SnapShot 229

Hello SnapShotters,

Markets were trapped in a “two steps forward, one step back” cycle as Bitcoin surged back above US$113,000 in the past week, while Ether reclaimed the $4,000 mark. This came as gold fell sharply from its recent high of $4,118 per ounce, hinting at a renewed risk-on complexion. However, risk-off sentiment took over later in the week, as BTC slid back toward $107,000 and ETH toward $3,800.

On one end, retail and institutional players anticipate a rate cut from the U.S. Federal Reserve (Fed), with the CME FedWatch tool showing 99% odds. On the other, lingering instability from U.S.–China trade tensions and the now-extended U.S. government shutdown mute the relief. The shutdown, which began on October 1, is now the longest in history as it entered its fourth week, disrupting not just data releases but also market clarity.

In the previous week, U.S. spot BTC ETFs logged a net outflow of approximately $1.2 billion, but this week reversed course and saw inflows of $477 million. Spot ETH ETFs posted about $141 million in net inflows this week.

While liquidity and regulation appeared aligned for a breakout, macro risk is creeping back, forcing the market into a sharper bifurcation between expectation and realization.

Let’s catch up on other newsworthy crypto happenings this week.

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

🇯🇵 Japan Weighs Letting Banks Trade Crypto

Japan’s Financial Services Agency (FSA) is reportedly considering lifting restrictions that prevent local banks from holding and trading digital assets. The reform would allow banks to buy and sell crypto like stocks or bonds, with new guardrails to manage volatility risks. The FSA may also permit banks to register as crypto exchanges.

🇰🇷 Crypto.com Signs MoU With South Korea’s Travel Wallet

The partnership will launch a co-branded prepaid card for global fiat and crypto spending, and integrate Crypto.com’s crypto-as-a-service (CaaS) capabilities into Travel Wallet’s app. Both firms will also promote a Korean won-denominated stablecoin for cross-border payments.

🇭🇰 Hong Kong Approves First Spot Solana ETF

Hong Kong’s Securities and Futures Commission (SFC) approved the ChinaAMC Solana ETF, the city’s third crypto spot ETF after BTC and ETH — and the first Solana ETF in Asia. The fund will list on the Hong Kong Stock Exchange on October 27, trading in USD, HKD, and RMB. The U.S. still awaits approval for a Solana ETF.

💽 Sony Bank Applies for U.S. Crypto Charter

With the application of a national trust charter, Sony Bank is seeking approval to offer crypto banking services through its subsidiary, Connectia Trust. If approved, the bank could issue a U.S. dollar-backed stablecoin under federal oversight — a first for a global consumer tech brand.

🇬🇧 BlackRock Bitcoin ETP Debuts in London

BlackRock’s iShares Bitcoin ETP (IBIT) began trading on the London Stock Exchange, marking the UK’s first such listing since regulators lifted the ban on crypto ETPs. The product, already available on several European exchanges, gives retail investors regulated BTC exposure without direct custody. BlackRock’s flagship iShares Bitcoin Trust (IBIT) now holds $85.5 billion in assets, the world’s largest spot BTC ETF.

What’s Ahead

🌏 October 31: All Eyes on Xi–Trump Meeting

U.S. President Donald Trump and Chinese President Xi Jinping will meet at the APEC Summit in South Korea on October 31, marking a pivotal moment in the ongoing trade standoff. Markets view the summit as a potential de-escalation point after last week’s tariff-driven crash erased nearly $800 billion in crypto market cap.

Number of the Week

Source: Bloomberg

Chart of the Week

NAV Premiums of Crypto Treasury Firms Normalize

The NAV premium — the gap between a digital asset treasury company’s market value and the value of its underlying crypto holdings — has steadily narrowed through 2025.

Earlier this year, Japan-based Metaplanet traded at premiums of up to 10x its net asset value, reflecting speculative enthusiasm around its BTC accumulation strategy. But as the market corrected from mid-year highs, Metaplanet’s premium compressed sharply, converging toward parity with Strategy and Bitmine, which have traded near their underlying asset values throughout.

The trend suggests a broader market re-rating of BTC treasury plays, with investor focus shifting from hype-driven multiples to underlying asset exposure and balance sheet strength.

As of October 18, 2025
Sources: Blockworks, The Block, Crypto.com Research

Research & Insights

DeFi Expanding Real-World Footprint

This week’s ‘DeFi & L1L2 Weekly’ spotlights how TradFi is converging with on-chain innovation, and where the next wave of value may form.

• Tokenized real estate is projected to grow from less than $0.3 trillion in 2024 to $4 trillion by 2035, according to Deloitte, as projects like World Liberty Financial push real-estate micro-ownership into the DeFi mainstream.
  
• BlackRock revamped its BSTBL money-market fund to comply with the U.S. GENIUS Act, positioning it as a reserve vehicle for stablecoin issuers.
  
• On-chain developments ramped up: Uniswap added Solana support, Maple Finance joined Aave to bridge institutional credit, and Nansen x Sanctum launched nxSOL, Solana’s newest liquid-staking token.

DeFi markets saw a week-on-week contraction, but structural growth in tokenization and stablecoin infrastructure continues to build beneath the surface.

🔍 Dive into the full report for charts, data, and project-by-project insights.

Crypto Trivia

What was the name of Solana’s first-ever testnet, which hinted at the protocol’s scalability aspirations?

A) Cheetah

B) Breakthrough

C) Tour de SOL

Find the correct answer at the end of this newsletter. 👇

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Product Updates

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Stake Basket bundles multiple stakeable tokens, allowing users to earn passive rewards across all assets without having to stake each one individually. Once a Stake Basket is purchased and confirmed, all the assets within it are automatically staked. Now, users also get an additional 10% in CRO rewards when staking for a minimum of one month. For more details, visit the blog. Try Stake Basket today.

* Staking is not regulated under Regulation 2023/1114 on Markets in Crypto-Assets ("MiCA") as implemented in Malta by the Markets in Crypto Assets Act.

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Stay on top of the market with Trend Watch — a new in-app feature that highlights the most actively traded and trending stocks. Get real-time insights into what’s moving the market, and discover opportunities to make informed trading decisions faster.

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.

Crypto Learn

What Are XRP ETFs?

An XRP Exchange-Traded Fund (ETF) lets investors gain exposure to XRP’s price without directly owning the token. Instead, they buy shares that track XRP’s performance while a custodian manages the underlying holdings.

How it works:

• Simple Exposure: Investors trade ETF shares on traditional exchanges instead of managing wallets or private keys
• Custody Backing: A regulated custodian securely holds the XRP assets
• Price Tracking: The ETF mirrors XRP’s market value for transparent, regulated exposure

Why it matters:

• Easier Access: Makes XRP investing possible through familiar, regulated markets
• Institutional Appeal: Attracts traditional investors who prioritize compliance and secure custody
• Market Confidence: Reinforces XRP’s position as a credible, mainstream digital asset

While XRP ETFs are still pending full regulatory approval in some regions, their introduction represents another step toward bridging traditional finance and crypto.

Learn more in this University article.

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Security Tips

UK Police Bust Multi-Million Dollar Crypto Scam Ring

UK authorities have arrested five suspects linked to a major crypto investment fraud that allegedly stole millions of pounds from victims across several cities.

Victims were lured into fraudulent cryptocurrency schemes that promised high returns and exclusive access to pre-sale investment deals. Once the funds were transferred, investors were locked out and the money vanished through a web of crypto wallets.

How to protect your crypto funds:

1. Be skeptical of investment schemes that guarantee profits or exclusive access.
2. Verify any crypto project or trading platform before transferring funds.
3. Report suspicious offers to local authorities or consumer protection agencies.

Crypto Trivia Answer

C) Tour de SOL ✅

‘Tour de SOL’ was Solana’s first public testnet program, launched in 2020 as a nod to the Tour de France and the protocol’s focus on speed and endurance.

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