📈 ETH crossed $4,300 for the first time since 2021 and its seven-day average daily transactions reached a new high; Crypto.com integrates with Plaid to offer instant asset transfers

ETH’s daily transactions (7DMA) reached a new high; Crypto.com integrates with Plaid to offer instant asset transfers; Trump signed an executive order to allow crypto in US 401(k) retirement plans

Quick Take

• ETH’s seven-day average daily transactions reached a new high; Crypto.com integrates with Plaid to offer instant asset transfers; Trump signed an executive order to allow crypto in US 401(k) retirement plans.
• US spot BTC ETFs had a net inflow of US$253 million last week compared to a net outflow of $643 million. Spot ETH ETFs saw a net inflow of $327 million in the same period, higher than the $154 million the week before. 
• On the macro side, US trade tariffs took effect last Thursday, ranging from 10% to 50% and impacting dozens of US trading partners. The US ISM Services PMI registered 50.1 in July, falling short of the 51.5 forecast from economists polled by Reuters. This level reflects a softening services sector with elevated input costs, especially with the Prices Paid Index hitting its highest level since October 2022. The latest CME FedWatch Tool showed an 88% probability of a rate cut in September. The UK’s BoE reduced its interest rates by 0.25% to 4.00%. 
• Notable updates: The US SEC’s lawsuit with Ripple Labs has officially ended, the Chainlink team introduced the Chainlink Reserve, and the Crypto.com App listed Full Moon (FM)
• Notable events in the coming week: US Retail Sales, Consumer Price Index, Producer Price Index ex Food & Energy, and Australia’s RBA Interest Rate Decision

Weekly Market Index

The price index was up by +7.61% last week, while the volume and volatility indices decreased by -8.12% and -9.79%, respectively. 

All tokens in the index increased in price. This coincided with US president Trump signing an executive order to look into possible rule changes to allow alternative assets including crypto in US 401(k) retirement plans. 

LINK led the increase in price (+29.22%), volume (+44.05%), and volatility (+54.49%), which coincided with the team introducing the Chainlink Reserve that uses payment abstraction to convert off-chain and on-chain revenue into LINK. The team also introduced its Data Streams market data service which delivers real-time pricing for major US equities and ETFs on-chain. 

Chart of the Week

Ethereum’s seven-day average daily transactions reached a new high of 1.74 million on 5 August. This surpassed the previous peak of 1.66 million in May 2021, coinciding with Ethereum increasing its block gas limit to 45 million to improve transaction processing. 

Ethereum’s price also crossed $4,200 last week, a level unseen since 2021. 

Weekly Performance

Most top-cap tokens increased in price last week, led by LINK and ETH. The prices of BTC and ETH increased by +3.6% and +14.4%, respectively. 

LINK’s increase coincided with the team introducing the Chainlink Reserve. ETH reached above $4,200 last week, the first time since 2024, and now stands above $4,300.

All key categories increased in market capitalisation in the last seven days. Layer-2 and DeFi led the increase.

Notable Updates

Newly Listed Tokens in the Crypto.com App

News Highlights

Crypto.com

• Crypto.com integrates with Plaid to offer instant asset transfers from other platforms to Crypto.com without needing to sell and therefore incur taxes. It is enabled by Investments Move, Plaid’s new product that securely and digitally automates brokerage account transfers while reducing operational complexity.

Adoption

• JPMorgan is piloting an on‑chain intraday repo solution, which allows repo traders to exchange cash at JPMorgan for securities on the HQLA-X platform using its Kinexys network. This facilitates the full cycle of a repo transaction all the way to settlement.  
• Harvard Management Company, which oversees the university’s endowment, disclosed a 1.9 million shareholding ($116 million) in BlackRock’s iShares Bitcoin Trust (IBIT) as of 30 June, marking its fifth-largest investment position in the period. Additionally, Michigan’s state pension nearly tripled its investment year-over-year in the ARK 21Shares Bitcoin ETF (ARKB) to 300,000 shares ($10.7 million) as of 30 June. 
• KakaoBank, the banking arm of South Korea’s Kakao, is reviewing options to enter the digital finance market, including issuance or custody. The preparation work is done together with Kakao’s stablecoin task force.
• UK’s Union Jack Oil announced plans to convert its West Newton natural gas into electricity for Bitcoin mining to generate early cash flow from wells. This may also lead to the firm introducing a new bitcoin treasury strategy in the future. 
• Indonesia is exploring bitcoin as a reserve asset, according to Bitcoin Indonesia, which recently presented how bitcoin can benefit the country’s long-term economic strength to the Vice President’s office.

Investment Vehicles

• The Commodity Futures Trading Commission (CFTC) is exploring the possibility of allowing spot crypto trading, including BTC, on registered futures exchanges. This is in coordination with the SEC’s Project Crypto to deepen collaboration and enhance regulatory clarity. 

Regulation

• US President Trump signed an executive order directing the Labour Department to look into possible rule changes that would allow alternative assets, including crypto, in US 401(k) retirement plans. The order also seeks to allow private equity and other alternative assets. 
• The US SEC clarified that certain liquid staking activities do not qualify as securities. This applies when digital assets are staked through a protocol and a staker receives a receipt token representing their stake. 
• The White House proposed a draft executive order to protect crypto businesses from potential discriminatory banking practices. As part of this, banking regulators will investigate violations based on the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection laws. 
• The European Banking Authority finalised draft rules proposing a 1,250% risk weight for European Union (EU)-based banks holding “unbacked” cryptocurrencies such as BTC. The measure is intended to standardise capital requirements across the EU. 
• The UAE’s Securities and Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA) announced a partnership to unify the crypto regulatory framework. This includes allowing Dubai-based licences to provide services to the UAE.
• Brazil’s House of Representatives will hold a hearing on 20 August for a proposed bill to create a national bitcoin reserve, potentially allocating up to 5% of its treasury (around $15 billion) to purchase BTC. This aims to guard against currency fluctuations and geopolitical risks, while promoting blockchain adoption.

Recent Research Reports

• Monthly Market Update (July 2025): Both the traditional and crypto markets exhibited a combination of policy-driven stability and increased risk appetite in July. This report provides an overview of market updates in July, highlights new developments, and provides our latest market outlook.
• Digital Asset Treasury Strategy: This report focuses on the rise of altcoin treasury strategies. We examine the motivations behind these new allocations, and the potential opportunities and risks that differentiate altcoin strategies from their bitcoin counterparts.
• Alpha Navigator: Quest for Alpha [July 2025]: Crypto and Equities increased in July, while Real Assets and Fixed Income performances were mixed. UK reduced interest rates; Australia, Canada, China, Eurozone, Japan, New Zealand, and the US kept interest rates unchanged.

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