M to 425M (+168%) over 2025
▫️Gold-backed stablecoins shown to have exceeded $4B in market cap, growing almost 3x from $1.3B at the start of 2025
⏫ Bitcoin Weekly High: $90,150
⬇️ Bitcoin Weekly Low: $84,740
⏫ Ethereum Weekly High: $3,061
⬇️ Ethereum Weekly Low: $2,785
December 22nd to 28th Upcoming Events
December 23 - US Q3 GDP announcement🇺🇸
December 25 - H, $18M token unlock 🔓
December 25 - XPL, $12M token unlock 🔓
December 28 - JUP, $10M token unlock 🔓
*Nota Bene
The market traded slightly upwards as the BTC price hovered around the $88,000 mark. Strategy also purchased close to $1B in BTC for the second week running.
US BTC ETPs saw $497.1M worth of outflows, while US ETH ETPs recorded $643.9M of outflows. Globally, crypto ETPs posted close to $1B worth of outflows, despite minor inflows from Canada & Germany.
The US Congress pushing the Senate review of the CLARITY Act to January possibly played a role in the institutional selling of crypto.
Despite this, the macro news was mostly positive as The Bank of England cut its base rate by 25bps to 3.75% while the ECB left rates unchanged at 2%. US inflation came in lower than expected at 2.7% against an expectation of 3.1%.
Looking forward there are no major catalysts in a shortened trading week over the coming festive season so expect lighter trading volumes which can result in sudden volatility in either direction.
❤1
December Weekly Update #4
December 22nd to 28th Recap
▫️Strategy paused additional buys, added $748M to cash reserves
▫️Grayscale revealed that since the launch of US BTC ETPs in January 2024, global crypto ETPs have seen net inflows of $87B
▫️Russia moved to legalize domestic crypto deals for retail buyers
▫️Data showed BTC has decoupled from stocks. The S&P 500 hit a record this month & is up 16% over 2025, while BTC remains down YTD.
▫️ETHZilla sold $74.5M of ETH in order to redeem convertible debt
▫️Trust Wallet users lost at least $7M in security breach
▫️Binance's BTC/USD1 pair flash crashed to $24k on Christmas day
▫️Bitmine acquired 44,463 ETH worth over $131M taking total holdings to 4.11M ETH & $13.2B of crypto + cash
▫️Banking startup Erebor raised $350M at over $4B valuation
▫️HashKey Capital's $500M target blockchain fund raised $250M in first round
▫️Uniswap governance passed 'UNIfication' proposal with 100M token burn imminent
▫️Layer 2 TVL grew over 2025 with Base ($4.5B) & ARB ($3B) being the big winners
⏫ Bitcoin Weekly High: $90,233
⬇️ Bitcoin Weekly Low: $86,656
⏫ Ethereum Weekly High: $3,060
⬇️ Ethereum Weekly Low: $2,900
December 29th to January 4th Upcoming Events
December 29 - HYPE, $248M token unlock 🔓
January 1 - SUI, $63M token unlock 🔓
January 1 - EIGEN, $14M token unlock 🔓
*Nota Bene
The market traded sideways for the majority of the week, while gold & silver rallied 4% & 9% respectively. Despite the prices of BTC & ETH holding up over the week, US crypto ETPs recorded significant outflows with BTC & ETH ETPs losing $782M & $102M respectively. The outflows were almost universal with only Germany recording significant inflows of $37.5M.
BTC trades at $87.5k at the time of writing while the total market cap hovers just shy of the $3T mark. With no significant price catalysts & another shortened trading week ahead due to the holidays, the neutral price trend in crypto markets may continue for another week.
December 22nd to 28th Recap
▫️Strategy paused additional buys, added $748M to cash reserves
▫️Grayscale revealed that since the launch of US BTC ETPs in January 2024, global crypto ETPs have seen net inflows of $87B
▫️Russia moved to legalize domestic crypto deals for retail buyers
▫️Data showed BTC has decoupled from stocks. The S&P 500 hit a record this month & is up 16% over 2025, while BTC remains down YTD.
▫️ETHZilla sold $74.5M of ETH in order to redeem convertible debt
▫️Trust Wallet users lost at least $7M in security breach
▫️Binance's BTC/USD1 pair flash crashed to $24k on Christmas day
▫️Bitmine acquired 44,463 ETH worth over $131M taking total holdings to 4.11M ETH & $13.2B of crypto + cash
▫️Banking startup Erebor raised $350M at over $4B valuation
▫️HashKey Capital's $500M target blockchain fund raised $250M in first round
▫️Uniswap governance passed 'UNIfication' proposal with 100M token burn imminent
▫️Layer 2 TVL grew over 2025 with Base ($4.5B) & ARB ($3B) being the big winners
⏫ Bitcoin Weekly High: $90,233
⬇️ Bitcoin Weekly Low: $86,656
⏫ Ethereum Weekly High: $3,060
⬇️ Ethereum Weekly Low: $2,900
December 29th to January 4th Upcoming Events
December 29 - HYPE, $248M token unlock 🔓
January 1 - SUI, $63M token unlock 🔓
January 1 - EIGEN, $14M token unlock 🔓
*Nota Bene
The market traded sideways for the majority of the week, while gold & silver rallied 4% & 9% respectively. Despite the prices of BTC & ETH holding up over the week, US crypto ETPs recorded significant outflows with BTC & ETH ETPs losing $782M & $102M respectively. The outflows were almost universal with only Germany recording significant inflows of $37.5M.
BTC trades at $87.5k at the time of writing while the total market cap hovers just shy of the $3T mark. With no significant price catalysts & another shortened trading week ahead due to the holidays, the neutral price trend in crypto markets may continue for another week.
January Weekly Update #1
December 29th to January 4th Recap
▫️Strategy acquired an additional 1,229 BTC for $108.8M at $88,568 per BTC
▫️Crypto skeptic SEC commissioner Crenshaw exited her position on Jan 3, leaving all-Republican panel
▫️Data showed 2025 was the least volatile year for BTC to date with just 2.24% in Yearly Volatility Daily Returns
▫️Trump Media announced plan to launch & airdrop new token to its shareholders
▫️Unleash Protocol hit by $3.9M exploit with funds sent to Tornado Cash
▫️Grayscale filed for spot Bittensor ETF
▫️Bitmine acquired 32,977 ETH worth over $105M taking total holdings to 4.14M ETH & $14.2B of crypto + cash
▫️Metaplanet acquired an additional 4,279 BTC, taking total holdings to 35,102 BTC
▫️Winklevoss-backed Cypherpunk purchased $29M in ZEC, taking holdings to nearly 2% of supply
▫️Aave Labs announced proposal to distribute non-protocol revenue to token holders
▫️Data from Artemis showed ETH network led net inflows ($4.2B) over 2025
⏫ Bitcoin Weekly High: $91,629
⬇️ Bitcoin Weekly Low: $86,975
⏫ Ethereum Weekly High: $3,157
⬇️ Ethereum Weekly Low: $2,915
January 5th to 11th Upcoming Events
January 6 - HYPE, $323M token unlock 🔓
January 7 - ETH "Blob Parameter Only" (BPO‑2) hard fork 🔱
January 9 - US unemployment announcement 🇺🇸
January 10 - LINEA, $10M token unlock 🔓
January 11 - APT, $22M token unlock 🔓
*Nota Bene
As expected, markets primarily traded sideways during the shortened holiday week. This trend held held until the weekend when geopolitical developments took center stage following U.S. actions in Venezuela & the capture of President Maduro.
BTC responded with a sharp rally, crossing the $91,000 mark, where it continues to hold its position at the time of writing. Conversely, gold & silver saw pull-backs of 3% & 4% respectively; however, they are anticipated to rebound as investors begin to price in the heightened global uncertainty.
US Crypto ETPs recorded net inflows last week with BTC funds amassing $459M while ETH funds drew in $160M. The US was the only nation to record any significant inflows as Canada, Germany, Switzerland, & Sweden all recorded minor outflows.
Digital asset investment products amassed a total of $47.2B worth of global inflows over 2025. Coming in just below the 2024 record of $48.7B.
The US flows may accelerate as the market digests further announcements from the U.S. administration regarding Venezuela & the resulting consequences for global risk sentiment.
Looking ahead to the macroeconomic calendar, Friday’s unemployment report stands out as the pivotal data point to watch, with the potential to spark significant market movements across both traditional & digital asset classes.
December 29th to January 4th Recap
▫️Strategy acquired an additional 1,229 BTC for $108.8M at $88,568 per BTC
▫️Crypto skeptic SEC commissioner Crenshaw exited her position on Jan 3, leaving all-Republican panel
▫️Data showed 2025 was the least volatile year for BTC to date with just 2.24% in Yearly Volatility Daily Returns
▫️Trump Media announced plan to launch & airdrop new token to its shareholders
▫️Unleash Protocol hit by $3.9M exploit with funds sent to Tornado Cash
▫️Grayscale filed for spot Bittensor ETF
▫️Bitmine acquired 32,977 ETH worth over $105M taking total holdings to 4.14M ETH & $14.2B of crypto + cash
▫️Metaplanet acquired an additional 4,279 BTC, taking total holdings to 35,102 BTC
▫️Winklevoss-backed Cypherpunk purchased $29M in ZEC, taking holdings to nearly 2% of supply
▫️Aave Labs announced proposal to distribute non-protocol revenue to token holders
▫️Data from Artemis showed ETH network led net inflows ($4.2B) over 2025
⏫ Bitcoin Weekly High: $91,629
⬇️ Bitcoin Weekly Low: $86,975
⏫ Ethereum Weekly High: $3,157
⬇️ Ethereum Weekly Low: $2,915
January 5th to 11th Upcoming Events
January 6 - HYPE, $323M token unlock 🔓
January 7 - ETH "Blob Parameter Only" (BPO‑2) hard fork 🔱
January 9 - US unemployment announcement 🇺🇸
January 10 - LINEA, $10M token unlock 🔓
January 11 - APT, $22M token unlock 🔓
*Nota Bene
As expected, markets primarily traded sideways during the shortened holiday week. This trend held held until the weekend when geopolitical developments took center stage following U.S. actions in Venezuela & the capture of President Maduro.
BTC responded with a sharp rally, crossing the $91,000 mark, where it continues to hold its position at the time of writing. Conversely, gold & silver saw pull-backs of 3% & 4% respectively; however, they are anticipated to rebound as investors begin to price in the heightened global uncertainty.
US Crypto ETPs recorded net inflows last week with BTC funds amassing $459M while ETH funds drew in $160M. The US was the only nation to record any significant inflows as Canada, Germany, Switzerland, & Sweden all recorded minor outflows.
Digital asset investment products amassed a total of $47.2B worth of global inflows over 2025. Coming in just below the 2024 record of $48.7B.
The US flows may accelerate as the market digests further announcements from the U.S. administration regarding Venezuela & the resulting consequences for global risk sentiment.
Looking ahead to the macroeconomic calendar, Friday’s unemployment report stands out as the pivotal data point to watch, with the potential to spark significant market movements across both traditional & digital asset classes.