Quick Take

• Average BTC deposit to exchanges reached a one-year high of 1.23 BTC on 23 November; US State of Texas acquired US$5 million in BlackRock’s IBIT; Amundi tokenised one of its money market funds on Ethereum.
• US spot BTC ETFs had a net inflow of $309 million in the past five trading days, compared to a net outflow of $1.2 billion the week before. Spot ETH ETFs saw a net inflow of $368 million in the same period, compared to a net outflow of $500 million the week before. These mark the first net inflow weeks for both ETFs since October.
• On the macro side, US producer price index (PPI) excluding food and energy rose 0.1% in September, lower than the Dow Jones consensus estimate of 0.2%, potentially indicating cooling inflation pressures. Retail sales increased 0.2% in September, slightly lower than the 0.3% estimate. China’s manufacturing purchasing managers’ index (PMI) was 49.2 in November, indicating manufacturing contraction for an eighth consecutive month. The latest CME FedWatch Tool indicated a 87% probability of a December rate cut, up from 69% the week prior. New Zealand’s RBNZ lowered its interest rate by 0.25 percentage points to 2.25%.
• Notable updates: Ethereum’s mainnet block gas limit reached 60 million; S&P Global Ratings downgraded USDT’s ability to maintain its USD peg from constrained to weak; Abu Dhabi’s regulator approved the use of RLUSD in Abu Dhabi Global Market’s (ADGM) financial zone.
• Notable events in the coming week: US Fed Chair Powell’s Speech, US Import and Export Price Index, US Personal Income and Outlays.

Research Dashboard

According to our research dashboard, price index increased by +5.23% last week. Volume and volatility indices decreased by -36.99%, and -51.73%, respectively.

Crypto’s increase last week coincided with net inflows of US spot BTC and ETH ETFs, strong US equities markets, and a higher probability of a December Fed rate cut. BTC’s price increased by +4.1%, recovering to the $90,000 level, while ETH increased by +7.0%.

Tokens in the index showed mixed changes in price, led by ONDO (+7.35%), ETH (+6.96%), and XRP (+5.57%). Grayscale and Franklin Templeton’s US spot XRP ETFs began trading last Monday. Volatility decreases were led by DOGE (-73.24%) and ATOM (-69.54%), reversing the surge in volatility the week before.

Additionally, 209 public companies have collectively acquired over 1 million BTC (around US$96 billion), accounting for more than 5% of BTC’s total supply.

Chart of the Week

The 7-day average BTC deposit value to exchanges reached a one-year high of 1.23 BTC on 23 November, following recent crypto market turbulence. This reflects a recent increase in investors making large deposits, potentially indicating a high selling pressure and also coinciding with BTC’s price drop to the $84,000 level on the day.

However, this trend reversed quickly. The average BTC deposit value to exchanges dropped to 0.84 BTC on 30 November, while BTC’s price recovered to the 90,000 level.

Weekly Performance

Top-cap tokens showed mixed changes in price last week. BTC and ETH increased by +4.1% and +7.0%, respectively. This coincided with net inflows of US spot BTC and ETH ETFs, strong US equities markets, and a higher probability of a December Fed rate cut. SUI and TON led the increase, while APT led the drop.

All key categories increased in market capitalisation in the last seven days. DeFi and Layer-1 led the increase.

News Highlights

Adoption

• The US State of Texas acquired $5 million in BlackRock’s IBIT on 20 November at a cost basis of approximately $87,000, with an additional $5 million allocated for self-custodied purchases in the future. This marks the first time a US state purchased bitcoin for its Treasury.
• European asset manager Amundi, with approximately $2.3 trillion in assets under management, tokenised its Amundi Funds Cash EUR – J28 EUR DLT money market fund on Ethereum. Fund shares are recorded on-chain to enhance traceability.

Regulation

• United Kingdom’s HM Revenue and Customs (HMRC) proposed a new tax framework that defers capital gain taxes for DeFi lending and liquidity pools. Under the rule, it will adopt a ‘no gain, no loss’ approach under which tax will be calculated when liquidity tokens are redeemed.
• United Kingdom will require domestic crypto platforms to report transactions by UK resident users from 2026 as part of the Crypto-Asset Reporting Framework (CARF), giving the local tax authority access to both domestic and cross-border crypto activity.
• Switzerland delayed implementing CARF rules until at least 2027. The rules will still be enshrined into law on 1 January 2026, and will mandate the automatic exchange of crypto account data with overseas tax agencies.
• Australia’s government introduced a bill to regulate crypto under existing financial-services laws, requiring digital-asset service providers to obtain an Australian Financial Services License (AFSL).
• South Korea is preparing to expand its travel rule requirements to transactions below 1 million KRW ($680), obliging exchanges to collect and transmit sender-recipient information for low-value transfers in a move  to reduce money laundering activities. 
• Japan’s Financial Services Agency (FSA) will reportedly revise its requirements for crypto exchanges to maintain liability reserves, aiming to protect users against hacks or breaches. 
• UAE central bank’s new law, Federal Decree Law No. 6 of 2025, extends regulatory oversight to DeFi platforms and broader Web3 players. The law was issued on and effective since 16 September. 
• Bolivia’s government will integrate crypto and stablecoins into its financial system. Banks will be allowed to custody digital assets for clients and enable crypto as a legal-tender equivalent across savings and credit products.
• Turkmenistan approved a new crypto law to legalise and regulate the industry in 2026. The legislation establishes licensing, anti-money laundering, and KYC requirements for crypto exchanges and custodial services. 
• Uzbekistan will roll out a stablecoin regulatory framework in 2026 that permits stablecoins to be used for payments under a new sandbox regime. Local entities will also be allowed to issue tokenised shares and bonds. 

Investment Vehicles

• The Nasdaq International Securities Exchange filed with the US SEC to increase option limits for the BlackRock’s IBIT to 1 million. This aims to prevent any single investor from controlling too many option contracts for a product.
• Grayscale has filed with the US SEC to convert its Zcash Trust into a spot ETF. The application could introduce the first ETF tied to a privacy coin.

Others

• S&P passed on the inclusion of Strategy in the S&P 500, despite it being among the top 250 companies in the US based on market capitalisation.

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