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.
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 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.
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.
January Weekly Update #4
January 19th to 25th Recap
▫️Strategy acquired an additional 22,305 BTC for $2.13B at $95,284 per BTC
▫️CFTC Chair Mike Selig unveiled 'Future Proof' initiative to upgrade crypto oversight
▫️NYSE began building platform for 24/7 trading & settling of tokenized stocks & ETFs
▫️The Central Bank of Iran purchased over $500M in USDT to support its local currency & facilitate trade
▫️Vietnam opened up crypto exchange licensing with nearly $400M capital barrier to entry
▫️Binance applied for EU crypto license in Greece under MiCA framework
▫️Data from Artemis showed that crypto card volume grew from around $100M monthly in early 2023 to over $1.5B by late 2025, a 106% compound annual growth rate
▫️Mike Novogratz’s Galaxy announced plan to launch $100M crypto hedge fund
▫️SEC moved to dismiss Winklevoss’ Gemini crypto lending lawsuit
▫️Grayscale filed for NEAR & BNB ETFs
▫️Ledger began planning a $4B US IPO
▫️Bitmine acquired 40,302 ETH worth over $114M taking total holdings to 4.24M ETH & $12.8B of crypto + cash
▫️BitGo raised $213M in IPO valuing it at $2B
▫️Superstate raised $82.5M Series B funding to expand onchain equity issuance infrastructure
▫️Data from Coingecko showed that 11.6M tokens failed over 2025
▫️The total stablecoin market cap surpassed $310B & hit a new ATH
▫️The staking ratio's of SOL & ETH hit new ATHs of 70% & 30% respectively
▫️ETH saw 12,601,260 new addresses over 30 days; the highest recorded rolling 30-day total
⏫ Bitcoin Weekly High: $93,655
⬇️ Bitcoin Weekly Low: $87,055
⏫ Ethereum Weekly High: $3,282
⬇️ Ethereum Weekly Low: $2,888
January 26th to February 1st Upcoming Events
January 28 - US interest rate announcement 🇺🇸
January 28 - JUP $10M token unlock 🔓
January 28 - SIGN, $11M token unlock 🔓
February 1 - SUI, $62M token unlock 🔓
February 1 - EIGEN, $12M token unlock 🔓
*Nota Bene
The week's market performance was shaped by heightened geopolitical uncertainty surrounding U.S. strategic interests in Greenland. This spurred volatility across traditional market sectors & crypto as the total market cap retracted 7% to $2.91T, with BTC trading at $86k at the time of writing.
Sentiment was further dampened by the indefinite delay of the CLARITY Act, a legislative setback that triggered more pronounced downswings than anticipated & was mirrored in U.S. ETF data, where BTC funds saw $1.3B in outflows & ETH funds lost $601M despite the shortened trading week. Globally, Switzerland, Germany & Canada recorded inflows of $32.5M, $19.1M & $33.5M respectively.
Looking ahead, we expect continued volatility as the market prepares for the Federal Reserve’s interest rate announcement on Wednesday, coupled with a high-stakes earnings week for Microsoft, Meta, Apple, & Tesla, all of which could determine the pulse for both equity & crypto markets over the coming days.
January 19th to 25th Recap
▫️Strategy acquired an additional 22,305 BTC for $2.13B at $95,284 per BTC
▫️CFTC Chair Mike Selig unveiled 'Future Proof' initiative to upgrade crypto oversight
▫️NYSE began building platform for 24/7 trading & settling of tokenized stocks & ETFs
▫️The Central Bank of Iran purchased over $500M in USDT to support its local currency & facilitate trade
▫️Vietnam opened up crypto exchange licensing with nearly $400M capital barrier to entry
▫️Binance applied for EU crypto license in Greece under MiCA framework
▫️Data from Artemis showed that crypto card volume grew from around $100M monthly in early 2023 to over $1.5B by late 2025, a 106% compound annual growth rate
▫️Mike Novogratz’s Galaxy announced plan to launch $100M crypto hedge fund
▫️SEC moved to dismiss Winklevoss’ Gemini crypto lending lawsuit
▫️Grayscale filed for NEAR & BNB ETFs
▫️Ledger began planning a $4B US IPO
▫️Bitmine acquired 40,302 ETH worth over $114M taking total holdings to 4.24M ETH & $12.8B of crypto + cash
▫️BitGo raised $213M in IPO valuing it at $2B
▫️Superstate raised $82.5M Series B funding to expand onchain equity issuance infrastructure
▫️Data from Coingecko showed that 11.6M tokens failed over 2025
▫️The total stablecoin market cap surpassed $310B & hit a new ATH
▫️The staking ratio's of SOL & ETH hit new ATHs of 70% & 30% respectively
▫️ETH saw 12,601,260 new addresses over 30 days; the highest recorded rolling 30-day total
⏫ Bitcoin Weekly High: $93,655
⬇️ Bitcoin Weekly Low: $87,055
⏫ Ethereum Weekly High: $3,282
⬇️ Ethereum Weekly Low: $2,888
January 26th to February 1st Upcoming Events
January 28 - US interest rate announcement 🇺🇸
January 28 - JUP $10M token unlock 🔓
January 28 - SIGN, $11M token unlock 🔓
February 1 - SUI, $62M token unlock 🔓
February 1 - EIGEN, $12M token unlock 🔓
*Nota Bene
The week's market performance was shaped by heightened geopolitical uncertainty surrounding U.S. strategic interests in Greenland. This spurred volatility across traditional market sectors & crypto as the total market cap retracted 7% to $2.91T, with BTC trading at $86k at the time of writing.
Sentiment was further dampened by the indefinite delay of the CLARITY Act, a legislative setback that triggered more pronounced downswings than anticipated & was mirrored in U.S. ETF data, where BTC funds saw $1.3B in outflows & ETH funds lost $601M despite the shortened trading week. Globally, Switzerland, Germany & Canada recorded inflows of $32.5M, $19.1M & $33.5M respectively.
Looking ahead, we expect continued volatility as the market prepares for the Federal Reserve’s interest rate announcement on Wednesday, coupled with a high-stakes earnings week for Microsoft, Meta, Apple, & Tesla, all of which could determine the pulse for both equity & crypto markets over the coming days.
February Weekly Update #1
January 26th to February 1st Recap
▫️Strategy acquired an additional 2,932 BTC for $264.1M at $90,061 per BTC
▫️SEC clarified rules for tokenized securities, placing asset class under federal securities laws
▫️Trump named crypto-friendly Kevin Warsh as pick for Fed chair
▫️Data showed BTC on track for the longest monthly losing streak since 2018
▫️Tether announced the launch of USA₮, 2025 profits over $10B, alongside $6.3B in excess reserves, $141B exposure in U.S. Treasuries & 27 tons of gold purchases in Q4 2025, worth $4.4B
▫️US DOJ finalized $400M forfeiture tied to Helix darknet crypto mixer
▫️Binance announced plan to convert $1B SAFU stablecoin reserves into BTC within 30 days
▫️Fidelity announced intention to launch dollar-backed FIDD stablecoin on ETH in coming weeks
▫️Data from Artemis revealed Visa captures 90% of on-chain card volume via early infrastructure partnerships
▫️Data showed the top 10 alts make up ~82% of altcoin market cap
▫️TheDAO announced shift to become new $220M Ethereum Security Fund
▫️Bitmine acquired 41,788 ETH worth over $96.8M taking total holdings to 4.28M ETH & $10.7B of crypto + cash
▫️Robinhood announced investment in crypto trading platform Talos at $1.5B valuation
▫️Andre Cronje's Flying Tulip raised additional $75.5M at $1B token valuation
▫️Crypto payments network Mesh reached unicorn status after $75M Series C led by Dragonfly
▫️Vitalik Buterin committed roughly $45M in ETH to open-source security & privacy projects
▫️Aave reclaimed over 50% of DeFi lending market share for the 1st time since 2020
▫️Data showed that Base accounts for over 60% of unadjusted stablecoin transfer volume across all chains
⏫ Bitcoin Weekly High: $90,221
⬇️ Bitcoin Weekly Low: $77,033
⏫ Ethereum Weekly High: $3,029
⬇️ Ethereum Weekly Low: $2,351
February 2nd to 8th Upcoming Events
February 5 - XDC, $29M token unlock 🔓
February 5 - ENA, $23M token unlock 🔓
February 6 - HYPE, $300M token unlock 🔓
February 6 - US employment announcement 🇺🇸
*Nota Bene
Despite starting somewhat positively, the week concluded with a synchronized retreat across both traditional & digital assets, as Friday’s large-scale selloffs in gold, silver, & tech stocks extended into a challenging weekend for the crypto markets. BTC is currently trading at $77,100, reflecting a 10.5% decline WoW.
The overall, broader market weakness manifested in significant institutional outflows as for the 2nd consecutive week, U.S. BTC ETFs saw a reduction in assets exceeding $1B ($1.49B), while ETH ETFs recorded $327M in outflows. The trend was almost universal with Switzerland & Germany recording minor inflows worth $11M & $4.3M respectively, whilst almost all other global markets recorded either outflows or negligible inflows.
On the macro front, the Federal Reserve maintained interest rates as widely anticipated, though sentiment was shifted by President Trump’s nomination of Kevin Warsh as Fed Chair, a Wall Street veteran & former Fed Governor known for his pro-crypto stance.
Looking forward, in the absence of immediate bullish catalysts, investors should prepare for continued volatility through the early part of the week as the market searches for a technical floor & a path toward recovery.
January 26th to February 1st Recap
▫️Strategy acquired an additional 2,932 BTC for $264.1M at $90,061 per BTC
▫️SEC clarified rules for tokenized securities, placing asset class under federal securities laws
▫️Trump named crypto-friendly Kevin Warsh as pick for Fed chair
▫️Data showed BTC on track for the longest monthly losing streak since 2018
▫️Tether announced the launch of USA₮, 2025 profits over $10B, alongside $6.3B in excess reserves, $141B exposure in U.S. Treasuries & 27 tons of gold purchases in Q4 2025, worth $4.4B
▫️US DOJ finalized $400M forfeiture tied to Helix darknet crypto mixer
▫️Binance announced plan to convert $1B SAFU stablecoin reserves into BTC within 30 days
▫️Fidelity announced intention to launch dollar-backed FIDD stablecoin on ETH in coming weeks
▫️Data from Artemis revealed Visa captures 90% of on-chain card volume via early infrastructure partnerships
▫️Data showed the top 10 alts make up ~82% of altcoin market cap
▫️TheDAO announced shift to become new $220M Ethereum Security Fund
▫️Bitmine acquired 41,788 ETH worth over $96.8M taking total holdings to 4.28M ETH & $10.7B of crypto + cash
▫️Robinhood announced investment in crypto trading platform Talos at $1.5B valuation
▫️Andre Cronje's Flying Tulip raised additional $75.5M at $1B token valuation
▫️Crypto payments network Mesh reached unicorn status after $75M Series C led by Dragonfly
▫️Vitalik Buterin committed roughly $45M in ETH to open-source security & privacy projects
▫️Aave reclaimed over 50% of DeFi lending market share for the 1st time since 2020
▫️Data showed that Base accounts for over 60% of unadjusted stablecoin transfer volume across all chains
⏫ Bitcoin Weekly High: $90,221
⬇️ Bitcoin Weekly Low: $77,033
⏫ Ethereum Weekly High: $3,029
⬇️ Ethereum Weekly Low: $2,351
February 2nd to 8th Upcoming Events
February 5 - XDC, $29M token unlock 🔓
February 5 - ENA, $23M token unlock 🔓
February 6 - HYPE, $300M token unlock 🔓
February 6 - US employment announcement 🇺🇸
*Nota Bene
Despite starting somewhat positively, the week concluded with a synchronized retreat across both traditional & digital assets, as Friday’s large-scale selloffs in gold, silver, & tech stocks extended into a challenging weekend for the crypto markets. BTC is currently trading at $77,100, reflecting a 10.5% decline WoW.
The overall, broader market weakness manifested in significant institutional outflows as for the 2nd consecutive week, U.S. BTC ETFs saw a reduction in assets exceeding $1B ($1.49B), while ETH ETFs recorded $327M in outflows. The trend was almost universal with Switzerland & Germany recording minor inflows worth $11M & $4.3M respectively, whilst almost all other global markets recorded either outflows or negligible inflows.
On the macro front, the Federal Reserve maintained interest rates as widely anticipated, though sentiment was shifted by President Trump’s nomination of Kevin Warsh as Fed Chair, a Wall Street veteran & former Fed Governor known for his pro-crypto stance.
Looking forward, in the absence of immediate bullish catalysts, investors should prepare for continued volatility through the early part of the week as the market searches for a technical floor & a path toward recovery.
February Weekly Update #2
February 2nd to 8th Recap
▫️Strategy acquired an additional 855 BTC for $75.3M at $87,974 per BTC
▫️Data showed BTC's weekend trading volume share has steadily declined from 24.2% in 2021 to 19.2% in 2026
▫️House launched probe into $500M UAE deal linked to World Liberty Financial
▫️Data from Artemis showed DATs are down around $25B cumulatively, with zero above their cost basis
▫️Strategy CEO announced that BTC would need to hit $8,000 before any balance sheet issues as mNAV hit ATL of 1.09
▫️ING opened retail access to BTC, ETH, & SOL ETPs in Germany
▫️Startup incubator Y Combinator began offering founders the option to receive funds in stablecoins
▫️Fidelity's FIDD stablecoin went live for retail & institutional investors
▫️Gemini exchange announced exits from EU, UK, & Australia markets
▫️Bitwise filed registration statement with the SEC for UNI ETF
▫️MetaMask integrated tokenized US stocks, ETFs, commodities via Ondo Global Markets
▫️Bitmine acquired 40,613 ETH worth over $86.3M taking total holdings to 4.32M ETH & $10B of crypto + cash
▫️Tether announced $100M strategic equity investment in Anchorage Digital
▫️Blockchain-based prediction-market platform Opinion announced $20M pre-Series A round raise
▫️SOL's validator count continued to fall as vote transactions dropped by 40%
▫️Hyperliquid surpassed $1B in total fees
▫️ETH's active loans surpassed $28B, a 10x increase since 2023
⏫ Bitcoin Weekly High: $79,009
⬇️ Bitcoin Weekly Low: $60,987
⏫ Ethereum Weekly High: $2,358
⬇️ Ethereum Weekly Low: $1,769
February 9th to 15th Upcoming Events
February 9 - MegaETH Mainnet Launch
February 9 -13 - Bitcoin Investor Week, NYC🇺🇸
February 9-13 - Cayman Crypto Week 🏝
February 10 - APT, $12M token unlock 🔓
February 11 - AVAX, $15M token unlock 🔓
February 15 - CONX, $15M token unlock 🔓
*Nota Bene
Crypto faced another turbulent week as BTC touched lows of $62k before showing resilience by recovering to over $70k, ultimately closing 9% down WoW.
This volatility was reflected in U.S. ETF flows, with BTC ETFs recording $318M in outflows while ETH ETFs saw roughly half that amount at $165M. Globally, inflows were recorded in Germany ($87.1M), Switzerland ($30.1M), & Canada ($21.4M).
Last week also saw a pivotal moment for the ETH ecosystem arrive via a post from Vitalik Buterin, who critiqued Layer 2 projects for a lack of progress toward specialized, permissionless Stage 2 scaling. Vitalik also prioritized scaling the ETH base layer itself. While L2 teams have since reaffirmed their commitment to an ETH-centric roadmap, the long-term strategic impact of this shift in narrative remains a primary point of discussion.
Looking forward, despite the late-week rebound in crypto & tech equities suggesting a potential continuation of this mean reversion, the lack of immediate price catalysts warrants a cautious outlook for the week ahead.
February 2nd to 8th Recap
▫️Strategy acquired an additional 855 BTC for $75.3M at $87,974 per BTC
▫️Data showed BTC's weekend trading volume share has steadily declined from 24.2% in 2021 to 19.2% in 2026
▫️House launched probe into $500M UAE deal linked to World Liberty Financial
▫️Data from Artemis showed DATs are down around $25B cumulatively, with zero above their cost basis
▫️Strategy CEO announced that BTC would need to hit $8,000 before any balance sheet issues as mNAV hit ATL of 1.09
▫️ING opened retail access to BTC, ETH, & SOL ETPs in Germany
▫️Startup incubator Y Combinator began offering founders the option to receive funds in stablecoins
▫️Fidelity's FIDD stablecoin went live for retail & institutional investors
▫️Gemini exchange announced exits from EU, UK, & Australia markets
▫️Bitwise filed registration statement with the SEC for UNI ETF
▫️MetaMask integrated tokenized US stocks, ETFs, commodities via Ondo Global Markets
▫️Bitmine acquired 40,613 ETH worth over $86.3M taking total holdings to 4.32M ETH & $10B of crypto + cash
▫️Tether announced $100M strategic equity investment in Anchorage Digital
▫️Blockchain-based prediction-market platform Opinion announced $20M pre-Series A round raise
▫️SOL's validator count continued to fall as vote transactions dropped by 40%
▫️Hyperliquid surpassed $1B in total fees
▫️ETH's active loans surpassed $28B, a 10x increase since 2023
⏫ Bitcoin Weekly High: $79,009
⬇️ Bitcoin Weekly Low: $60,987
⏫ Ethereum Weekly High: $2,358
⬇️ Ethereum Weekly Low: $1,769
February 9th to 15th Upcoming Events
February 9 - MegaETH Mainnet Launch
February 9 -13 - Bitcoin Investor Week, NYC🇺🇸
February 9-13 - Cayman Crypto Week 🏝
February 10 - APT, $12M token unlock 🔓
February 11 - AVAX, $15M token unlock 🔓
February 15 - CONX, $15M token unlock 🔓
*Nota Bene
Crypto faced another turbulent week as BTC touched lows of $62k before showing resilience by recovering to over $70k, ultimately closing 9% down WoW.
This volatility was reflected in U.S. ETF flows, with BTC ETFs recording $318M in outflows while ETH ETFs saw roughly half that amount at $165M. Globally, inflows were recorded in Germany ($87.1M), Switzerland ($30.1M), & Canada ($21.4M).
Last week also saw a pivotal moment for the ETH ecosystem arrive via a post from Vitalik Buterin, who critiqued Layer 2 projects for a lack of progress toward specialized, permissionless Stage 2 scaling. Vitalik also prioritized scaling the ETH base layer itself. While L2 teams have since reaffirmed their commitment to an ETH-centric roadmap, the long-term strategic impact of this shift in narrative remains a primary point of discussion.
Looking forward, despite the late-week rebound in crypto & tech equities suggesting a potential continuation of this mean reversion, the lack of immediate price catalysts warrants a cautious outlook for the week ahead.
February Weekly Update #3
February 9th to 15th Recap
▫️Strategy acquired an additional 1,142 BTC for $90M at $78,815 per BTC
▫️Goldman Sachs disclosed $1.1B in BTC, $1B in ETH, $153M in XRP & $108M in SOL - representing a 0.33% crypto allocation
▫️Coinbase missed Q4 estimates, posted $667M loss, & saw revenue tumble 20%
▫️The BTC hash price index fell to a record low of around 3 cents per terahash
▫️Binance announced completion of $1B transition of SAFU reserves into BTC
▫️Robinhood launched public testnet for blockchain built on ARB
▫️Stripe added x402 integration for USDC agent payments on Base
▫️X Head of Product announced launch of "Smart Cashtags," enabling direct in-timeline trading of stocks & crypto
▫️MegaETH debuted ‘real-time’ mainnet, claiming 50,000 TPS & 10 ms blocks
▫️Danske Bank began offering BTC, ETH ETPs to investors
▫️Uniswap Labs won patent infringement lawsuit as judge dismissed Bancor case
▫️BTC miner Cango sold 4,451 BTC to strengthen balance sheet, back AI push with $305M proceeds
▫️Bitmine acquired 45,759 ETH worth over $91.4M taking total holdings to 4.371M ETH & $9.6B of crypto + cash
▫️Tether announced strategic investment in LayerZero Labs as Citadel & Ark Invest also back ZRO
▫️DefiLlama announced that Thursday saw the 2nd highest Perp DEX volume on record, only behind the volume on 10/10
▫️Data from Greyscale showed that over $100B “locked” in smart contract applications
▫️Analysis showed that AAVE did ~2× more revenue in 1 yr than the other top 10 lending protocols combined
▫️Data from ishares revealed that around 65% of tokenized assets are hosted on ETH
⏫ Bitcoin Weekly High: $70,759
⬇️ Bitcoin Weekly Low: $65,264
⏫ Ethereum Weekly High: $2,128
⬇️ Ethereum Weekly Low: $1,906
February 16th to 22nd Upcoming Events
February 18 -21 - ETHDenver Conference 💎
February 20 - ZRO, $40M token unlock 🔓
February 20 - KAITO, $10M token unlock 🔓
*Nota Bene
Last week saw crypto maintain a neutral-to-bearish stance as BTC continued to consolidate within the $65k - $70k range, ultimately closing the week down 3% WoW.
This cautious sentiment extended to institutional vehicles, with U.S. BTC ETFs recording $360M in outflows while ETH ETFs saw $161M in net exits. Globally, there was a significant divergence in sentiment between the US and the rest of the world as Germany ($115M) , Canada (S$46.3M) & Switzerland ($36.8M) all recorded inflows.
However, this period of US soft price action was not isolated to crypto; broader equity markets faced headwinds as "AI-disruption" anxieties triggered significant sell-offs in tech-enabled sectors, particularly within wealth management.
However, these pressures were partially offset by a resilient macroeconomic backdrop, characterized by strong U.S. job growth numbers & cooler-than-anticipated inflation data. Looking ahead, the absence of immediate major catalysts suggests continued volatility as market participants look for a definitive trend to emerge from the ongoing tug-of-war between bulls & bears.
February 9th to 15th Recap
▫️Strategy acquired an additional 1,142 BTC for $90M at $78,815 per BTC
▫️Goldman Sachs disclosed $1.1B in BTC, $1B in ETH, $153M in XRP & $108M in SOL - representing a 0.33% crypto allocation
▫️Coinbase missed Q4 estimates, posted $667M loss, & saw revenue tumble 20%
▫️The BTC hash price index fell to a record low of around 3 cents per terahash
▫️Binance announced completion of $1B transition of SAFU reserves into BTC
▫️Robinhood launched public testnet for blockchain built on ARB
▫️Stripe added x402 integration for USDC agent payments on Base
▫️X Head of Product announced launch of "Smart Cashtags," enabling direct in-timeline trading of stocks & crypto
▫️MegaETH debuted ‘real-time’ mainnet, claiming 50,000 TPS & 10 ms blocks
▫️Danske Bank began offering BTC, ETH ETPs to investors
▫️Uniswap Labs won patent infringement lawsuit as judge dismissed Bancor case
▫️BTC miner Cango sold 4,451 BTC to strengthen balance sheet, back AI push with $305M proceeds
▫️Bitmine acquired 45,759 ETH worth over $91.4M taking total holdings to 4.371M ETH & $9.6B of crypto + cash
▫️Tether announced strategic investment in LayerZero Labs as Citadel & Ark Invest also back ZRO
▫️DefiLlama announced that Thursday saw the 2nd highest Perp DEX volume on record, only behind the volume on 10/10
▫️Data from Greyscale showed that over $100B “locked” in smart contract applications
▫️Analysis showed that AAVE did ~2× more revenue in 1 yr than the other top 10 lending protocols combined
▫️Data from ishares revealed that around 65% of tokenized assets are hosted on ETH
⏫ Bitcoin Weekly High: $70,759
⬇️ Bitcoin Weekly Low: $65,264
⏫ Ethereum Weekly High: $2,128
⬇️ Ethereum Weekly Low: $1,906
February 16th to 22nd Upcoming Events
February 18 -21 - ETHDenver Conference 💎
February 20 - ZRO, $40M token unlock 🔓
February 20 - KAITO, $10M token unlock 🔓
*Nota Bene
Last week saw crypto maintain a neutral-to-bearish stance as BTC continued to consolidate within the $65k - $70k range, ultimately closing the week down 3% WoW.
This cautious sentiment extended to institutional vehicles, with U.S. BTC ETFs recording $360M in outflows while ETH ETFs saw $161M in net exits. Globally, there was a significant divergence in sentiment between the US and the rest of the world as Germany ($115M) , Canada (S$46.3M) & Switzerland ($36.8M) all recorded inflows.
However, this period of US soft price action was not isolated to crypto; broader equity markets faced headwinds as "AI-disruption" anxieties triggered significant sell-offs in tech-enabled sectors, particularly within wealth management.
However, these pressures were partially offset by a resilient macroeconomic backdrop, characterized by strong U.S. job growth numbers & cooler-than-anticipated inflation data. Looking ahead, the absence of immediate major catalysts suggests continued volatility as market participants look for a definitive trend to emerge from the ongoing tug-of-war between bulls & bears.
February Weekly Update #4
February 16th to 22nd Recap
▫️Strategy acquired an additional 2,486 BTC for $168.4M at $67,710 per BTC
▫️CME Group announced plan to launch 24/7 crypto futures & options trading on May 29
▫️ProShares' stablecoin-ready ETF generated record $17B in day-one trading volume
▫️Wintermute launched institutional tokenized gold trading, expects market to reach $15B in 2026
▫️Research from Grayscale showed that for the last 12 months, BTC price changes have been tightly correlated to U.S. software stocks with relatively high enterprise values (EV) compared to sales
▫️BlackRock announced intention to keep 18% of staking fees generated by new staked ETH ETF
▫️Stripe-owned stablecoin platform Bridge won conditional OCC approval for national bank charter
▫️Data showed US-listed BTC miners' share of global BTC hashrate stays near record high of around 40%
▫️Netherlands banned Polymarket over ‘illegal gambling services’
▫️Canary Capital & Grayscale launched spot SUI ETFs
▫️Harvard trimmed BTC ETF holdings by 21%, built $87M ETH position
▫️Data showed that Abu Dhabi funds held over $1B of BlackRock's BTC ETF at end of last year
▫️Bitmine acquired 51,162 ETH worth over $100M taking total holdings to 4.423M ETH & $9.6B of crypto + cash
▫️Dragonfly raised $650M for 4th crypto fund
▫️Kraken acquired token manager Magna ahead of possible IPO
▫️Crypto investment firm DBA raised $68M for its 2nd venture fund
▫️BTC's Lightning Network surpassed $1B in monthly transaction volume
▫️Coinbase announced Base network moving from OP Stack to their own "unified stack" chain
▫️Research from Galaxy showed that SOL network fees declined by around 60% in Q4 2025
▫️Data showed deposits of PayPal's PYUSD on AAVE increased 40x to reach $400M in Q4 of 2025
⏫ Bitcoin Weekly High: $69,743
⬇️ Bitcoin Weekly Low: $65,926
⏫ Ethereum Weekly High: $2,031
⬇️ Ethereum Weekly Low: $1,912
February 23rd to March 1st Upcoming Events
February 25 - H, $14M token unlock 🔓
February 28 - JUP, $40M token unlock 🔓
March 1 - SUI, $37M token unlock 🔓
*Nota Bene
The crypto market generally maintained a neutral position this past week, with BTC consolidating around $67,600 reflecting a 1% decline WoW amidst a backdrop of heightened macroeconomic & geopolitical sensitivity.
In a shortened trading window, institutional sentiment appeared cautious as U.S. BTC ETFs saw $315M in net outflows while ETH ETFs saw outflows worth $123M. This selling was likely influenced by the broader market uncertainty following the U.S. Supreme Court’s decision to strike down the administration's tariffs, a move that impacts the $133.5B collected in 2025.
Globally, there were some relatively modest inflows as Switzerland, Canada & Germany recorded inflows of $19.5M, $16.8M & $16.2M respectively.
The week was rather light on crypto related news as industry builders gathered at ETHDenver with the threat of quantum computing, AI x crypto & ETH scaling among topics discussed.
Looking towards next week, the absence of immediate crypto-specific catalysts suggests that price action will be largely dictated by external volatility, specifically centered around evolving trade policies & the geopolitical tensions surrounding U.S. & Iran relations.
February 16th to 22nd Recap
▫️Strategy acquired an additional 2,486 BTC for $168.4M at $67,710 per BTC
▫️CME Group announced plan to launch 24/7 crypto futures & options trading on May 29
▫️ProShares' stablecoin-ready ETF generated record $17B in day-one trading volume
▫️Wintermute launched institutional tokenized gold trading, expects market to reach $15B in 2026
▫️Research from Grayscale showed that for the last 12 months, BTC price changes have been tightly correlated to U.S. software stocks with relatively high enterprise values (EV) compared to sales
▫️BlackRock announced intention to keep 18% of staking fees generated by new staked ETH ETF
▫️Stripe-owned stablecoin platform Bridge won conditional OCC approval for national bank charter
▫️Data showed US-listed BTC miners' share of global BTC hashrate stays near record high of around 40%
▫️Netherlands banned Polymarket over ‘illegal gambling services’
▫️Canary Capital & Grayscale launched spot SUI ETFs
▫️Harvard trimmed BTC ETF holdings by 21%, built $87M ETH position
▫️Data showed that Abu Dhabi funds held over $1B of BlackRock's BTC ETF at end of last year
▫️Bitmine acquired 51,162 ETH worth over $100M taking total holdings to 4.423M ETH & $9.6B of crypto + cash
▫️Dragonfly raised $650M for 4th crypto fund
▫️Kraken acquired token manager Magna ahead of possible IPO
▫️Crypto investment firm DBA raised $68M for its 2nd venture fund
▫️BTC's Lightning Network surpassed $1B in monthly transaction volume
▫️Coinbase announced Base network moving from OP Stack to their own "unified stack" chain
▫️Research from Galaxy showed that SOL network fees declined by around 60% in Q4 2025
▫️Data showed deposits of PayPal's PYUSD on AAVE increased 40x to reach $400M in Q4 of 2025
⏫ Bitcoin Weekly High: $69,743
⬇️ Bitcoin Weekly Low: $65,926
⏫ Ethereum Weekly High: $2,031
⬇️ Ethereum Weekly Low: $1,912
February 23rd to March 1st Upcoming Events
February 25 - H, $14M token unlock 🔓
February 28 - JUP, $40M token unlock 🔓
March 1 - SUI, $37M token unlock 🔓
*Nota Bene
The crypto market generally maintained a neutral position this past week, with BTC consolidating around $67,600 reflecting a 1% decline WoW amidst a backdrop of heightened macroeconomic & geopolitical sensitivity.
In a shortened trading window, institutional sentiment appeared cautious as U.S. BTC ETFs saw $315M in net outflows while ETH ETFs saw outflows worth $123M. This selling was likely influenced by the broader market uncertainty following the U.S. Supreme Court’s decision to strike down the administration's tariffs, a move that impacts the $133.5B collected in 2025.
Globally, there were some relatively modest inflows as Switzerland, Canada & Germany recorded inflows of $19.5M, $16.8M & $16.2M respectively.
The week was rather light on crypto related news as industry builders gathered at ETHDenver with the threat of quantum computing, AI x crypto & ETH scaling among topics discussed.
Looking towards next week, the absence of immediate crypto-specific catalysts suggests that price action will be largely dictated by external volatility, specifically centered around evolving trade policies & the geopolitical tensions surrounding U.S. & Iran relations.