Quick Take

• US spot SOL and XRP ETFs saw recent net inflows that exceeded BTC and ETH ETFs; Crypto.com partnered with Figment and OpenTrade to launch a high yield product for institutional investors; VerifiedX partnered with Crypto.com for an institutional custody solution.
• US spot BTC ETFs had a net outflow of US$1.2 billion, higher than the net outflow of $1.1 billion the week before. Spot ETH ETFs saw a net outflow of $500 million in the same period, lower than the net outflow of $728 million the week before.
• On the macro side, US nonfarm payrolls increased by 119,000 in September, much higher than the Dow Jones consensus of 50,000. Unemployment rate was at 4.4%, the highest level since October 2021. US Fed minutes revealed disagreements over the outlook of a December rate cut, with officials questioning the need for another cut this year. The latest CME FedWatch Tool indicated a 69% probability of a December rate cut, higher than 44% the week prior. Japan approved a JPY 21.3 trillion ($135 billion) stimulus package which includes account outlays and tax cuts.
• Notable updates: Ethereum Foundation outlined details for Ethereum’s Interop Layer; Cardano network experienced a temporary chain split; Aave V4 testnet is now live.
• Notable events in the coming week: RBNZ Interest Rate Decision.

Research Dashboard

According to our research dashboard, price index dropped by -7.67% last week. Volume and volatility indices increased by +10.90%, and +101.82%, respectively. BTC decreased by -8.1%, dropping to the $82,000 level mid-week, while ETH decreased by -9.7%.

Crypto’s drop last week coincided with stronger-than-expected US jobs data, continuous net outflows from US spot BTC and ETH ETFs, and US Fed minutes revealing disagreements over the outlook of a December rate cut. The probability of a December rate cut dropped below 30% during the week, before recovering to 69% after New York Fed President John Williams mentioned he expects the central bank can lower its interest rate.

All tokens in the index decreased in price, led by NEAR (-20.54%) and APT (-17.44%),  in line with broader risk-off sentiment. Volatility gains were led by ATOM (+195.92%) and DOGE (+170.82%). The New York Stock Exchange approved Grayscale’s Dogecoin ETF listing, scheduled to trade from 24 November.

Additionally, 209 public companies have collectively acquired over 1 million BTC (around US$90 billion), accounting for more than 5% of BTC’s total supply.

Chart of the Week

While Bitcoin and Ethereum ETFs faced significant outflows, newly launched Solana and XRP ETFs are bucking the trend with over $930 million in combined net inflows since their debuts. Solana ETFs attracted net inflows of approximately $510 million while XRP ETFs saw $423 million, with neither product recording a single day of outflows since launch. In contrast, BTC and ETH ETFs saw net outflows of $4.3 billion and $1.7 billion, respectively, in the last four weeks. This divergence may signal increasing conviction among investors to explore exposure in large altcoins. 

Weekly Performance

Top-cap tokens all decreased in prices last week except BCH. BTC and ETH decreased by -8.1% and -9.7%, respectively. This coincided with stronger-than-expected US jobs data, along with US Fed minutes revealing disagreements over the outlook of a December rate cut. OP and NEAR led the drop. 

All key categories decreased in market capitalisation in the last seven days. Layer-2 and Gaming led the decrease.

News Highlights

Company News

• Figment, OpenTrade, and Crypto.com launched a 15% annual yield product for institutional investors, using Solana staking and perpetual futures to generate returns without exposing investors to price volatility. The product allows users to deposit stablecoins and earn interest while keeping their assets custodied in legally segregated accounts by Crypto.com.
• Crypto.com will provide VerifiedX (VFX) Network, a global leader in self-custody and Web3 wallet infrastructure, with secure, institutional-grade custody and liquidity support for $1.5 billion in assets, as well as OTC trading capabilities.

Adoption

• HSBC will roll out tokenised deposits to its corporate clients in the US and UAE in the first half of 2026, enabling rapid transfers of money domestically and abroad. 
• The US state of New Hampshire approved the issuance of a $100 million Bitcoin-backed municipal bond, allowing companies to borrow against overcollateralised BTC.
• UBS and Ant International are collaborating on tokenised deposit systems for cross-border payments. The initiative addresses existing treasury bottlenecks that rely on traditional settlement rails.
• Société Générale’s SG-Forge issued its first digitised bond on a blockchain in the US, using the Canton Network and Broadridge Financial Solutions’ tokenisation technology.

Regulation

• The US SEC’s Crypto Task Force will hold a privacy and financial surveillance focused roundtable on 15 December, reflecting recent renewed focus on privacy measures in the industry.
• US Office of the Comptroller of the Currency (OCC) clarified that banks can maintain crypto assets expected to be used to pay for blockchain’s network gas fees.
• The White House is reviewing the Treasury’s proposal to join the global Crypto-Asset Reporting Framework (CARF), which would allow the Internal Revenue Service (IRS) to gain information on Americans’ foreign crypto accounts. This aims to curb international tax invasion.
• US lawmaker Warren Davidson introduced a bill to the House of Representatives that would allow federal taxes to be paid directly in BTC. Proceeds are proposed to go into the Strategic Bitcoin Reserve, which allows the US to grow a reserve without purchasing BTC.
• Government of Canada passed a budget with a new policy governing stablecoins. It specifies that issuers in Canada must maintain one-to-one reserves of the reserve currency or other liquid assets, as well as comply with risk management and disclosure requirements. 
• India’s government may consider stablecoin regulations which will be presented in the Ministry of Finance’s annual report. This potentially diverges from the Reserve Bank of India’s cautious stance on stablecoins and crypto. 

Investment Vehicles

• BlackRock registered for a staked ETH ETF in Delaware, expanding beyond its iShares Ethereum Trust ETF (ETHA), as an initial step toward a new ETF.
• Cboe Global Markets will introduce perpetual-style BTC and ETH futures in the US from 15 December, featuring a 10-year term and daily cash adjustment similar to perpetual futures.
• Canary Capital, Fidelity, VanEck, and 21Shares launched Solana ETFs in the US last week, joining other issuers such as Bitwise and Grayscale.
• Bitwise launched its spot XRP ETF (XRP) on the New York Stock Exchange. The 0.34% management fee will be waived for the first $500 million in assets during the first month.
• 21Shares listed six new crypto ETPs on Nasdaq Stockholm, covering assets including AAVE, ADA, LINK, DOT, and two crypto basket products.

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