Quick Take

• Trump Media and Crypto.com announced a strategic partnership.
• Trump Media Group CRO Strategy to acquire US$6.42 billion for CRO digital asset treasury.
• Ethereum’s on-chain volume reached a four-year high of $341 billion in August.
• The US government selected Chainlink and Pyth to publish economic data on-chain.
• US spot BTC ETFs had a net inflow of $441 million last week, compared to a net outflow of $1.2 billion the week before. Spot ETH ETFs saw a net inflow of $1.1 billion in the same period, compared to a net outflow of $241 million the week before.
• On the macro side, the US Core Personal Consumption Expenditures Price Index rose 2.9% year-over-year, in-line with the Dow Jones consensus forecast, representing the highest annual increase since February. The latest CME FedWatch Tool showed an 87% probability of a rate cut in September, which was the same as the week before. China’s manufacturing PMI rose to 49.4 in August but remained below the growth threshold of 50, shrinking for five consecutive months. 
• Notable updates: Ethereum Foundation outlined a roadmap to improve its user experience; Tether abandoned plans to freeze USDT on five blockchains and planned a USDT rollout on RGB.
• Notable events in the coming week: US ISM Manufacturing & Services PMI, Nonfarm Payrolls, ADP Employment Change

Weekly Market Index

Price and volatility indices were down by -5.01%, and -8.68%, respectively, last week.  The volatility index was up slightly by +0.87%.

Almost all tokens retraced last week, which coincided with the US Core Personal Consumption Expenditures Price Index rising 2.9% year-over-year, the highest annual increase since February. 

CRO was the only gainer last week, leading the price (+83.09%), volume (+2,871.35%), and volatility (+254.51%) surge. Its bull run coincided with the announcement of Crypto.com’s strategic partnership with Trump Media and the establishment of Trump Media Group CRO Strategy, a new entity that will invest $6.4 billion to build a CRO treasury.

Chart of the Week

Ethereum’s on-chain volume reached a record high $341 billion in August, surpassing previous highs from May 2021. This surge in activity coincides with increased accumulation of ETH by corporate treasuries, higher spot ETH ETF trading, and lower average transaction fees.

Weekly Performance

Top-cap tokens showed mixed price changes last week. BTC decreased by -1.8% and ETH increased by +0.2%, respectively. CRO (+83%) led the price increase.

Most key categories decreased in market capitalisation in the last seven days, except for Gaming.

News Highlights

Crypto.com News 

• Trump Media and Technology Group Corp., Crypto.com, and Yorkville Acquisition Corp. announced a business combination to form Trump Media Group CRO Strategy, Inc., a publicly traded digital asset treasury company focused on acquiring and managing CRO, the native token of the Cronos blockchain ecosystem. Trump Media Group CRO Strategy announced $6.4 billion in funds to build America’s Cronos Treasury, and the company is expected to be the world’s largest holder of CRO.
• Trump Media partnered with Crypto.com to integrate CRO and Crypto.com’s digital wallet infrastructure into its platforms, which include Truth Social and Truth+. The partnership aims to make CRO the utility token of choice globally, with Trump Media and Crypto.com working together to expand access to the benefits and opportunities of crypto. 

Adoption

• The US government selected Chainlink and Pyth to publish economic data on-chain. Chainlink will help to publish data related to consumer demand, including GDP and the Personal Consumption Expenditures Index for the Bureau of Economic Analysis (BEA), while Pyth will help on GDP data for the Department of Commerce.
• Circle announced expanded USDC payment partnerships with Mastercard and Finastra to broaden stablecoin rails for banks and merchants. This will allow banks in 50 countries to settle international payments in USDC.
• Google Cloud is building the Universal Ledger (GCUL), a Python-compatible Layer-1. GCUL targets bank-grade functionality at scale and is working with the Chicago Mercantile Exchange (CME) Group to test tokenisation and payments.

Regulation

• The US Commodity Futures Trading Commission (CFTC) signalled a pathway for US-based clients to access offshore crypto exchanges under the Foreign Board of Trade (FBOT) framework. This is part of CFTC’s “crypto sprint” to change its crypto policies. 

Investment Vehicles

• Multiple ETF filings were made last week with the US Securities and Exchange Commission (SEC): 
• • 21Shares: SEI ETF
  • Canary Capital: Canary TRUMP Coin ETF and American-Made Crypto ETF (projects in the Made-in-America Blockchain Index)
  • Bitwise: Chainlink ETF
  • Grayscale: Convert its Avalanche Trust into an ETF
  • Amplify Investments: Amplify XRP [ ]% Monthly Option Income ETF, which provides investment exposure to the price of XRP and a covered call strategy
• 21Shares launched a Hyperliquid exchange-traded product (ETP) on the SIX Swiss Exchange, providing institutional investors with exposure to the token. 
• Multiple asset managers updated their filings for a spot SOL ETF, reflecting active back-and-forth with the SEC.

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