Bitcoin’s price regained the US$60,000 level over the weekend; the Crypto.com App and Crypto.com Exchange launched DeFi Staking; State Street and Galaxy introduced three new crypto-related ETFs.
US spot Ethereum ETFs saw a US$13 million net outflow last week, while spot Bitcoin ETFs had a weekly net inflow of $404 million.
On the macro side, the ECB cut interest rates by 0.25% to 3.50%, acknowledging lower inflation and strength in monetary policy transmission. In the US, the consumer price index increased 0.2% in August, inline with expectations. Annual inflation rate was at 2.5%, the lowest level since February 2021. The latest CME FedWatch Tool showed a 100% probability of a September rate cut in the US.
Notable updates: Sky (formerly MakerDAO (MKR) shared updates about Sky Aave Force; Artificial Superintelligence Alliance (FET) proposed integrating CUDOS; Ethereum Name Service (ENS) provided an update to ENS v2.
Notable events in the coming week: Interest rate decisions from the US, UK, and Japan
Weekly Market Index
The price index increased by +11.08% last week. Volume and volatility indices decreased by -8.44% and -30.41%, respectively.
Chart of the Week
Bitcoin regained the $60,000 level over the weekend. Other asset classes also saw a rise last week — gold’s price (in USD) hit an all-time high on 12 September while S&P 500 (SPX) increased 3% in the past five trading days.
The BTC price increase coincided with news that MicroStrategy purchased 18,300 BTC ($1.1 billion) between 6 August and 12 September. At the same time, the US annual inflation rate, as reflected by the consumer price index, reached the lowest level since February 2021.
Weekly Performance
BTC and ETH increased by +11.9% and +6.9%, respectively, in the past seven days. Price action for all other selected top market capitalisation tokens was up. INJ (+24.2%) and ICP (+17.9%) led the increase.
All key categories were up in market capitalisation in the past seven days. The artificial intelligence category led the increase.
News Highlights
ETFs and Funds
State StreetGlobal Advisors and Galaxy Asset Management launched three new crypto-related ETFs, namely SPDR Galaxy Digital Asset Ecosystem ETF (DECO), SPDR Galaxy Hedged Digital Asset Ecosystem ETF (HECO), and SPDR Galaxy Transformative Tech Accelerators ETF (TEKX). The funds aim to capitalise on Web3 growth by including a mixture of stocks, futures, and crypto ETFs.
Grayscale rolled out the Grayscale XRP Trust in the US. The trust will offer investors with direct exposure to XRP and is available to eligible individual and institutional accredited investors.
The Crypto.com App and Crypto.com Exchange launched DeFi Staking. It is a pass-through service for users to access DeFi yield generated from DeFi protocols. Users can lock up tokens in DeFi protocol vaults for a fixed period in return for rewards. The feature currently supports CorgiAI (CORGIAI), Minted (MTD), with VVS Finance (VVS), Ferro (FER), Tectonic (TONIC), and more DeFi protocols to come. It is available to users via the Crypto.com App and Crypto.com Exchange Web in selected jurisdictions.
Asset Allocation With Crypto: Adding BTC to portfolios helps increase yield by up to 2% annually without significant impact on volatility. The Modern Portfolio Theory is adopted to compile portfolios including TradiFi, BTC and ETH.
Prediction Market: This report covers existing and upcoming prediction market platforms, and dives into the latest developments.
Decentralised Perpetuals Market: This report looks into the decentralised perpetuals landscape with Hyperliquid as a case study.
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📈 Bitcoin regained $60,000 over the weekend; the Crypto.com App and Crypto.com Exchange launched DeFi Staking
Bitcoin’s price regained the US$60,000 level over the weekend; the Crypto.com App and Crypto.com Exchange launched DeFi Staking; State Street and Galaxy introduced three new crypto-related ETFs.
