Crypto Market Pulse (06/11/2023)

Weekly Market Index

Last week’s crypto market prices rose by +3.27%. Volume increased by +14.75% while volatility fell by -82.34%.

Chart of the Week

Digital asset investment products saw inflows of US$326M, the largest single week of inflows since July 2022. By asset type, Bitcoin saw most of the inflows at US$296M, followed by Short Bitcoin, and Solana.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) rose by +1.3% and +5.2%, respectively, in the past seven days. Other selected top-cap tokens also mostly gained in price.

Selected key categories all increased in terms of market cap, in the past seven days.

News Highlights

• The ticker for Invesco and Galaxy’s spot Bitcoin exchange-traded fund (ETF) — BTCO — has appeared on the Depository Trust and Clearing Corporation’s (DTCC) website, interpreted by some as a step forward in the application process. This follows the recent appearance of BlackRock’s spot Bitcoin ETF on the same website.
• ProShares, a major issuer of exchange-traded funds (ETF), announced the launch of the world’s first short Ether-linked ETF. It will seek to obtain exposure through Ether futures contracts.
• The Swiss National Bank (SNB) is working on a wholesale central bank digital currency (CBDC) pilot alongside the SIX Digital Exchange (SDX) and six commercial banks. The pilot, named Helvetia Phase III, will create a tokenised version of the Swiss franc as a settlement instrument between financial institutions for digital securities transactions on the SDX.
• The UK government published its final proposals for the crypto ecosystem, saying it plans a phased introduction of regulation, with legislation for fiat-backed stablecoins being introduced early next year. 
• Switzerland’s St.Galler Kantonalbank (SGKB), one of the largest banks in the country, is moving into cryptocurrency by introducing Bitcoin and Ether trading to its customers. 
• The Securities and Futures Commission (SFC) of Hong Kong has issued two circulars to regulate digital asset tokenisation. The SFC considers tokenised securities as traditional securities with a tokenisation layer.

Recent Research Reports

Friend.Tech	Research Roundup Newsletter [September 2023]	Ethereum: Dencun Upgrade and Proto-Danksharding

	Friend.Tech
	Research Roundup Newsletter [September 2023]
	Ethereum: Dencun Upgrade and Proto-Danksharding

• Friend.Tech: Explore what friend.tech is, its success factors and criticisms, and some of the competing platforms that have emerged.
• Research Roundup Newsletter [September 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in September, charts of the month, and our insights on the Ethereum Dencun upgrade.
• Ethereum: Dencun Upgrade and Proto-Danksharding: Ethereum’s next major upgrade is Dencun, which introduces Proto-Danksharding. We explore what it is and its benefits.

Recent University Articles

Real-World Assets — Bringing Real-World Value to DeFi	How Do Social Dapps Work?	What Are Bitcoin and Ethereum ETFs and How Do They Work?

	Real-World Assets — Bringing Real-World Value to DeFi
	How Do Social Dapps Work?
	What Are Bitcoin and Ethereum ETFs and How Do They Work?

• How Do Social Dapps Work?: Social dapps leverage blockchain to create more transparent, secure, and user-centric online social interactions — here’s how they work and which platforms are popular in 2023.
• 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, stability, and mainstream adoption to the cryptocurrency market.
• Real-World Assets — Bringing Real-World Value to DeFi: Real-world assets (RWAs) utilise blockchain technology to track assets, with performance and valuation derived from sources outside the blockchain. Here’s how they work.

Catalyst Calendar

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.