Quick Take

• Trump Media closed a purchase agreement with Crypto.com to acquire 684.4 million Cronos (CRO) tokens in a 50% stock and 50% cash exchange.
• Crypto.com partnered with Axelar Foundation and Frax for institutional custody services.
• ETH reserves on centralised exchanges fell to a three-year low of 17.3 million.
• US spot BTC ETFs had a net inflow of $124 million in the past five trading days, compared to $441 million the week before. Spot ETH ETFs saw a net outflow of $952 million in the same period, compared to a net inflow of $1.1 billion the week before.
• On the macro side, the US ISM Manufacturing PMI contracted to 48.7 in August, marking the sixth consecutive month of contraction. US Nonfarm Payrolls showed a modest increase of 22,000 in August, lower than the 75,000 forecasted by Dow Jones economists. The unemployment rate rose to 4.3%, the highest since 2021, reflecting weakening labour market conditions. The latest CME FedWatch Tool showed a 90% probability of a rate cut in September, compared to 87% the week before. 
• Notable updates: Ondo Finance launched Ondo Global Markets on Ethereum
• Notable events in the coming week: US Consumer Price Index, Producer Price Index ex Food & Energy, ECB Interest Rate Decision

Weekly Market Index

The price index was up slightly by +1.04%, while the volume and volatility indices were down by -25.29% and -26.24%, respectively, last week.

Tokens in our index had mixed performances last week; DOGE (+8.74%) and DOT (+8.42%) were among the top gainers. DOGE’s increase coincided with Trump family-linked media corporation Thumzup executing agreements to acquire a Dogecoin mining operation. Additionally, the REX-Osprey DOGE ETF, the first Dogecoin ETF, was reportedly set to launch in the US shortly.

Chart of the Week

ETH reserves on centralised exchanges have fallen by 38% from 28.8 million in September 2022 to a three-year low of 17.3 million ETH on 5 September 2025, with over 2.4 million ETH leaving exchanges in the past three months. This shift is driven by growing demand from investment funds and corporate buyers, with spot ETH ETFs attracting around $13 billion in net inflows since their launch. Additionally, 17 publicly traded companies collectively hold more than 3.6 million ETH.

Weekly Performance

Top-cap tokens mostly increased in price last week. BTC increased by +1.8% while ETH stayed flat. 

All key categories increased in market capitalisation in the last seven days, led by Meme.

News Highlights

Crypto.com News 

• Trump Media has closed a purchase agreement with Crypto.com to acquire 684.4 million CRO at 15.3 cents per token in a 50% stock and 50% cash exchange. The agreement is a part of a partnership that enables CRO to be integrated into the Truth Social and Truth+ platforms.
• Crypto.com revamped its Level Up rewards programme to feature zero trading fees and enhanced CRO token benefits, accessible via subscription or CRO Lockup/Staking.
• Axelar Foundation has partnered with Crypto.com to provide secure institutional custody services and treasury management for AXL tokens.
• Frax has selected Crypto.com to provide secure institutional custody and liquidity solutions for Frax’s stablecoins and staking assets. This enables institutions to securely participate in Frax's ecosystem.
• Underdog and Crypto.com | Derivatives North America (CDNA) announced the first sports prediction market exchange through the Underdog app. This provides American sports fans a federally compliant way to access CDNA sports event contracts and make predictions on the outcomes of their favorite sports events.

Adoption

• Avalanche and Toyota have collaborated to create a new blockchain layer to support autonomous robotaxi services. It aims to enable data sharing for vehicle financing, ride sharing, and insurance. 
• Brazilian asset manager Itaú Asset launched a dedicated crypto division to enhance its crypto strategy and product offerings, which include a BTC ETF and retirement fund offering exposure to crypto. 
• U.S. Bank resumed its cryptocurrency custody services for institutional investment managers, including support for  BTC ETFs. The service, initially launched in 2021, is now available on an early access basis through the bank's Global Fund Services division.

Regulation

• The US Senate unveiled the latest draft of the Responsible Financial Innovation Act of 2025, which seeks to clarify how the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regulate crypto assets. This includes proposing a SEC-CFTC joint committee to harmonise crypto market regulation for clearer rules and coordination. 
• The US SEC and CFTC clarified that registered US exchanges are not prohibited from facilitating the spot trading of certain crypto assets. Additionally, the two agencies announced a roundtable for the end of September, with priorities including 24/7 markets, event contracts, perpetual contracts, innovation exemptions, and decentralised finance.
• Nasdaq has reportedly increased oversight of US-listed companies raising funds to buy crypto, including requiring shareholder votes for some transactions and implementing stricter due diligence and disclosures.
• South Korea's Financial Services Commission released new crypto lending guidelines for local exchanges that sets a 20% interest rate cap, bans leveraged lending that exceeds the collateral value, limits lending to top 20 cryptocurrencies by market capitalisation or cryptocurrencies traded on three or more licensed local exchanges. 
• Japan's Financial Services Agency (FSA) proposed moving crypto oversight from the Payment Services Act to the stricter Financial Instruments and Exchange Act to strengthen investor protection and align crypto regulation with securities laws.

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