📈 US spot BTC and ETH ETFs saw a $35 billion and $2.7 billion net inflow in 2024, respectively; Crypto.com signed an MoU with Dubai Islamic Bank

US spot BTC and ETH ETFs saw a $35 billion and $2.7 billion net inflow in 2024, respectively; Crypto.com signed an MoU with Dubai Islamic Bank; Crypto.com launched Crypto.com Custody Trust Company

Quick Take

• US spot BTC and ETH ETFs saw a US$35 billion and $2.7 billion net inflow in 2024, respectively; Crypto.com signed a memorandum of understanding (MoU) with Dubai Islamic Bank; Crypto.com launched Crypto.com Custody Trust Company and Sports Event Trading; Crypto.com enables US users from four states to add stocks and ETFs to their portfolio
• On the macro side, the US ISM Manufacturing Purchasing Managers Index (PMI) increased to 49.3 in December, marking a nine-month high and moving closer to recovery (above 50 indicates sectoral expansion). The latest CME FedWatch Tool showed an 11% probability of a January rate cut in the US (similar to last week). China’s Caixin/S&P Global manufacturing PMI decreased to 50.5 in December, compared to 51.5 in November, suggesting a slowdown in factory activities and new export orders. 
• Notable updates: Ethena (ENA) released its 2025 roadmap
• Notable events in the coming week: US FOMC minutes, US ISM services PMI and ADP employment change

Weekly Market Index

Price index was up by +5.67%, while volume and volatility indices were down by -9.87% and -21.33% last week, respectively. 

ADA (+25.70%) and DOGE (+20.72%) led the price increase. The surge of both tokens was likely driven by the buying activities from large traders. 

Chart of the Week

US spot bitcoin ETFs recorded a total net inflow of $35 billion in 2024, contributed by ten months of net inflows. This coincided with a 77% increase in Bitcoin’s price in 2024. 

Spot ether ETFs saw an overall net inflow of $2.7 billion in 2024 after launching in July. The ETFs hit a record monthly net inflow of $2.1 billion in December. ETH saw a 37% price increase in 2024. 

Weekly Performance

BTC and ETH increased by +5.1% and +8.2%, respectively, in the past seven days. All other selected top market capitalisation tokens increased. SUI, ADA, and DOGE led the increase. SUI hit an all-time high of $5.35 on 4 January, and the network’s total value locked (TVL) exceeded the $2 billion milestone on 5 January. 

All key categories increased in market capitalisation in the past seven days. Artificial intelligence and the meme category led the increase. 

Notable Updates

Newly Listed Tokens in the Crypto.com App

News Highlights

Crypto.com News

• Crypto.com signed an MoU with Dubai Islamic Bank (DIB), the largest Islamic bank in the United Arab Emirates. The MoU will explore multiple opportunities to introduce Sharia-compliant platforms, including tokenised Islamic Sukuks and real-world asset tokenisation. It will also promote the Crypto.com App and Card through DIB’s channels, with reward-based campaigns for DIB’s customers, and facilitate cryptocurrency payments via DIB’s systems. 
• Crypto.com announced the launch of Sports Event Trading on 23 December, allowing users of Crypto.com and the Crypto.com app across the US to trade their predicted outcome of major sporting events, including the Super Bowl.
• Crypto.com announced the launch of its US trust company, Crypto.com Custody Trust Company, on 23 December. By receiving a trust company charter, Crypto.com can now offer custody services to eligible US and Canadian institutions, as well as high net worth clients. 
• Crypto.com enables selected US users to add stocks and ETFs to their portfolio. This is available in Pennsylvania, Ohio, Washington, and Arizona and will be expanded to other US states soon. Securities are offered to US persons by Foris Capital US LLC. 

Regulation / Policy

• The US Internal Revenue Service (IRS) postponed the new tax reporting requirements for cryptocurrencies to the beginning of 2026. Under the new rules that were originally set to go live on 1 January 2025, if a taxpayer has not selected a preferred accounting method, the First-In-First-Out (FIFO) method will be applied, which means that the earliest acquired crypto assets will be treated as sold-first. The current delay will allow brokers more time to adapt to the new crypto cost-basis reporting rules.
• A proposal seeking to mandate the Swiss National Bank (SNB) to hold bitcoin on its balance sheet was registered on 31 December 2024. If the proposal accumulates 100,000 signatures in the next 18 months, it will be put to a public referendum. 

Others

• MicroStrategy is looking to raise $2 billion by selling preferred stock to acquire more bitcoin. This is part of its ‘21/21 Plan’ announced in October, which involves offering $21 billion in equity and $21 billion in fixed income in the next three years to purchase bitcoin as a treasury reserve asset. This latest offering is expected to happen in Q1 2025, subject to market conditions. 

Recent Research Reports

2024 Year Review & 2025 Year Ahead	Alpha Navigator: Quest for Alpha [November 2024]	Ethereum Pectra Upgrade

• 2024 Year Review & 2025 Year Ahead: In 2024, the crypto industry witnessed more impressive milestones than in the previous year. In this report, we curate the top crypto events and trends of 2024, followed by our outlook for 2025.
• Alpha Navigator: Quest for Alpha [November 2024]: Crypto led the rise, with BTC reaching an all-time high above $100,000 on 5 December. Fixed Income also increased while Equities had mixed performances. The US, UK, and New Zealand reduced interest rates; China kept interest rates unchanged.
• Ethereum Pectra Upgrade: The Pectra upgrade aims to address Ethereum’s mainnet performance with three key objectives: fix existing network issues, improve user experience, and prepare for future upgrades.

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