Quick Take

• ETH daily active addresses (30-day moving average) reached a 10-year high; Crypto.com partnered with Emirates Coin Investment LLC to expand digital asset access for EmCoins Users; High Roller Technologies partnered with Crypto.com on prediction markets
• US spot BTC ETFs had a net inflow of US$1.4 billion last week, compared to a net outflow of $681 million in the period before. Spot ETH ETFs saw a net inflow of $479 million in the same period, compared to a net outflow of $69 million in the period before.
• On the macro side, US core Consumer Price Index (CPI) in December rose 2.6% year-on-year, 0.1% lower than expectations. Producer Price Index (PPI) rose 0.2% monthly in November, lower than the 0.3% expected by Dow Jones estimates. US President Trump said he will impose 10% tariffs on eight European economies, including Denmark, until a deal is reached for Greenland. The latest CME FedWatch Tool indicated a 5% probability of a January rate cut, compared to 4% the week before.
• Notable updates: Sui experienced a six-hour network outage last Wednesday.
• Notable events in the coming week: US President Trump’s Speech, Core Personal Consumption Expenditures Price Index, S&P Global Manufacturing & Services PMI.

Research Dashboard

According to our research dashboard, the price, volume and volatility indices increased by +4.64%, and +7.28%, and +13.74%, respectively, last week. BTC’s and ETH’s prices increased by +3.2% and +5.3%, respectively. 

Tokens in the index mostly increased, led by ARB (+6.56%) and ETH (+5.29%). Ethereum’s daily active addresses (30-day moving average) reached a 10-year high of 785,000 on 18 January. BTC rose above the $97,000-level before retracing to around $95,000 to end the week. This coincided with strong US spot ETF inflows and macroeconomic developments, including the US core CPI in December rising lower than expected. The subsequent retrace coincided with the US Senate Committees postponing the crypto market structure bill hearing, as well as Trump’s decision to impose new tariffs on eight European economies.

The volatility increase was led by APT (+100.04%) and DOT (+61.73%). The first regulated APT futures product was launched in the US last week. 

Chart of the Week

Ethereum’s daily active addresses (30-day moving average) reached a 10-year high of 785,000 on 18 January — a 39% increase in the past month. This reflects continuous strength in Ethereum’s network activity as the blockchain continues to scale following the Fusaka upgrade and the recent increase in blob target (from 10 to 14) and blob limit (from 15 to 21).

Weekly Performance

Top-cap tokens showed mixed changes in price last week. BTC’s and ETH’s prices increased by +3.2% and +5.3%, respectively. POL and BCH led the decrease. Polygon Labs will acquire CoinMe and Sequence for over $250 million to expand stablecoin payments and has reportedly laid off 60 employees.

All key categories increased in market capitalisation in the last seven days, except for Layer-2. Layer-1 and DeFi led the increase.

News Highlights

Crypto.com / Cronos News

• High Roller Technologies, Inc. (NYSE: ROLR), operator of online casino brands High Roller and Fruta, entered into a binding Letter of Intent with Crypto.com | Derivatives North America (CDNA) for an exclusive partnership to launch an event-based prediction markets product in the US.
• Emirates Coin Investment LLC, the UAE’s first virtual asset trading platform licensed by the Securities and Commodities Authority (SCA), signed a Memorandum of Understanding (MoU) with Crypto.com to explore new ways for EmCoin users to access and trade digital assets. The partnership will consider integrating Crypto.com’s institutional solutions to enhance liquidity on EmCoin’s platform.

Regulation

• The US Senate Agriculture Committee postponed publishing the crypto market structure bill to 21 January, with the hearing rescheduled to 27 January. The US Senate Banking Committee also cancelled the markup of the crypto market structure bill, which was originally scheduled last week, with no new date announced.
• Dubai Financial Services Authority (DFSA) banned privacy-focused cryptocurrencies from trading, promotion, and fund activities in the Dubai International Financial Centre (DIFC), citing risks related to anti-money laundering and sanctions compliance.
• Dubai’s DFSA shifted responsibility for crypto token suitability assessments to licensed companies within the DIFC. The DFSA will no longer maintain or publish the list of recognised crypto tokens.
• South Korea’s Financial Services Commission (FSC) will reportedly end its nine-year ban on corporate crypto investment. Listed companies and professional investors will be allowed to invest up to 5% of equity capital in digital assets after the final guidelines are released.

Adoption

• Franklin Templeton amended two Western Asset institutional funds to align with GENIUS Act reserve requirements, so they can be used as regulated collateral for payment stablecoins without altering their regulatory status. 
• The Depository Trust & Clearing Corporation (DTCC) is preparing to make all 1.4 million securities in its custody digitally eligible. The initiative implies that securities will be able to be moved on-chain in tokenised form in minutes.
• State Street launched a new digital asset platform to support tokenised financial products including money market funds, ETFs, and stablecoins, aiming to help institutional clients use tokenised products while embracing security and compliance.
• London Stock Exchange Group (LSEG) launched a blockchain-based settlement platform focused on using commercial bank deposits to settle assets and payments. This aims to allow near instant, 24/7 settlements and bridging on-chain and off-chain systems.
• Belgium’s KBC Bank will offer bitcoin and Ether trading to retail clients starting in February through its own investment platform. The service aims to enable local investors to invest via a regulated environment.
• Interactive Brokers has enabled USDC stablecoin funding for investors. The stablecoins will be converted to USD upon receipt. 
• Pakistan has signed a MoU with SC Financial Technologies, a business linked to World Liberty Financial, to explore cross-border payments. The deal focuses on technical cooperation on stablecoin payment infrastructure.

Investment Vehicles

• Bitwise launched its Chainlink ETF on NYSE Arca, marking the second US spot LINK ETF after Grayscale’s product.
• CME Group will add futures for Chainlink, Cardano, and Stellar on 9 February. The offerings are still under regulatory review, and will be offered in both standard and micro sizes.

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