Quick Take

• Bitcoin monthly accumulator addresses increased their holdings to around 360,000 BTC; Crypto.com became the first digital asset platform to achieve ISO/IEC 42001:2023 certification; European Central Bank (ECB) announced plans to launch a digital euro pilot in 2027.
• US spot BTC ETFs had a net outflow of US$316 million last week, slightly lower than the $360 million the week prior. Spot ETH ETFs saw a net outflow of $123 million in the same period, slightly down from $161 million the week prior.
• On the macro side, minutes from the latest US FOMC meeting showed officials remained divided on the future interest rate pathway, particularly whether to prioritise fighting inflation or support the labour market. Core personal consumption expenditures (PCE) price index in December increased 3% year-on-year, above the Fed’s 2% target, while US Q4 GDP rose 1.4%, well below the 2.5% projected by Dow Jones. The Supreme Court of the United States (SCOTUS) struck down a large portion of President Trump’s tariff agenda after ruling that he exceeded his authority, but Trump subsequently announced plans to raise global tariffs to 15%. The latest CME FedWatch Tool indicated a 4% probability of a March rate cut, compared to 10% last week. Reserve Bank of New Zealand (RBNZ) maintained interest rates.
• Notable updates: Ethereum Foundation outlined its 2026 protocol priorities with a focus on scalability, user experience, and security; Apex Group partnered with World Liberty Financial to pilot the use of USD1 stablecoin in traditional fund operations; Uniswap began snapshot voting on a proposal to extend protocol fees to eight more chains and enable protocol fees on all v3 pools; BGD Labs announced that it will not seek renewal and cease contribution to Aave from April; Apollo Global Management partnered with Morpho to support on-chain lending infrastructure; Jupiter launched native staking as collateral on Jupiter Lend.
• Notable events in the coming week: US Producer Price Index ex Food & Energy.

Research Dashboard

According to our research dashboard, the price, volume, and volatility indices fell by -2.69%, -23.24%, and -21.27%, respectively, last week. BTC and ETH prices decreased by -0.5% and -1.6%, respectively. This coincided with the US FOMC minutes showing officials divided on the future interest rate pathway. Additionally, despite the US Supreme Court striking down Trump’s tariff agenda, he later announced plans to raise global tariffs to 15%, adding to global uncertainties. 

Tokens in the index mostly decreased, except for WLFI (+17.00%). Apex Group partnered with World Liberty Financial to pilot the use of its USD1 stablecoin in traditional fund operations.

All tokens in the index decreased in volume except for WLFI (+45.97%) and TAO (+16.96%). 

Chart of the Week

Bitcoin monthly accumulator addresses increased their holdings to new highs of around 360,000 BTC on 21 February, growing by over 135% from 153,000 in the beginning of January 2026. Accumulator addresses are wallets that satisfy conditions including having no outflows, holding a minimum BTC amount, and excluding exchange or miner accounts. This potentially suggests that investors are taking advantage of recent price decline to accumulate BTC.

Weekly Performance

Top-cap tokens mostly decreased in price last week. BTC and ETH decreased by -0.5% and -1.6%, respectively. This coincided with the US FOMC minutes showing officials divided on the future interest rate pathway and President Trump announcing plans to raise global tariffs to 15%, which increased global uncertainties. OP and APT led the decrease.

All key categories decreased in market capitalisation in the last seven days, led by Layer-2 and NFT.

News Highlights

Crypto.com / Cronos-Related News

• Crypto.com became the first digital asset platform to achieve ISO/IEC 42001:2023 certification, the international standard for an Artificial Intelligence Management System (AIMS), highlighting its commitment towards security and responsible AI.

Regulation

• US officials and representatives from the banking and crypto industries met last week to discuss the crypto market structure bill, with reports noting a potential trade-off that would allow stablecoin rewards on transaction activities rather than balances.
• California Department of Financial Protection and Innovation confirmed a 1 July deadline to enforce the Digital Financial Assets Law (DFAL), requiring crypto businesses serving California residents to obtain a licence, file an application, or qualify for an exemption.
• European Central Bank (ECB) announced plans to launch a digital euro pilot in 2027, with payment service providers to be selected in early 2026. The pilot will run within a controlled Eurosystem environment involving real-world transactions.

Adoption

• SBI Holdings announced plans to launch a 10 billion yen (about $65 million) on-chain bond specifically targeted at individual investors. The bond will offer a fixed interest rate and XRP rewards.
• Several notable companies disclosed changes in their crypto and crypto-related positions last week:
• • Harvard Management Company reduced its holdings in BlackRock’s IBIT from $443 million to $266 million as of 31 December 2025, and purchased shares in BlackRock’s ETHA valued at about $87 million at the time of disclosure.
  • BlackRock reduced its holdings in Strategy (MSTR) by approximately 0.1 million to 14.6 million shares by Q4 2025, valued at about $2.2 billion at the time of disclosure.
  • Charles Schwab increased its stake in Strategy (MSTR) by 91,859 shares to nearly 1.3 million shares in Q4 2025, valued at about $193 million at the time of disclosure.
  • Abu Dhabi investment firms Mubadala Investment Company and Al Warda Investments increased their exposure to BlackRock’s IBIT in Q4 2025, bringing combined holdings to more than $1 billion in BTC at year-end 2025. 
  • Italian banking giant Intesa Sanpaolo disclosed $96 million in BTC ETF holdings across five positions, including ARK21Shares Bitcoin ETF and IBIT.

Investment Vehicles

• Grayscale filed with the SEC to convert its AAVE fund into a spot AAVE ETF for listing on NYSE Arca. This is the second filing for an ETF tied to AAVE alongside Bitwise’s product.
• Canary Capital and Grayscale both launched staked SUI ETFs, designed to offer exposure to SUI while capturing staking rewards through participation in the network’s proof-of-stake process.
• ProShares launched the ProShares GENIUS Money Market ETF, which invests only in short-term US Treasurys and is intended to qualify as a reserve asset for stablecoin issuers under the GENIUS Act.
• CME Group is preparing to launch 24/7 crypto derivatives trading starting on 29 May. CME futures and options will trade continuously with a two-hour maintenance break over the weekends.

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