🚀 BTC futures open interest on exchanges hit an all-time high above US$80 billion on 23 May; Crypto.com secured a MiFID licence to expand investment service in Europe.

BTC futures open interest hit a record $80B on May 23; Crypto.com secures MiFID licence to expand traditional investment service in Europe; Crypto.com and Canary Capital to launch the Canary CRO Trust

Quick Take

• BTC futures open interest on exchanges hit an all-time high above US$80 billion on 23 May; Crypto.com and Canary Capital established the Canary CRO Trust, a private investment vehicle for US investors; Crypto.com secured a MiFID licence to expand traditional investment service offerings across Europe. 
• US spot bitcoin ETFs had a net inflow of US$2.75 billion last week, the sixth consecutive week of net inflows. BlackRock’s IBIT had the highest inflows among US ETFs on 22 May, which coincided with BTC’s new all-time high. Spot ether ETFs saw a net inflow of $248 million last week, six times the net inflow of the week before.
• On the macro side, the US S&P Flash PMI Composite Output Index rose to 52.1 this month compared to 50.6 in April; the faster growth for new orders in the manufacturing sector was fueled mainly by domestic demand. Exports for both goods and services dropped in May, which coincided with tariffs. The latest CME FedWatch Tool showed a 6% probability of a June rate cut in the US (compared to 8% last week). The Reserve Bank of Australia cut interest rates by 0.25% to 3.85%, its lowest level since May 2023, citing a downtrend in local inflation. 
• Notable updates: Circle Payments Network went live; Jupiter (JUP) shared plans to launch Jupiter Lend; the Crypto.com App listed Mantra (OM) and KernelDAO (KERNEL).
• Notable events in the coming week: US FOMC Minutes and Core Personal Consumption Expenditures Price Index, New Zealand RBNZ Interest Rate Decision

Weekly Market Index

Price, volume, and volatility indices were up by +0.17%, +14.26%, and +39.47% respectively. 

BTC reached an all-time high above US$111,800 last Thursday before retracing to the $108,000-level to end the week. This coincided with US President Donald Trump suggesting imposing a 50% import tariff on all European Union (EU) goods from 1 June before agreeing to delay it to 9 July. 

Volatility increase was led by APT (+63.06%), which coincided with a weekly adjustment after a drop in volatility the week before (-47.30%). 

Chart of the Week

BTC open interest (OI) on exchanges hit an all-time high above $80 billion on 23 May, a 30% increase since the beginning of May. An increase in OI generally suggests a build up of leveraged positions and higher market speculation, which coincided with BTC reaching an all-time high above $111,800 last week. 

Weekly Performance

BCH (+7.5%) led the price increase last week. BTC and ETH increased by +3.1% and +0.8%, respectively. Other large-cap tokens saw mixed price performances. 

All key categories increased in market capitalisation in the past seven days, led by the DeFi category. 

Notable Updates

Newly Listed Tokens in Crypto.com App

News Highlights

Crypto.com / Cronos News

• Crypto.com secured a Markets in Financial Instruments Directive (MiFID) licence to expand its traditional investment service offerings, including securities, derivatives, and contracts for differences, across the European Economic Area (EEA). This comes after receiving approval of its acquisition of A.N. Allnew Investments Ltd (Allnew) from the Cyprus Securities and Exchange Commission (CySEC).
• Crypto.com and Canary Capital, a digital asset-focused investment firm, partnered to establish the Canary CRO Trust, a private investment vehicle for US investors. Canary CRO Trust will be the first private investment vehicle providing US investors with exposure to CRO.

Adoption

• Companies co-owned by JPMorgan, Bank of America, CitiGroup, Wells Fargo, and other US commercial banks are exploring a joint venture to launch a stablecoin, according to a report by the Wall Street Journal. Discussions remain preliminary.
• Blackstone disclosed its first crypto-related purchase of 23,094 shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) as of 31 March, totalling $1.08 million.
• JP Morgan will soon allow its clients to buy bitcoin, including access to bitcoin ETFs. CEO Jamie Dimon mentioned that the bank will not provide custody, but will include it in statements.

Investment Vehicles

• VanEck plans to launch the VanEck PurposeBuilt Fund in June, which aims to invest in liquid tokens and venture-backed projects across Web3 sectors on the Avalanche blockchain. Idle capital will be deployed into Avalanche RWA products.

Regulation

• The US Senate voted to advance the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS), a bill that requires stablecoins to be fully backed with security audits and approvals from regulators. The bill is now up for debate on the Senate floor.
• The House of Representatives for the US state of Texas passed SB 21, which seeks to establish a strategic bitcoin reserve. The bill will now go to the Governor to make a final decision.
• Hong Kong passed a stablecoin bill that mandates licensing for issuers of fiat-referenced stablecoins by the Hong Kong Monetary Authority. Stablecoin issuers will also have to meet requirements on reserves, redemption, and client asset segregation. It is expected to come into effect this year.
• South Korea’s Financial Services Commission is expected to tighten rules around digital asset transactions in June, which includes allowing non-profit organisations and virtual asset exchanges to sell crypto, but with new compliance standards. There will also be stricter listing standards for digital assets.

Recent Research Reports

• Research Roundup Newsletter [April 2025]: We present to you our latest issue of Research Roundup, featuring our deep dives into ‘The Rise of Crypto Treasury’ and ‘Wall Street On-Chain Part 3: Trading & Liquidity’.
• Wall Street On-Chain Part 3: Trading & Liquidity: This report compares liquidity between popular TradFi assets and major crypto assets, and delves into the development of crypto exchanges.
• Alpha Navigator: Quest for Alpha [April 2025]: All asset classes had mixed performances in April, with BTC and Gold leading price increases. Trump reduced tariff rates on imports from most US trading partners and considered lowering tariffs on China.

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