October Weekly Update #2

October 6th to 12th Recap

▫️Strategy did not acquire any additional BTC

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

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

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

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

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

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

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

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

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

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

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

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

▫️PayPay acquired 40% stake in Binance Japan

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

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

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

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

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

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

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

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

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

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

October 13th to 19th Upcoming Events

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

*Nota Bene

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

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

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

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

October Weekly Update #3

October 13th to 19th Recap

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

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

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

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

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

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

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

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

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

▫️Stripe added stablecoin payments for subnoscriptions

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

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

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

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

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

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

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

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

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

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

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

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

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

October 20th to 26th Upcoming Events

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

*Nota Bene

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

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

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

October Weekly Update #4

October 20th to 26th Recap

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

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

▫️Trump pardoned Binance founder Changpeng Zhao

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

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

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

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

▫️Kadena team exited project, token plunged by 65%

▫️Polymarket CMO confirmed POLY token & airdrop plans

▫️Crypto. com filed National Trust Bank Charter application

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

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

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

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

▫️Crypto trading firm FalconX acquired ETF manager 21shares

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

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

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

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

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

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

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

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

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

October 27th to November 2nd Upcoming Events

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

*Nota Bene

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

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

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

November Weekly Update #1

October 27th to November 2nd Recap

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

▫️Mt. Gox pushed back repayment deadline by another year

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

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

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

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

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

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

▫️Grayscale debuted SOL staking ETF

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

▫️21Shares filed for Hype ETF

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

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

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

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

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

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

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

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

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

November 3rd to 9th Upcoming Events

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

*Nota Bene

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

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

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

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

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

November Weekly Update #2

November 3rd to 9th Recap

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

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

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

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

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

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

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

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

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

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

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

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

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

▫️Monad announced TGE date as November 24th

▫️ DeFi platform Balancer exploited in $120M hack

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

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

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

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

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

November 10th to 16th Upcoming Events

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

*Nota Bene

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

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

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

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.

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 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 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 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.

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.

January Weekly Update #2

January 5th to 11th Recap

▫️Strategy acquired an additional 1,287 BTC for $116.3M at $90,390 per BTC

▫️MSCI decided not to exclude DATs like Microstrategy from indexes

▫️EU DAC8 reporting went live, exchanges must share user identities & trade histories with tax authorities

▫️DOJ prosecutors possibly violated Trump's executive order by selling forfeited Samourai Wallet BTC worth $6.3M

▫️Riot sold $162M in BTC as mining hashprice fell back toward lows

▫️Polymarket announced deal with Dow Jones to distribute prediction data & partnership with Parcl to launch real estate prediction markets

▫️Morgan Stanley filed BTC Trust & SOL Trust S-1 registration statements & for spot ETH ETF

▫️SharpLink staked $170M ETH on Linea network

▫️Bitmine acquired 24,266 ETH worth over $75.6M taking total holdings to 4.16M ETH & $14.B of crypto + cash

▫️Stablecoin firm Rain raised $250M at $1.95B valuation

▫️Stanford professor raised $15M for Babylon, a decentralized BTC collateral protocol

▫️ETH staking saw institutional return as validator exit queue collapsed

▫️The top 3 DeFi protocols for fee generation over 2025 were revealed as Meteora ($1.25B), Jupiter ($1.11B), & Uniswap ($1.06B)

▫️Stablecoins on BNB Chain crossed $15B in total circulating supply

▫️Data from The Block showed ETH daily transactions hit a new ATH of 1.87M on Dec 31

⏫ Bitcoin Weekly High: $94,225
⬇️ Bitcoin Weekly Low: $89,344

⏫ Ethereum Weekly High: $3,295
⬇️ Ethereum Weekly Low: $3,057

January 12th to 18th Upcoming Events

January 13 - US inflation announcement 🇺🇸
January 15 - STRK, $11M token unlock 🔓
January 16 - ARB, $20M token unlock 🔓
January 18 - TRUMP, $281M token unlock 🔓
January 18 - ONDO, $789M token unlock 🔓


*Nota Bene

BTC crossed $94k at the start of the week, with the price then retracing to $91k, effectively capping off a net neutral week-over-week performance.

This price action occurred despite notable outflows in U.S. ETFs, with BTC funds losing $680M & ETH funds seeing $69M in outflows. Furthermore, a soft U.S. jobs report from last week has tempered expectations for the interest rate cuts that typically provide a tailwind for digital asset markets. However, on the global markets Germany ($58.9M), Canada ($24.5M), & Switzerland ($21M) all saw inflows.

Looking towards the end of the month, the primary catalyst for the Federal Reserve's decision-making will be the upcoming U.S. inflation announcement, which will be closely tracked by investors & traders alike, & has the potential to stimulate activity from both.

January Weekly Update #3

January 12th to 18th Recap

▫️Strategy acquired an additional 13,627 BTC for $1.25B at $91,519 per BTC

▫️Germany’s second-largest lender DZ Bank secured retail crypto trading MiCA license

▫️US Senate unveiled updated market structure bill limiting stablecoin rewards on idle holdings

▫️Coinbase CEO Armstrong stated the exchange cannot support crypto bill in current form

▫️Interactive Brokers rolled out 24/7 funding with USDC

▫️Data showed that tokenized public-market RWA value grew from $5.6B to $16.7B in 2025. The largest RWA category being tokenized US Treasuries, with value rising from $3.9B to $9.2B in 2025

▫️ETF data showed BTC captured 70-85% of market share over 2025 as ETH gained a share of around 15-30%

▫️SEC ended investigation into Zcash Foundation

▫️ Polygon Labs announced $250M purchases of Coinme & Sequence to grow stablecoin tx market share

▫️Bitmine acquired 35,268 ETH worth over $113M taking total holdings to 4.2M ETH & $14.5B of crypto + cash

▫️Anchorage Digital began seeking between $200M & $400M funding as it looks to IPO next year

▫️Crypto custody startup BitGo aimed to raise about $201M in US IPO

▫️X revised API policies, banned apps rewarding posts to reduce spam; Kaito announced the sunset of Yaps & introduced Kaito Studio

▫️Data showed the number of investors in tokenized funds has exceeded 75,000

▫️The stablecoin market cap on SOL hit a new ATH of $15B

▫️Data revealed the no. of unique addresses holding stablecoins reached a new ATH of 200M


⏫ Bitcoin Weekly High: $97,735
⬇️ Bitcoin Weekly Low: $90,270

⏫ Ethereum Weekly High: $3,389
⬇️ Ethereum Weekly Low: $3,070

January 19th to 25th Upcoming Events

January 20 - ZRO, $43M token unlock 🔓
January 21 - PLUME, $20M token unlock 🔓
January 22 - RIVER, $51M token unlock 🔓
January 25 - H, $19M token unlock 🔓

*Nota Bene

Digital assets demonstrated some resilience over the past week, with BTC scaling the $97k threshold before retracing to around $92.5k at the time of writing, marking a 1.2% WoW increase.

The positive market sentiment early in the week was tempered by a notable regulatory shift as the US Senate Banking Committee postponed a vote on the CLARITY Act on Wednesday.

This contributed to diminishing institutional appetite that manifested on Friday in the form of significant outflows from US ETFs. Despite these headwinds, aggregate weekly flows remained robust: US BTC ETFs amassed $1.4B in net inflows, while ETH ETFs drew in $479M worth of inflows. Outside the US, Germany & Switzerland recorded inflows of $63.9M & $41.6M respectively.

Looking ahead, the trajectory of the CLARITY Act remains the primary focal point for volatility; however, in the absence of immediate legislative updates, the market will be shifting its focus toward the macroeconomic landscape & the impending interest rate announcement at the end of January.