Quick Take

• BTC’s realised capitalisation remains near its record high above US$1.1 trillion over the past month; DMCC and Crypto.com to advance commodities tokenisation; Crypto.com strengthens fiat payment with DBS Bank.
• US spot BTC ETFs had a net outflow of $497 million last week, compared to a net inflow of $287 million the week before. Spot ETH ETFs saw a net outflow of $644 million in the same period, compared to a net inflow of $209 million the period before.
• On the macro side, US consumer price index rose by 2.7% year-on-year in November, lower than the 3.1% expected by economists surveyed by Dow Jones. The latest CME FedWatch Tool indicated a 21% probability of a January rate cut, compared to 24% the week before. Europe kept interest rates unchanged, Japan raised interest rates by 0.25% to 0.75%, and the UK cut interest rates by 0.25% to 3.75%.
• Notable updates: Ethereum Foundation announced a new technical roadmap for zkEVM, shifting focus from speed to security; Circle partnered with Intuit to integrate USD; Voting began for Uniswap’s ‘UNIfication’ governance proposal.
• Notable events in the coming week: US Q3 GDP, Bank of Japan Governor’s Speech.

Research Dashboard

According to our research dashboard, the price, volume, and volatility indices decreased by -1.90%, -28.70%, and -35.27%, respectively, last week. BTC’s price increased by +0.4%, while ETH’s price decreased by -2.1%.

Tokens in the index mostly decreased in price, in line with ETF outflows and a broader weakening of investor sentiment. The market rebounded slightly after Japan’s 0.25% rate hike, as the Japanese yen fell against USD post-hike. CRO (+0.56%) increased in price, which coincided with multiple partnerships announced last week, including a collaboration with DMCC to advance commodities tokenisation and digital trade infrastructure.

Volatility decrease was led by AVAX (-60.36%) and ADA (-58.31%). VanEck updated its filing for an Avalanche ETF, VAVX, to include staking rewards.

Chart of the Week

BTC’s realised capitalisation remained near its record high above $1.1 trillion over the past month, despite price fluctuations since October. It reached an all-time high of $1.126 trillion on 26 November and remained around $1.123 trillion on 20 December.

This metric values the sum of each BTC at the price it was last moved, and is used as a proxy for the ‘stored value’. It provides an indication of actual capital inflows compared to market capitalisation, which can be impacted by speculative actions.

Weekly Performance

Top-cap tokens mostly decreased in prices last week, except for BCH and BTC. This coincided with ETF outflows and broader weakening of investor sentiment. BTC’s price increased by +0.4%, while ETH’s price decreased by -2.1%. SHIB and OP led the decrease.

All key categories decreased in market capitalisation in the last seven days, except for Layer-1. Layer-2 and NFT led the decrease.

News Highlights

Crypto.com / Cronos News

• DMCC, the international business district that drives the flow of global trade through Dubai, partnered with Crypto.com to advance commodities tokenisation and digital trade infrastructure. The collaboration also aims to reduce settlement friction and improve price transparency across major commodities segments, while supporting tokenised real-world asset listings.
• Crypto.com strengthened its fiat payment capabilities with DBS Bank, Southeast Asia’s largest bank by assets. Crypto.com users in Singapore can now deposit SGD and USD, facilitated by DBS.
• Crypto.com | Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse affiliated with Crypto.com, collaborated with ERShares and Signal Markets to launch a global prediction-market-intelligence platform.
• International investment company Galapagos Capital will leverage Crypto.com Exchange capabilities to establish a new digital asset offering for its clients. 

Adoption

• US digital bank SoFi Technologies launched a stablecoin, SoFiUSD, backed by cash reserves held in its bank account. The token will use a public blockchain and enable partners to move funds efficiently at a low cost.
• Travel Retail Norway started accepting bitcoin payments via the Lightning network at Oslo Airport for Click & Collect purchases. The transactions will be settled in Norwegian kroner in real time.
• Brazil’s B3 stock exchange plans to launch a tokenisation platform and stablecoin in 2026, initially supporting stock market offerings and token trading via its stablecoin.
• JPMorgan launched a tokenised money market fund on Ethereum. My OnChain Net Yield Fund (MONY) is built on its tokenisation platform, Kinexys Digital Assets, and is open to qualified investors.
• Visa formed a stablecoin advisory practice to help businesses develop strategies for stablecoin-based solutions. Additionally, it introduced USDC stablecoin settlement services for US financial institutions on Solana, with Cross River Bank and Lead Bank as initial participants and a broader rollout planned for 2026.
• Bhutan pledged up to 10,000 BTC (approximately $1 billion) to develop Gelephu mindfulness city, intended to support economic development and job creation.
• The Depository Trust and Clearing Corporation (DTCC) is expected to tokenise a portion of US Treasuries on the Canton blockchain. It plans to eventually expand to a broader range of Depository Trust Company-eligible assets.

Regulation

• UK Treasury is expected to implement crypto rules effective from 2027 that would put crypto firms under the supervision of the Financial Conduct Authority (FCA).
• European Central Bank (ECB) finished technical preparations for a digital euro, and will await decisions from the European Council and European Parliament. It also plans to make on-chain settlement in central bank money possible in 2026. 
• US SEC released staff statements related to brokers’ crypto custody and alternative trading systems (ATSs) for crypto. This includes advising firms how to possess the assets and protect private keys.
• US Senate confirmed Mike Selig as chair of the Commodity Futures Trading Commission (CFTC) and Travis Hill as chair of the Federal Deposit Insurance Corp (FDIC). Selig previously pledged to make crypto a priority. 
• US FDIC proposed a first official rule for stablecoin issuers under the GENIUS Act to govern the application process for stablecoin issuers.

Investment Vehicles

• CME Group expanded derivatives offerings with spot-quoted XRP and Solana futures. These contracts track the spot price directly.
• VanEck updated its filing for an Avalanche ETF, VAVX, to include staking rewards. The ETF may stake up to 70% of its AVAX holdings.

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