Welcome to the Crypto.com Monthly Research Roundup Newsletter!

1. Market Index

According to our research dashboard, the price index dropped by -2.82% in August, while the volume and the volatility indices grew by +14.40% and +14.80%, respectively.

2. Charts of the Month

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.

Similar to traditional corporate share repurchase programmes, token buybacks by protocols aim to reduce circulating supply and support prices during market volatility. Top DeFi protocols repurchased over $46 million worth of tokens in the last week of August, with Hyperliquid’s buyback accounting for approximately $25 million. However, the effectiveness of crypto token buybacks has been inconsistent, and their long-term viability relies on the underlying protocol's fundamentals and revenue generation.

3. Monthly Feature Articles

Institutional Adoption of Ethereum – The Next Big Trade for TradFi

This report explores why Ethereum is the top choice for TradFi and discusses what it needs to improve to solidify its moat.

Key Takeaways:

• Ethereum marked its ten-year anniversary as a leading blockchain with increasing institutional support and regulatory clarity. Traditional finance (TradFi) views Ethereum as the most significant trade for the next ten to 15 years. We believe Ethereum is currently in a strong position, yet it must bolster its competitive edge to maintain this trajectory.
• TradFi favours a blockchain that can satisfy its needs for:
• • Operations with high security and reliability. Ethereum's robust decentralisation and ETH's substantial economic value offer strong security against potential attackers.
  • Support the launch of products compliant with core business and regulatory obligations. Ethereum fulfills this requirement through the integration of ERC-3643 (a permissioned token standard) and zero-knowledge proof (ZK) technologies, which enhance transaction privacy.
  • Robust liquidity to offer a good user experience and access untapped internet capital. Enhanced liquidity translates to less friction in value transfer. Ethereum stands out among its rivals with its leading market share in stablecoins and real-world assets.
• To achieve its goal to be a highly scalable, secure, and decentralised global computing and settlement layer, Ethereum needs to ensure its network is anti-fragile and strengthen its moat:
• • Ethereum can achieve anti-fragility through network effects, continuous expansion of its ecosystem and the supporting resources. 
  • Ethereum is building its moat through: 
  • • Security Hardening: Ethereum Foundation’s new security initiative aims to boost institutional trust. Censorship resistance is enhanced by EIP-7732’s proposer-builder separation and zero-knowledge Ethereum Virtual Machine (zkEVM) integration.
    • Scalability and EVM Distribution: Ethereum’s roadmap addresses scalability challenges while accumulating network effects by attracting innovation built on EVM, which enhances the network’s resilience.
• Ethereum's adoption in TradFi faces challenges, including its unpredictable development progress, regulatory ambiguities, and scalability issues. Its long-term viability hinges on the ability to capture and promote productive work on the chain.

Monthly Market Update (August 2025)

This report provides an overview of market updates in August, highlights new developments, and provides our latest market outlook.

Key Takeaways:

• Overall Market Performance: August featured mixed economic signals with equity markets near record highs amid persistent inflation; ETH surged 18% to a new all-time high above $4,900, while BTC peaked at $124,000 but declined -7.7% monthly.
• G20 Macro Environment: Economies showed resilience with divergent central bank policies. The Fed is expected to cut rates, while the ECB is cautious; trade tensions from US tariffs persisted but eased via agreements, boosting the 2025 global growth forecast to 3.0%; downside risks include inflation and geopolitics.
• Crypto Market Dynamics: DeFi sectors varied, with Oracles leading growth attributed to US government partnerships for on-chain data; ETH ETFs drew $3.8B in net inflows and +34.9% AUM growth, contrasting BTC ETFs' $749M outflows; institutional ETH adoption rose, and public firms now hold over one million BTC.
• Crypto Regulatory Developments: US explored crypto in 401(k)s, clarified non-security staking, and pushed BTC reserves; China is eyeing yuan stablecoins; EU imposed high risk weights on unbacked crypto; Japan neared yen stablecoin approvals and tax reforms; UK lifted cETN retail ban; Brazil and Indonesia considered BTC reserves; UAE unified frameworks.
• Equity Market Trends: US indices rose (S&P 500 +1.91%, NASDAQ +1.6%, Dow +3.20%), driven by tech giants, Fed cut expectations, trade optimism, and economic resilience; Europe was mixed amid volatility in France and ECB’s pause; Asia diverged, with China leading via AI/semiconductor gains, Japan remaining steady, and South Korea being pressured by trade restrictions.
• New Developments in Crypto and TradFi: Trump Media Group and Crypto.com announced a $6.4B Cronos (CRO) treasury and partnership; Crypto.com expanded custody for staked assets VeChain, VivoPower, and Aditxt; Crypto.com integrated Plaid for tax-efficient transfers; Ray Dalio warned of US debt cycle boosting BTC and gold demand; Allianz recognised BTC as a credible store of value.
• Outlook on Key Projects and Tokens: Cronos’s roadmap targets DeFi maturity and retail adoption via Crypto.com; BTC faces potential September weakness, but upside from Fed cuts; ETH proposes unified fee market (EIP-7999) and more.

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4. Alpha Navigator

This institutional-focused report dives into macro trends, market-neutral pairs, style-factor screens, and events. Read the full Alpha Navigator report here.

• Equities increased in August, while Crypto, Real Assets and Fixed Income performances were mixed. ETH led the increase while BTC retraced after reaching a new all-time high above $124,000 in mid-August.
• BTC's one-month performance correlation was positive with most Equity indices, but negative with Fixed Income.

5. Crypto Conference & Economic Calendar

Crypto Conferences Calendar

Economic Calendar

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Research & Insights Team

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