Quick Take

• Bitcoin accumulator addresses recorded a surge in holdings in early 2026; Crypto.com received conditional approval for Virtual Asset Service Provider (VASP) license from Cayman Islands; Crypto.com Exchange became the first exchange live on Lynq.
• US spot BTC ETFs had a net outflow of US$681 million last week, compared to a net inflow of $459 million in the period before. Spot ETH ETFs saw a net outflow of $69 million in the same period, compared to a net inflow of $161 million in the period before.
• On the macro side, US nonfarm payrolls rose by 50,000 in December, lower than the Dow Jones estimate of 73,000 and suggesting that job creation was weaker than expected. US ISM manufacturing PMI dropped to 47.9, the lowest since October 2024, as the sector continues to navigate Trump’s tariff policies. The latest CME FedWatch Tool indicated a 4% probability of a January rate cut, compared to 17% the week before.
• Notable updates: Ethereum raised its blob target to 14 and blob limit to 21; Ripple obtained UK FCA registration under money laundering regulations; Solana Mobile’s SKR token is expected to go live on 21 January; ZEC plunged on 8 January following the abrupt departure of the entire Electric Coin Company (ECC) team, which was responsible for Zcash’s core development
• Notable events in the coming week: US Consumer Price Index, Producer Price Index excluding Food & Energy, Retail Sales, China Q4 GDP.

Research Dashboard

According to our research dashboard, the price index decreased by -0.59% while volume and volatility indices increased by +13.72%, and +46.62%, respectively, last week. BTC’s and ETH’s prices both decreased by -0.6%.

Tokens in the index mostly decreased, led by ONDO (-9.53%) and DOGE (-7.79%). BTC rose above the $94,000-level before retracing to the $90,000-level to end the week. The subsequent retrace coincided with US nonfarm payrolls rising lower than expected, as well as a reduced probability of a January rate cut.

The volatility increase was led by XRP (+100.04%) and SOL (+61.73%). Ripple, through its UK subsidiary, obtained UK FCA registration under money laundering regulations.

Chart of the Week

Bitcoin accumulator addresses increased holdings from about 230,000 BTC to 370,000 BTC in the first ten days of January. This marked a strong contrast with Q4 2025, when holdings fluctuated in the range of 120,000 to 230,000 BTC.

Accumulator addresses are defined as wallets that satisfy conditions including having no outflows, holding a minimum BTC amount (e.g., 10 BTC), and excluding centralised exchange or miner accounts. The recent increase coincided with BTC’s price staying in the $90,000-level, potentially suggesting that long-term holders are purchasing BTC and absorbing the supply.

Weekly Performance

Top-cap tokens showed mixed changes in price last week. BTC’s and ETH’s prices both decreased by -0.6%. POL led the increase, which coincided with Polygon Labs announcing the Open Money Stack, a stablecoin payment framework expected to launch later this year.

All key categories increased in market capitalisation in the last seven days. NFT and Layer-2 led the increase.

News Highlights

Crypto.com / Cronos News

• Crypto.com receives conditional approval for Virtual Asset Service Provider (VASP) license from the Cayman Islands Monetary Authority (CIMA). This approval makes Crypto.com among the first digital asset firms to receive conditional authorisation to operate as a VASP in the Cayman Islands, and follows Crypto.com previously securing its VASP registration from CIMA in August 2022.
• Crypto.com ntegrated with Lynq to enable institutional clients of the Crypto.com Exchange to fund their accounts directly through Lynq’s settlement platform. Aquanow, DV Chain, GSR, Nonco, and Wintermute were the first clients to fund their accounts using the solution.
• Crypto.com Exchange expanded its partnership with CryptoStruct to deliver advanced high-frequency trading solutions.
• Crypto.com and Stripe announced product updates to help businesses accept crypto payments more easily. Millions of businesses will be able to accept payments from crypto holdings through Crypto.com Pay.
• Crypto.com signed a Memorandum of Understanding (MoU) with Kyobo Lifeplanet Life Insurance to accelerate digital asset adoption in Korea. This includes expanding digital‑first financial experiences through referral and point‑exchange programmes.
• Crypto.com and Changer.ae, a virtual asset service provider regulated by Abu Dhabi Global Market (ADGM), signed a MoU to expand access to regulated digital asset services in the UAE. This includes integrating Crypto.com’s institutional solutions to simplify and support liquidity for Changer’s cryptocurrency-fiat conversion services.

Regulation

• US lawmakers and industry executives held a closed-door discussion on a crypto market structure bill. The meeting focused on legislative language covering trading venues, custody, and regulatory jurisdiction.
• The US Senate Agriculture and Banking Committees scheduled markup hearings on a crypto market structure bill on 15 January. These hearings will define roles for the SEC and CFTC, as well as clarify regulatory framework for digital assets.
• UK Financial Conduct Authority expects crypto asset service providers (CASPs) will be able to apply for crypto licenses starting in September 2026. This will allow providers to apply before the regime goes live, which is expected in October 2027.
• South Korea plans to allow spot BTC ETFs in 2026. It is also drafting a Digital Asset Act to regulate stablecoins and planning to digitise public funds with deposit tokens.
• South Korea’s financial authorities are reportedly considering allowing regulators to preemptively freeze crypto accounts suspected of laundering potentially illicit gains. This would mirror existing measures for stock markets. 
• Colombia’s tax authority introduced crypto tax rules which require exchanges and intermediaries to collect and submit user and transaction data. The new regime is aligned with OECD-developed international standards including the Crypto-Asset Reporting Framework (CARF).

Adoption

• Wyoming issued the first stablecoin, Wyoming Frontier Stable Token (FRNT), backed by a US state. The stablecoin offers public accountability and transparent oversight of state-managed reserves.
• BNY is launching a platform to allow institutional investors to settle deposits on a blockchain by mirroring client balances on-chain.
• JPMorgan’s Kinexys blockchain unit plans to expand JPM Coin, a USD-denominated deposit token, on the Canton Network. This is part of its plan to build ’interoperable digital money’ to facilitate instant and secure transactions.

Investment Vehicles

• Morgan Stanley filed with the US SEC to launch a spot BTC ETF, a Solana trust, and an Ethereum trust. The Ethereum trust is expected to distribute staking rewards to investors. The company is also planning to introduce a digital asset wallet in 2026 to support crypto and real-world assets.
• The Nasdaq Stock Exchange and the Chicago Mercantile Exchange (CME) Group together rebranded the Nasdaq Crypto Index (NCI) as the Nasdaq-CME Crypto Index. The benchmark index includes BTC, ETH, XRP, SOL, LINK, ADA, and AVAX.

Recent Research Reports

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. The latest crypto market insights are also available via the dashboard.

We’re all ears.

Your feedback has always helped us provide insightful crypto market trends. Tell us how we can improve this newsletter further by taking a quick survey below (it will only take less than a minute). Thank you!

Take our survey now

Author

Research and Insights Team

Get the latest market, DeFi & NFT updates delivered to your inbox:

Be the first to hear about new insights:

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.