📉 BTC and ETH futures open interest on exchanges saw a 30% and 48% drop since their peaks, respectively; Crypto.com received a limited license to offer derivatives in the UAE

BTC and ETH futures open interest saw a significant drop; Crypto.com received a limited license to offer derivatives in the UAE and became the exclusive crypto partner of a leading UAE AI company

Quick Take

• BTC and ETH futures open interest on exchanges saw a 30% and 48% drop since their peaks, respectively; Crypto.com received a limited license to offer derivatives in the UAE and became the exclusive crypto partner for Tawasal Al Khaleej, a leading AI company in the UAE.
• US spot bitcoin ETFs had a net outflow of US$921 billion last week, 25% more than the week before. Spot ether ETFs saw a net outflow of $190 million last week, 102% more than the week before. 
• On the macro side, the US consumer price index (CPI) increased 2.8% year-on-year in February, while core CPI increased 3.1%, both 0.1% lower than expectations from Dow Jones. The US producer price index was flat in February, lower than the 0.3% increase expected from Dow Jones, potentially suggesting lower-than-expected inflation pressures amid trade tariffs. The latest CME FedWatch Tool showed a 99% probability of a March rate cut in the US (vs 97% last week). Bank of Canada cut interest rates by 0.25% to 2.75%, citing uncertainty brought by changing US tariffs.
• Notable updates: Ethereum developers decided to create a third testnet, Hoodi, which will launch on 17 March.
• Notable events in the coming week: Interest rate decisions from US, UK, Japan, and Switzerland

Weekly Market Index

Price, volume, and volatility indices were all down last week, dropping by -0.74%, -31.36%, and -50.85% , respectively.

The volatility index drop was led by CRO (-70.27%) and  ONDO (-66.03%), which saw the two largest increase in volatility the week before. 

Chart of the Week

As of 16 March, BTC and ETH futures open interest (OI) on exchanges saw a 30% and 48% drop since their peaks, respectively. BTC OI peaked in January 2025 at $36.7 billion and is currently at $25.9 billion, while ETH OI peaked in January 2025 at $21.3 billion and is currently at $11.1 billion. A decline in OI potentially suggests a leverage washout as speculative positions are closed, which may stabilise the market. 

Weekly Performance

BTC increased by +2.0% while ETH decreased by -6.6%, respectively, in the past seven days. 

Prices of other selected top market capitalisation tokens were mixed. TON (+32.1%) and ATOM (+21.1%) led the increase. TON’s increase coincided with news that Telegram Founder Pavel Durov recovered his passport from French authorities. 

Most key categories increased in market capitalisation in the past seven days, led by Meme category. DeFi was the only category that saw a drop. 

Notable Updates

Newly Listed Tokens in Crypto.com App

News Highlights

Crypto.com / Cronos News

• Crypto.com was issued a limited licence by Dubai’s Virtual Assets Regulatory Authority (VARA) to offer derivatives in the United Arab Emirates (UAE), which extends the provisions of Crypto.com’s existing VASP licence to operate in the region. The company’s regional entity plans to offer various derivatives products, including futures, perpetual swap contracts, and CFDs, which will be available to eligible institutions globally, with qualified investors to follow at a later date.
• Crypto.com to become the exclusive crypto partner of Tawasal Al Khaleej, a leading AI company in the UAE. The first stage will see Crypto.com’s platform referred by Tawasal Alkhaleej to its local and Middle East partners. Second, there are plans to integrate the Crypto.com platform into the Tawasal superapp to provide access to Crypto.com’s products to nearly 4 million users.

Adoption

• Deutsche Boerse’s trading unit, Clearstream, plans to launch BTC and ETH custody services to institutional clients in April 2025, according to Bloomberg. This aims to provide a one-stop service including custody, brokerage, and settlement. 
• Spain’s second-largest lender, Banco Bilbao Vizcaya Argentaria (BBVA), received approval from the country’s securities regulator to offer bitcoin and ether trading services. The rollout will be initially limited to a selected group of users before expanding to all private customers. 
• The US state of Texas filed a bill proposing that the state’s comptroller will not be able to invest more than $250 million of its Economic Stabilisation Fund in crypto. It also suggested that Texas municipalities or counties could not invest more than $10 million in crypto. In addition, the US state of Kentucky lawmakers approved HB 701, which strengthens digital asset self-custody rights and safeguards bitcoin mining operations. The bill still awaits the governor’s signature. 

Regulation

• The Thailand Securities and Exchange Commission (SEC) approved USDT and USDC for crypto trades, allowing them to be listed on regulated exchanges in Thailand. Previously, it approved the trading of BTC, ETH, XRP, XLM, and other cryptocurrencies that are being tested for settlement by the Bank of Thailand. 
• South Korea’s Financial Services Commission plans to issue comprehensive guidelines for institutional crypto investment by Q3 2025, while guidelines for non-profit organisations and crypto exchanges may come in earlier in April. 

Investment Vehicles

• Bitwise launched Bitwise Bitcoin Standard Corporations ETF (OWNB), which tracks the Bitwise Bitcoin Standard Corporations Index, an index of companies with at least 1,000 BTC in their corporate treasuries. 
• Franklin Templeton filed with the US SEC to launch the Franklin XRP Trust, following similar actions from asset managers including Bitwise, Grayscale, and WisdomTree. In addition, Cboe BZX Exchange also filed to list a Solana ETF on behalf of Franklin Templeton. 
• VanEck registered for an Avalanche ETF in Delaware, making AVAX the fourth crypto asset to see an ETF registration by VanEck following BTC, ETH, and SOL. This potentially suggests an upcoming filing for a spot AVAX ETF. 
• Singapore Exchange (SGX) reportedly plans to debut bitcoin perpetual futures in the second half of 2025, according to Bloomberg. It will be intended for professional and institutional investors to expand institutional market access. 
• Cboe BZX Exchange filed to add staking to Fidelity’s spot Ethereum ETF (FETH), which, if approved, will allow staking all or a portion of the Trust’s ether to one or more staking providers.

Recent Research Reports

• Wall Street On-Chain: Will Bitcoin Be Another Asset?: Based on bitcoin’s recent developments and adoption in institutions, this report explores if BTC could become a new asset beyond crypto.
• The Evolution of the Institutional Crypto Market: From Liquidity to Global Adoption: This article presents the institutional crypto market, focusing on liquidity and global adoption.
• Alpha Navigator: Quest for Alpha [February 2025]: Asset performance was mixed. Crypto and Equities led the drop, while Real Assets and Fixed Income increased. Eurozone, Australia, and New Zealand cut interest rates; China kept rates unchanged.

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.

Recent University Articles

• What Are Bitcoin and Ethereum ETFs and How Do They Work?: Bitcoin and Ethereum ETFs are investment vehicles that track the price of BTC and ETH — and could bring increased liquidity and mainstream adoption.
• What Is Virtuals Protocol (VIRTUAL)?: Discover how Virtuals Protocol is revolutionising the integration of AI agents and blockchain technology.
• Ethereum vs Cardano: Comparing Two Giants of the Programmable Blockchain: Explore the differences between Ethereum and Cardano, two leading programmable blockchains.

Catalyst Calendar

We’re all ears.

Your feedback helps make our reporting more insightful. Tell us how we can improve this newsletter by taking the survey below. It will take less than a minute of your time. Thank you!

Author

Research and Insights Team

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.