Welcome to the Crypto.com Monthly Research Roundup Newsletter!

1. Research Dashboard

According to our research dashboard, over 200 public companies have collectively acquired more than one million BTC (approximately US$128 billion) on 8 October, representing around 5% of Bitcoin's total supply.

In September, the price index increased by +1.38%, while volume and volatility indices dropped by -24.61% and -17.04%, respectively.

2. Charts of the Month

Ethereum exchange net flows (30-day moving average) hit the lowest level since 2023, reaching a net outflow of 57,950 ETH on 22 September.

Exchange net flows are calculated as inflows minus outflows. Accelerating net outflows may indicate a shift towards other custodial solutions or DeFi deployment, reducing immediate selling pressure. This trend coincided with institutional accumulation of ETH via spot ETH ETFs and digital asset treasuries.

The tokenised real-world assets (RWAs) market has surpassed US$30 billion in on-chain value in mid-September, marking a 93% year-to-date increase. This accelerated growth, reaching $30 billion from $20 billion in approximately 170 days (compared to 360 days for the jump from $10 billion to $20 billion), was fueled by growing institutional adoption and new offerings such as BlackRock’s BUIDL and Franklin Templeton's BENJI. Private credit dominates the RWA market with nearly $17 billion, followed by US Treasury debt exceeding $7 billion. Continued expansion is anticipated as exchanges and custodians add RWA tokens to their collateral lists and as regulatory clarity improves.

3. Monthly Feature Articles

Crypto Market Sizing (H1 2025)

Key Takeaways:

• Global cryptocurrency owners increased by 4.0% in the first half of 2025, rising from 681 million in January to 708 million in June. 
• • Bitcoin (BTC) owners grew by 4.1%, from 340 million in January to 354 million in June, accounting for 50.1% of global owners.
  • Ether (ETH) owners grew by 3.4%, from 155 million to 160 million during the same period, accounting for 22.7% of global owners.
• There could be approximately 300,000 to 1.3 million people invested in BTC and ETH via US spot ETFs, in addition to the above estimates.

The Institutional Stablecoin Nexus – Convergence of TradFi, Regulation, and Crypto-Native Innovation

The stablecoin landscape is undergoing a profound transformation, moving beyond its crypto-native origins to become a core component of global financial infrastructure. This report provides an in-depth analysis of the institutional stablecoin market, which is being shaped by a multi-front contest among traditional financial institutions, regulated fintechs, and purpose-built crypto-native infrastructure.

Key Takeaways:

• The market value of stablecoins has surpassed US$300 billion, with monthly transaction volumes surpassing Visa's.
• The US GENIUS Act is the first comprehensive federal law regulating stablecoins, aiming to position the US as a leader in digital currency, provide regulatory clarity, and preserve US dollar dominance. A key provision of the GENIUS Act prohibits Permitted Payment Stablecoin Issuers (PPSIs) from paying interest or yield to stablecoin holders, creating a distinction between regulated transactional stablecoins and yield-generating decentralised finance (DeFi) products.
• Stablecoins are becoming a crucial strategic necessity for traditional financial institutions because of their potential to improve efficiency, create new revenue streams (e.g., transaction fees, custody services, asset digitisation), and enhance financial accessibility.
• Challenges for banks include securing licenses, complying with anti-money laundering and counter-financing of terrorism (AML/CFT) protocols, and systemic risks such as potential ‘runs’ on stablecoins impacting bank deposits and market liquidity.
• The report discusses the ‘narrow-bank’ effect and ‘deposit disintermediation’ as potential risks for banks, stemming from stablecoin reserve requirements.
• Competition in the stablecoin landscape is intensifying, with new entrants from DeFi protocols, fintech companies, and traditional financial institutions, alongside the rise of specialised blockchains.
• Future success in the stablecoin market will depend on distribution and network effects, regulatory compliance, and optimised unit economics.
• A ‘dual-rail future’ is envisioned, with deposit tokens for closed-loop institutional use cases and stablecoins for open-loop retail and merchant payments.
• Stablecoin adoption is expected to fragment across multiple issuers and networks, with distribution capabilities and compliance being key determinants of success.

Monthly Market Update (September 2025)

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

Key Takeaways:

• Overall Market Performance: September concluded with broadly positive momentum across asset classes. US equities extended their multi-month rally, while gold surged nearly 10% in September. BTC gained 5.1%, recovering from August’s volatility. ETH, by contrast, fell 3.6% during the month, but still delivered a substantial 66% growth  in Q3.
• G20 Macro Environment: September presented a mixed but broadly resilient landscape across G20 economies. Divergent central bank policies underscored varying inflation and growth dynamics, while persistent trade frictions and geopolitical tensions remained key external pressures.
• Crypto Market Dynamics: DeFi sectors varied, with Liquid Staking and Meme categories leading the growth. BTC ETFs drew US$3.5 billion in net inflows, while ETH ETFs drew $283 million, marking six consecutive months of net inflows.
• Crypto Regulatory Developments: US greenlit tokenised collateral in derivatives and generic ETF listings, and aims to roll out an ‘innovation exemption’ for digital assets. China opened a digital yuan operations centre and proposed easing capital rules for banks holding crypto. The EU is targeting a 2029 digital euro launch. Australia drafted tougher licensing for digital asset platforms. South Korea capped crypto lending rates.
• Equity Market Trends: US indices rose (S&P 500 +4.25%, Dow +2.43%), driven by tech giants, Federal Reserve cuts, and economic resilience. Europe delivered strong growth, despite the European Central Bank maintaining a cautious policy stance. Asia showed gains except Australia. South Korea, Japan, and Hong Kong led regional gains driven by AI and semiconductor tailwinds.
• New Developments in Crypto and TradFi: Trump Media Group and Crypto.com closed a purchase agreement for 584 million CRO. Crypto.com received approval  of a full stack of US Commodity Futures Trading Commission derivatives licenses. Citi projects the stablecoin market cap will reach $4 trillion by 2030. Nine major European banks are developing a euro-pegged stablecoin.
• Outlook on Key Projects and Tokens: Cronos partnered with Amazon Web Services (AWS) to accelerate institutional tokenisation adoption and RWA. BTC faces potential strength from the ‘Uptober Effect’ and from potential Fed rate cuts. Ethereum announced its Fusaka upgrade, scheduled on 3 December. Tether is reportedly raising up to $20 billion at a valuation of up to $500 billion.

The State of Crypto Commerce & Payments (H1 2025)

Crypto adoption hit new heights! Global crypto owners surpassed 700 million, while spending with the Crypto.com Visa Card saw significant growth. In collaboration with Absolute Labs, this report highlights the rapid growth of crypto commerce, driven by record crypto adoption, favourable regulatory changes, and seamless crypto payment services powered by Crypto.com Visa Card and Crypto.com Pay.

Interested to know more? Access exclusive reports by signing up as a Private member, joining our Crypto.com Exchange VIP Programme, or collecting a Loaded Lions NFT.

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 and Fixed Income increased in September, while Crypto and Real Assets performances were mixed. Gold led the increase while ETH retraced.
• BTC's one-month performance correlation was positive with Equity indices, but mixed with Real Assets and Fixed Income.

5. Economic Calendar

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Research & Insights Team

Crypto.com