SnapShot 238

Hello SnapShotters,

In a year that gifted a new Bitcoin all-time high, fresh crypto ETFs, and long-awaited regulatory clearances, progress has felt uneven lately — two steps back and one step forward at times — as the industry recalibrates.

But the final stretch of the year is usually a chance to slow down and take stock after another lap around the sun. For Crypto.com, one thing stands out clearly: none of this happens without trust. Trust from retail users who show up everyday, institutional partners who choose to build alongside the platform, and regulators who engage rather than sideline the space.

Without that trust, there is no Crypto.com.

Through it all, progress showed up in real, measurable ways:

• Launched the new and improved Level Up program, with rewards now spanning zero-fee trading, yield on cash, and flexible CRO-based tiers
• Became the first major crypto platform with a full stack of CFTC derivatives licenses, enabling regulated crypto derivatives at scale in the U.S.
• Launched the world’s first social media prediction markets in the U.S., with Truth Social integrating event contracts exclusively via Crypto.com
• Formed a landmark partnership with Trump Media & Technology Group and Yorkville Acquisition Corp., announcing plans for a ~US$6 billion CRO treasury, subject to closing conditions
• Expanded the Crypto.com App to support trading in over 12,000 stocks in the U.S., bridging traditional finance directly into the crypto experience*
• Introduced Early Bird IPO in the U.S., alongside new features such as Whale Baskets and Dual Invest, broadening how users access markets, strategies, and yield*
• Earned “Best Blockchain-Based Solution” at the MENA Fintech Awards in Abu Dhabi, highlighting Crypto.com’s regulatory and product breakthroughs in the region

As the industry crosses into the exciting unknown that is 2026, the focus is less on any single milestone and more on the confidence they collectively build. Confidence to keep putting crypto in more wallets, and to give back to you, #CROFam, that made this possible — as digital assets become part of everyday finance.

Bull or bear market, that commitment doesn’t change.

Thank you for being part of the journey, #CROFam.

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

⚖️ Market Bulls and Bears Remain in a Stalemate
Despite the paradoxical rally from Bank of Japan’s interest rate hike to 0.75% — the highest level in 30 years — BTC was flat week-on-week as the gains evaporated on the opening of Christmas week. Spot BTC ETFs shed $158 million according to early prints this week, while ETH ETFs lost $75 million. Uniswap stood out with a 16.5% gain as founder Hayden Adams put the UNIfication proposal to a vote.

🧊 VanEck Updates Avalanche ETF to Add Staking Yield
VanEck amended its Avalanche ETF filing to allow staking of up to 70% of the fund’s AVAX holdings, with staking rewards accruing to investors through the ETF’s net asset value.

🏛️ U.S. Lawmakers Float Crypto Tax Reset With Stablecoin Relief
Bipartisan House members Max Miller and Steven Horsford unveiled a draft crypto tax framework that would exempt small, regulated stablecoin payments under $200 from capital gains tax. The proposal also offers a middle ground on staking taxes, allowing rewards to be deferred for up to five years.

🟠 Institutional BTC Buying Overtakes New Supply
Institutional demand for BTC exceeded newly mined supply for the first time in six weeks, according to data from Capriole Investments. The flip comes even as spot BTC ETF outflows persist.

🇧🇷 Brazil’s Crypto Market Sees Greater Take-Up
Crypto activity in Brazil rose 43% in 2025, with average investment per user surpassing US$1,000, according to data from Mercado Bitcoin.

What’s Ahead

🗓️ First Half of 2026: Ethereum’s ‘Glamsterdam’ Upgrade
Ethereum developers are planning the next major upgrade, dubbed ‘Glamsterdam’, to reduce Maximal Extractable Value (MEV)-related manipulation and improve execution efficiency. A tentative rollout is penciled in for 2026.

Number of the Week

Source: Bloomberg

Chart of the Week

Bitcoin’s Realized Capitalization Holds Near Record Highs

Bitcoin’s realized capitalization remained near record levels above $1.1 trillion over the past month, even as prices fluctuated sharply since October. It peaked at $1.126 trillion on November 26 and stood at roughly $1.123 trillion as of December 20, underscoring the scale of capital embedded in the network.

Unlike market capitalization, realized capitalization values each BTC at the price it was last moved, making it a closer proxy for stored value and actual capital inflows. The stability of this figure suggests that while prices have cooled, the underlying capital base has largely stayed intact.

As of December 20, 2025

Source: CryptoQuant, Crypto.com Research

Research & Insights

Alpha Navigator: Insights and Data From November 2025

November saw an environment where macro forces continued to weigh on asset performance. Real-world assets were the clear outperformers, while equities and fixed income delivered mixed results; crypto broadly pulled back amid ETF outflows and shifting rate expectations.

BTC and ETH showed growing sensitivity to traditional markets over the one-month horizon, recording positive correlations with major equity indices and fixed income. At the same time, correlations across real assets were uneven.

U.S. spot BTC ETFs recorded $3.4 billion in net outflows in November — the second-largest monthly drawdown since launch — while ETH ETFs saw $1.4 billion exit, their largest monthly outflow to date. Derivatives markets also cooled, with aggregate BTC futures open interest falling around 20%.

Within crypto sectors, most Layer-1 and Layer-2 tokens declined, though select names such as ZK posted outsized gains. DeFi assets showed moderate internal correlation rather than broad-based weakness.

🔍 Read the full Alpha Navigator report for a deeper breakdown across asset classes, correlations, and sectoral trends.

Crypto Trivia

Which institution was the first in the world to receive approval and launch a spot BTC ETF?

A) BlackRock
B) Fidelity
C) Purpose Investments

Find the correct answer at the end of this newsletter.

NFT Spotlight

A new battle is brewing in ‘Legends Awaken II’, the next epic chapter in the fantasy saga of the Cronos Legends universe, where lore, gameplay, and blockchain utility come together.

The second installment in the series by digital creator Awerghx features three factions: the noble Cronos Guardians, the fearsome Chaos Horde, and the mystical new tribe, the Trinari.

Collectors can compete in play-to-earn Discord battles for a share of the USDC prize pool, and benefit from NFT buybacks and burns.

Pick your champion and shop the drop today.

Product Updates

Track Holiday Spending with Card Insights 🎄

From Secret Santa gifts to festive parties, the Crypto.com Card has been busy spreading cheer. Stay on top of holiday spending this season with the new Card Insights* feature — designed to help users understand where their money goes, at a glance. 

Want to view purchases by category, track weekly spending trends, or check monthly rewards earned with the Card? Discover those insights now.

*Card Insights is only available to users with a Crypto.com Prepaid Card or a linked Crypto.com Visa Signature® Credit Card.

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.

Byte Sized

Is it perception? Its reputation as “digital gold”? The Wall Street appetite? Learn all that makes BTC valuable, even when some insist there’s no intrinsic value.

CryptoIRL

@Cryptorockstar4 knows a good morning starts with a warm pastry, bought with the Icy Card.

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

Security Tips

Trader Loses $50 Million in Address Poisoning Crypto Scam

A crypto trader lost $50 million in an address poisoning scam after mistakenly sending funds to a malicious wallet designed to closely mimic a trusted address.

According to reports, the attacker created a wallet with a nearly identical address and sent a small transaction to the victim first. When the trader later copied the address from their transaction history, they unknowingly sent $50 million in USDT to the scammer instead of the intended recipient. The funds were irreversibly lost within minutes.

Address poisoning scams exploit habits like copying addresses from past transactions and failing to verify the full wallet string — a mistake that can cost millions in seconds.

1. Always double-check the full wallet address before sending funds.
2. Avoid copying addresses from transaction history without verifying them carefully.
3. Use address whitelisting or test transfers when moving large amounts.

Crypto Trivia Answer

C) Purpose Investments ✅

In February 2021, Canada-based Purpose Investments launched the Purpose Bitcoin ETF (BTCC) on the Toronto Stock Exchange, becoming the world’s first approved spot BTC ETF, nearly three years before U.S. approval.

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