Quick Take

• Strategy’s NAV premium (or discount) fell below 1; Crypto.com users participating in Level Up can receive a Truth+ subscription rebate; Crypto.com partnered with IP Strategy and Sui Foundation.
• US spot BTC ETFs had a net outflow of US$1.1 billion, lower than the net outflow of $1.2 billion the week before. Spot ETH ETFs saw a net outflow of $728 million in the same period, higher than the net outflow of $508 million the week before. Spot SOL ETFs saw a net inflow of $46.4 million in the same period, lower than the $136.6 million the week before.
• On the macro side, President Donald Trump signed a bill to end the longest US government shutdown in US history. The latest CME FedWatch Tool indicated a 44% probability of a rate cut in December, down from 67% the week prior as investors await unreleased economic data from the government shutdown. China retail sales rose 2.9% year-on-year in October, marking the slowest increase since August 2024.
• Notable updates: Canary Capital's XRP ETF (XRPC) began trading last Thursday; Circle unveiled Circle StableFX; Aave Labs received approval under Europe’s Markets in Crypto-Assets (MiCA) regulation to offer regulated stablecoin ramps across the European Economic Area (EEA).
• Notable events in the coming week: US FOMC Minutes, EU HCOB Composite PMI.

Research Dashboard

According to our research dashboard, price, volume, and volatility indices were down by -9.57%, -7.31%, and -21.97%, respectively, last week. BTC decreased by -9.8%, dropping below $95,000 for the first time since May, while ETH decreased by -13.3%. 

Despite the resumption of US government operations after President Trump signed a bill ending the shutdown last Wednesday, crypto sentiment remained subdued as US spot BTC and ETH ETFs continued to see net outflows, and the probability of a rate cut in December fell below 50%.

All tokens in the index decreased in price, led by FIL (-29.20%) and NEAR (-24.43%),  in line with the broader risk-off sentiment, reversing their gains from last week.

Additionally, 208 public companies have collectively acquired over 1 million BTC (around $101 billion), accounting for more than 5% of BTC’s total supply.

Chart of the Week

Strategy’s (MSTR) NAV premium (or discount), which measures the ratio of the company’s market capitalisation divided by the value of the crypto assets they hold, fell below 1 for the first time since January 2024.

This coincided with news that Strategy moved 58,915 BTC (around $5.8 billion) into new wallets, sparking fears of potential sales. However, co-founder Michael Saylor subsequently denied any sale of BTC. The recent correction in market valuation was also in line with the recent drop in crypto markets, reflecting previously inflated valuations and macro economic concerns. 

Weekly Performance

All top-cap tokens decreased in prices last week. BTC and ETH decreased by -9.8% and -13.3%, respectively. Despite US President Trump ending the government shutdown, both US spot BTC and ETH ETFs continued to see net outflows last week, while the probability of a December Fed rate cut dropped below 50%. FIL and NEAR led the declines. 

All key categories decreased in market capitalisation over the past seven days. Artificial Intelligence and NFT led the declines.

News Highlights

Company News

• Crypto.com and Trump Media announced that Crypto.com users participating in its Level Up rewards programme can receive a Truth+ subscription rebate, capped at US$9.95 in CRO per month.
• Crypto.com partnered with IP Strategy (IPST) to support its digital asset treasury strategy. Crypto.com will provide execution, custody, over-the-counter trading, and staking services for IP Strategy’s new treasury reserve.
• Crypto.com partnered with Sui Foundation to provide secure, institutional-grade custody and liquidity solutions for Sui’s native token, SUI.

Adoption

• Alibaba is planning to use tokenised deposits backed by fiat currencies, including USD and EUR, for international transactions. The technology will be developed with JPMorgan, and aims to eliminate intermediaries using a blockchain-based system.
• BNY Mellon launched a money market fund to hold cash reserves for US stablecoin issuers. It is designed to align with the GENIUS Act, and will invest primarily in short-term US Treasury securities, overnight repos, and cash.
• Harvard University expanded its US spot BTC ETF holdings, with BlackRock’s IBIT as its largest declared holding. It reported 6,813,612 shares of IBIT in Q3, a 257% increase from the 1,906,000 shares in June.
• JPMorgan and DBS Bank are collaborating on a cross-border tokenised deposit framework. The initiative will link DBS Token Services and JPMorgan’s Kinexys platform to support interoperability across banks and blockchains.
• Czech National Bank carried out a crypto purchase of $1 million for the first time to test a digital asset reserve. The reserve will include BTC, a USD-pegged stablecoin, and a tokenised bank deposit.

Regulation

• US Internal Revenue Service issued new guidance that, under certain conditions, allows ETPs to stake their crypto assets. US Treasury Secretary Scott Bessent said the guidance allows ETPs to share staking rewards with retail investors.
• Federal Deposit Insurance Corporation (FDIC) is reportedly considering guidance for tokenised deposit insurance, along with a guidance for stablecoin issuance and an application process expected in 2025.
• Bank of England confirmed plans for temporary holding limits on stablecoins of 20,000 pounds (US$26,300) per coin for individuals and 10 million pounds (US$13.2 million) for businesses. The limits will be removed once the financial system has incorporated stablecoins.
• Brazil’s central bank established crypto regulations with details on licensing,  capital requirements, and classification of crypto activities. The rules will take effect on 2 February 2026, and companies will have nine months from then to comply. 
• Monetary Authority of Singapore plans to trial tokenised bills with a wholesale central bank digital currency (CBDC). It is also preparing a draft stablecoin legislation.

Investment Vehicles

• Canary Capital's XRP ETF (XRPC) began trading last Thursday, generating $58 million in day-one trading volume — the largest ETF debut of 2025. Additionally, Canary Capital filed for an ETF offering exposure to the memecoin MOG.
• Grayscale launched options trading for its GSOL ETF, a Solana-focused ETF that gives investors staking benefits.
• 21Shares launched two crypto index ETFs, 21Shares FTSE Crypto 10 Index ETF (TTOP) and 21Shares FTSE Crypto 10 ex-BTC Index ETF (TXBC), under the Investment Company Act of 1940. Both offer exposure to diversified baskets of major cryptocurrencies.

Recent Research Reports

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. The latest crypto market insights are also available via the dashboard.

We’re all ears.

Your feedback has always helped us provide insightful crypto market trends. Tell us how we can improve this newsletter further by taking a quick survey below (it will only take less than a minute). Thank you!

Take our survey now

Author

Research and Insights Team

Get the latest market, DeFi & NFT updates delivered to your inbox:

Be the first to hear about new insights:

Disclaimer

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.