SnapShot 220

Hello SnapShotters,

Markets took a breather as hotter-than-expected U.S. wholesale inflation data and profit-taking drove Bitcoin to a low of $113K and Ether to below $4.2K. The pullback triggered over $530M in liquidations in just 24 hours early in the week, and tempered expectations of a September Federal Reserve (Fed) rate cut from 88% to 85%.

Yet, institutional demand painted a different picture. U.S. spot BTC ETFs drew $548M in inflows, while ETH ETFs notched a record $2.9B — their strongest week since launch. Even as most tokens retraced and hovered around crucial support levels, Chainlink broke ranks, holding above $23 on steady whale accumulation and fresh institutional ties.

Major cities around the world continue to advance crypto adoption and buoy long-term outlooks, from Japan’s first-ever yen-based stablecoin to crypto car payments in Singapore.

Let’s dive into the other headlines of the crypto world this week.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 

Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

🇯🇵 Japan to Debut First Yen Stablecoin

Tokyo-based fintech firm JPYC will roll it out as early as October, after securing approval from the Financial Services Agency. It targets ¥1T (≈US$6.8B) in issuance over three years, with use cases spanning cross-border remittances, corporate settlements, and DeFi.

🇹🇭 Thailand Pilots Crypto-to-Baht for Tourists

Bangkok will trial an 18-month scheme that lets foreign visitors convert crypto into baht for local payments, capped at ฿550K (≈US$17K). Officials hope the move will boost tourist spending as arrivals lag below pre-pandemic peaks.

🇳🇱 Amdax Plans Bitcoin Treasury Listing in Amsterdam

Dutch crypto firm Amdax will launch Amsterdam Bitcoin Treasury Strategy (AMBTS) on Euronext. Backed by private investors, AMBTS is targeting to hold 1% of all BTC.

🤝 VeChain Taps Crypto.com for Institutional Custody

VeChain Foundation has partnered with Crypto.com to provide custody and over-the-counter trading for its VET and VTHO tokens. The move strengthens institutional access to the VeChainThor network, which uses a dual-token model for blockchain operations.

🚗 Volkswagen Singapore Accepts Crypto Payments

It is the first local auto distributor to accept BTC, ETH, USDT, and USDC for car purchases and services, converting instantly to SGD to curb volatility risks.

What’s Ahead

⏳ ETF Verdicts Cluster in October

The U.S. Securities and Exchange Commission (SEC) has punted decisions on Truth Social’s BTC-ETH ETF, Bitwise’s Solana filings, and the 21Shares Core XRP Trust, all now set for October deadlines.

Number of the Week

Source: Galaxy Research

Chart of the Week

BTC and ETH ETFs: Combined Weekly Trading Volume

📊 ETH ETFs Hit Escape Velocity

U.S. spot BTC and ETH ETFs saw a record $39.3B in combined trading volume last week, the highest since launch. Driving the surge was ETH, which logged its largest single-day inflow of $1B on August 11 and a record $2.9B in weekly inflows. ETH ETFs also registered their busiest week yet, with $18B in trades.

The momentum coincided with fresh all-time highs: BTC above $124K and ETH crossing $4,700 on August 14. 

As of August 17, 2025

Sources: SoSoValue, Crypto.com Research

Crypto Trivia

Which meme coin once briefly surpassed the market cap of the Hong Kong Stock Exchange?

A) PEPE
B) SHIB
C) FLOKI

Find the correct answer at the end of this newsletter. 👇

NFT Spotlight

In the heart of a forgotten simulation, fractured beings from an ethereal realm flicker into existence. These faceless, hollow entities form the essence of ‘Gen-Phazes’.

This collection of animated NFTs is the latest creation of Indian 3D artist Palash, who is known for his abstract, otherworldly collections like ‘Solus’ and ‘AFTERWORLD: A Love Beyond Time’. 

Collectors of the NFT drop stand a chance to win limited physical merchandise, such as t-shirts, art prints, and animated collectibles*.

*Eligible users only.  Terms and conditions apply.

Watch the fractured forms take shape and shop the drop today.

Product Updates

Get Up to US$300 in Rewards as a New Stocks Trader

Kickstart your trading journey with a Stock Reward Box worth up to US$300. Simply make your first purchase of at least US$100 in any stock, ETF, or Whale Basket within 14 days of creating your Stocks account, and you’ll instantly receive a Reward Box. 

No minimum spend is required to claim your box until August 31, 2025, with rewards redeemable for shares of a top S&P 500 stock of your choice. Don’t miss out and get yours now. 

Earn a Share of 10,000 USDC in the Crypto.com Onchain x dYdX Flash Campaign

After the success of the dYdX x Crypto.com Onchain Royale, we’re back with a new limited-time Flash Campaign. Be among the first 200 users to trade at least US$10,000 on dYdX via the Crypto.com Onchain Wallet to secure your share of the 10,000 USDC prize pool.

Trade College Football and the U.S. Tennis Championship on Crypto.com Sports

U.S. users can now trade the outcomes of three major sporting events on Crypto.com Sports. Make your predictions for the winners of the Men’s and Women’s U.S. Tennis Championship, as well as College Football, directly in the Crypto.com App.

Trade with as little as $1, and profit if your picks are correct. Start trading today.

Loaded Experience Giveaway: Stand to Win a Pair of UCL Tickets

‘Loaded Lions’ NFT holders have the exclusive opportunity to win one of 16 pairs of tickets to UEFA Champions League 2025/2026 across all eight Match Days. For more details on how to enter, visit the blog. 

New Tokens

Ika (IKA)

Ika network is a high-performance, decentralized Multi-Party Computation (MPC) protocol built on the Sui blockchain. Its zero-trust, non-collusive architecture ensures high security and speed. The IKA token is the native token of the network, enabling staking in its delegated Proof of Stake system, supporting fee payments and governance.

Eclipse (ES)

Eclipse is an Ethereum Layer-2 blockchain built to combine the scalability of Solana with the security and decentralization of Ethereum. It leverages the Solana Virtual Machine (SVM) for high-performance execution and settles transactions on Ethereum. ES serves as the native utility and governance token for the Eclipse ecosystem.

YZY Money (YZY)

YZY Money is a new payments ecosystem launched by American rapper and singer Kanye West (also known as Ye), as a concept to put users in control of their own money. YZY is a meme coin launched on the Solana blockchain that powers all transactions within the YZY Money ecosystem. YZY Money’s payment solutions include Ye Pay, a crypto payment processor, and YZY Card for spending YZY and USDC. 

This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.

Crypto Learn

What Is USD Coin (USDC)?

USD Coin (USDC) is a stablecoin pegged 1:1 to the U.S. dollar, designed to combine the stability of fiat currency with the speed and flexibility of cryptocurrency.

Why people use it:

Stability you can trust: Issued by Circle, USDC is backed by cash and short-term U.S. Treasuries, with reserves regularly attested by independent auditors. Its transparency and compliance-first approach have made it one of the most trusted stablecoins on the market.

Instant, low-cost transfers: USDC makes moving funds across the globe fast and seamless — with no banks and no delays.

Plug-and-play in crypto: The stablecoin is also accepted across exchanges and platforms, powering DeFi apps, trading, and payments.

Wondering if you should use USDC? Take a closer look in this University article.

CryptoIRL

@yugoslavdinar’s Icy Card fits right in with the sleek white yachts of Monaco.

Hashtag #CryptoIRL with your Crypto.‌com Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

Hong Kong Issues Fraud Warning After New Stablecoin Law

As Hong Kong rolls out its Stablecoin Ordinance, regulators are warning traders to stay alert amid rising fraud risks.

Some companies are reportedly claiming to apply for a license just to look ‘regulated’, even before meeting any requirements — a tactic that could trick users into trusting unsafe issuers.

What you should watch out for:

1. Don’t trust claims at face value: Just because a stablecoin issuer says it’s applying for a license doesn’t mean it’s approved.
2. Verify legitimacy: Stick to stablecoins issued by transparent, well-known names with existing regulatory credentials.
3. Be cautious of hype: Avoid assuming a project is safe just because people are suddenly talking about it.

Crypto Trivia Answer

A) PEPE ✅ 

In May 2023, the amphibian-themed meme coin briefly hit a market cap of $1.6 billion, surpassing the value of the entire Hong Kong Stock Exchange during off-hours trading.

That's it for this week's SnapShot. Want more? Find out what’s trending in the crypto world.