₿ Utah could be the first US state to potentially establish a bitcoin reserve; Crypto.com received its MiCA licence and launched Crypto.com Custody services internationally

Utah could be the first US state to establish a bitcoin reserve; Crypto.com received its Markets in Crypto Assets (MiCA) licence and announced the international launch of Crypto.com Custody services

Quick Take

  • Utah could be the first US state to potentially establish a bitcoin reserve; Crypto.com received its Markets in Crypto Assets (MiCA) licence and announced the international launch of Crypto.com Custody services
  • US spot bitcoin ETFs had a net inflow of US$560 million last week, plunging by 80% week-on-week. Spot ether ETFs saw a net outflow of $45 million last week (vs net inflows of $163 million the week before). 
  • On the macro side, the US Fed left interest rates unchanged at 4.25% to 4.50%, in line with market expectations, while citing that inflation “remains somewhat elevated” and the labour market remains solid. European Central Bank (ECB) cut interest rates by 0.25% to 2.75%, while ECB President Christine Lagarde mentioned that the Euro area economy “is set to remain weak in the near term”. Bank of Canada cut interest rates by 0.25% to 3%. The latest CME FedWatch Tool showed a 85% probability of a March rate cut in the US. 
  • Notable updates: Uniswap (UNI) announced that v4 is available across 12 chains, Jupiter Exchange (JUP) introduced JupNet
  • Notable events in the coming week: Bank of England’s interest rate decision, US nonfarm payrolls

Weekly Market Index

Price and volume indices decreased last week by -6.85% and -28.93%, respectively. The volatility index was up by +225.77%, and was led by STX (+289.42%) and DOT (+271.69%). 21Shares filed with the US SEC to launch a spot Polkadot ETF, 21Shares Polkadot Trust, on the Cboe BZX exchange.

Chinese AI company Deepseek advanced as a low-cost competitor to international AI leaders, which coincided with global investors dumping technology stocks early last week while cryptocurrencies in the index also saw a drop in price. The price drop also coincided with US President Donald Trump signing an order imposing tariffs on imports from Mexico, Canada, and China.


Chart of the Week

Utah is leading the effort to establish a bitcoin reserve, with a bill currently in the state legislature. If passed, the bill would allow the state to be the first state in the US to invest a portion of public funds into BTC and other cryptocurrencies. 

According to Satoshi Action Fund CEO Dennis Porter, Utah’s shorter legislative window (with a decision to be made in 45 days) and other positive factors led the state to lead in progress in potentially passing the bill. Arizona has made similar progress, while nine other states have introduced bills to establish a bitcoin reserve. 


Weekly Performance

BTC and ETH decreased by -7.9% and -14.5%, respectively, in the past seven days. Prices of all other selected top market capitalisation tokens were down. 

All key categories decreased in market capitalisation in the past seven days. AI category led the decrease.


Notable Updates

TokenTickerMC7D (%)CategoryRemarks
UniswapUNI$4.7B-29.5%DEXUniswap Labs announced that Uniswap v4 is available across 12 chains. The team also plans to fund open-source hooks to support DeFi growth in each chain’s ecosystem (e.g., dynamic fee hook, custom price curve hook)
JupiterJUP$2.4B-19.5%DEXMeow, the founder of Jupiter Exchange, introduced JupNet, an omnichain network aggregating all of crypto into one decentralised ledger. This consists of DOVE Network (decentralised oracles that validate and execute), Omnichain Ledger Network, and  Aggregated Decentralized Identity (onchain identity and authentication system). In addition, Meow announced that 50% of Jupiter Exchange’s fees will be allocated towards JUP buybacks. 
As of 2 Feb 2025   Sources: Crypto.com Research, Crypto.com Price, CoinGecko, protocols’ websites

News Highlights

Crypto.com News

  • Crypto.com announced that its Malta entity has received a MiCA licence from the Malta Financial Services Authority (MFSA). The company is the first major global crypto asset service provider (CASP) to receive a full MiCA licence, which will allow Crypto.com to provide services across the European Economic Area (EEA). 
  • Crypto.com announced the international launch of Crypto.com Custody, the group’s institutional-grade custody offering. The custodian is tailored for institutional users. 

Investment Vehicles

  • The US Securities and Exchange Commission (SEC) acknowledged Canary Capital’s spot Litecoin ETF 19b-4 application. This is the first altcoin 19b-4 filing to be acknowledged, according to Bloomberg analyst Eric Balchunas. The current review process includes public comments and further review, and the SEC has up to 240 days to approve or reject it.  
  • US futures exchange Chicago Mercantile Exchange (CME) Group will list options tied to its Bitcoin Friday futures on 24 February, pending regulatory approval. The options will settle in cash rather than spot bitcoin, and aim to provide investors with tools to manage short-term bitcoin price risk. 
  • Grayscale launched Grayscale Dogecoin Trust, an investment fund for Dogecoin, available to institutional investors. The firm also filed with the SEC to convert its XRP Trust into an ETF on the New York Stock Exchange (NYSE). 
  • The US SEC initially approved Bitwise Asset Manager’s Bitcoin and Ethereum ETF. The ETF gives exposure to the spot price of bitcoin and ether, weighted according to the asset’s relative market capitalisation. Bitwise still needs the SEC approval of its form S-1. In addition, Bitwise filed an S-1 with the SEC for a Dogecoin ETF
  • 21Shares filed with the US SEC to launch a spot Polkadot ETF, 21Shares Polkadot Trust, on the Cboe BZX exchange. In February 2021, the asset manager launched a Polkadot ETF on the Swiss SIX exchange.  
  • Cboe BZX Exchange resubmitted filings on behalf of four asset managers (Bitwise, VanEck, 21 Shares, and Canary Capital) that are looking to list Solana ETFs in the US, aiming to kickstart the SEC’s review process again. 
  • ETF provider Tuttle Capital filed for ten crypto-based leveraged ETFs, including 2x leveraged ETFs on XRP, SOL, LTC, ADA, LINK, and DOT as well as meme coins TRUMP, MELANIA, and BONK.
  • Investment firm Apollo Global Management partnered with Securitize to launch a tokenised private credit fund. The Apollo Diversified Credit Securitize Fund (ACRED) will tokenise shares of its Apollo Diversified Credit Fund, which holds a portfolio of private credit assets, and will be on blockchains including Solana, Ethereum, Avalanche, Polkadot, Aptos, and Ink.

Adoption


Recent Research Reports

Crypto Market Sizing Report 2024

AI Agent Landscape

Performance Review for 2024 Highlighted Projects

  • Crypto Market Sizing Report 2024: Global crypto owners reached 659 million by the end of 2024.
  • AI Agent Landscape: The AI agents sector has recently taken off, with top tokens showing an exponential increase in market cap in the past few months. This report looks into the AI agent landscape and delves into some major players and emerging use cases.
  • Performance Review for 2024 Highlighted Projects: In this report, we analyse the price performance of key trends in the cryptocurrency landscape that we covered throughout 2024. Artificial intelligence (AI) emerged as the best-performing sector in 2024.

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

How Do Political Events Affect Crypto Markets?Bitcoin vs Monero: Comparing Two Well-Established PoW Protocols

What Is the TRUMP Meme Coin? How to Buy TRUMP


Catalyst Calendar


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Research and Insights Team

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