Welcome to the Crypto.com Monthly Research Roundup Newsletter!

1. Research Dashboard

According to our research dashboard, 208 public companies have collectively acquired more than one million BTC (approximately US$110 billion) on 10 November, representing over 5% of Bitcoin's total supply.

In October, the price index dropped by -4.51%, while volume and volatility indices rose by +37.09% and +53.18%, respectively.

2. Charts of the Month

BTC options open interest reached an all-time high of $65.6 billion on 24 October, increasing 131% year-to-date. This higher engagement in the BTC derivatives market suggests traders’ anticipation of significant BTC price moves.

Stablecoin issuers were the dominant revenue generators among crypto protocols over the past year, contributing 60–80% of the total revenue. This significantly surpassed the earnings of other protocols, such as derivatives, decentralised exchanges (DEXs), and launchpads.

3. Monthly Feature Articles

Prediction Markets: The Rise of Event-Driven Finance

Prediction markets are structurally transforming into real-time, event-driven data infrastructures, with probabilities reflecting quantified crowd sentiment and collective intelligence distilled into tradable insights. Prediction market prices, backed by staked money, instantly reflect participants' real-time expectations, offering a more accurate signal than static polls.

Crypto.com | Predictions is a CFTC-regulated prediction trading platform offered by Crypto.com | Derivatives North America (CDNA). Its robust compliance framework provides legal certainty, safeguards users through stringent oversight, and enables real-time settlements, positioning it as an industry leader.

This report discusses the key features and success factors of prediction markets, and how Crypto.com | Predictions is advancing in the industry.

Key Takeaways:

• Between January to October 2025, prediction markets generated over US$27.9 billion in trading volume (calculated by the contracts traded), hitting a weekly all-time high (ATH) of $2.3 billion in the week of 20 October.
• Prediction markets offer real-time event-driven price discovery, and evidence suggests they can outperform traditional polling. They leverage incentives to encourage information efficiency, using event contracts to represent market-implied probabilities. This structure also provides hedging capabilities for managing risk.
• Crypto.com | Derivatives North America (CDNA) is a Commodity Futures Trading Commission (CFTC)-regulated platform that provides prediction market users and adopters with many advantages over other regulated and unregulated alternatives:
• • Legal Clarity and Institutional Trust: CDNA’s full stack of regulatory approvals provides legal certainty and institutional confidence for new adopters and seasoned traders.
  • Tax Advantages: CFTC-designated prediction contracts offered on CDNA operate under the federal derivatives framework, which may offer beneficial tax treatment for loss deductions.
  • Deep Liquidity: CDNA’s  use and collaboration with leading institutional market makers creates deep, reliable liquidity, a model that Web3 platforms have struggled to incorporate.
  • Robust Risk Management and Dispute Resolution: CDNA’s established risk management and dispute resolution processes, leveraging trusted external data and oversight, provide a robust mechanism that addresses the challenges of decentralised oracle approach.
  • Efficient Trading Architectures: CDNA has pioneered efficient trading architectures, and proprietary trading infrastructure technology such as its central limit order books (CLOB), setting technical benchmarks for scalability and user experience.
• Crypto.com exemplifies a forward-looking, and industry leading approach that is ahead of regulated competitors and unregulated offerings. By operating its Prediction Trading platform as a fully CFTC-regulated derivatives product through CDNA, it establishes Crypto.com’s legal compliance, user protection through rigorous oversight, and potential favourable tax treatment — advantages that unregulated platforms currently lack.

Monthly Market Update (October 2025)

This report provides an overview of market updates in October, highlights new developments, and provides our latest market outlook.

Key Takeaways:

• Overall Market Performance: October 2025 concluded with broadly positive momentum across asset classes. US equities extended their multi-month rally, with the S&P 500, Dow Jones, and Nasdaq all posting solid gains. Gold continued to increase. Crypto markets were mostly down for the month, with BTC and ETH dropping by -5.3% and -9.8%, respectively.
• G20 Macro Environment: October 2025 presented a mixed but resilient landscape across G20 economies. Central bank policies diverged, while US-China trade frictions remained a key external pressure. Growth outlook for 2025 was revised upwards due to frontloading, although downside risks remain amid global uncertainties.
• Crypto Market Dynamics: DeFi sectors mostly decreased. BTC ETFs drew US$3.4 billion in net inflows, while ETH ETFs drew $570 million, marking seven consecutive months of net inflows.
• Crypto Regulatory Developments: The US Securities and Exchange Commission (SEC) plans to formalise its ‘innovation exemption’ for crypto projects by year end. The European Commission is reportedly drafting a proposal to expand the European Securities and Markets Authority (ESMA)’s powers to supervise stock and crypto exchanges. The UK lifted its ban on crypto exchange-traded notes (ETNs).
• Equity Market Trends: US indices rose (S&P 500 +2.3%, Dow +2.5%, Nasdaq Composite +4.7%), driven by tech giants, US Federal Reserve (Fed) cuts, and economic resilience. Europe delivered strong growth. Asia showed gains except for Hong Kong. Japan’s and South Korea’s benchmark indices both reached record highs driven by AI and semiconductor tailwinds.
• New Developments in Crypto and TradFi: Crypto.com filed for a National Trust Bank Charter application with the Office of the Comptroller of the Currency (OCC). Trump Media and Technology Group Corp. announced that it will make prediction markets available on Truth Social through an exclusive arrangement with Crypto.com | Derivatives North America (CDNA). A group of banks, including BNP Paribas, Bank of America, and Goldman Sachs, is partnering to explore a stablecoin offering pegged to G7 currencies.
• Outlook on Key Projects and Tokens: Cronos EVM mainnet Smartrun upgrade was completed. Cronos now supports EIP-7702, an Ethereum standard that allows Externally Owned Accounts (EOAs) to temporarily function as smart contracts. Ethereum’s Fusaka upgrade was activated on the Sepolia testnet and the upgrade is set for 3 December. Circle launched the testnet for its Layer-1 (L1) Arc.

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.

4. Alpha Navigator

This institutional-focused report dives into macro trends, market-neutral pairs, style-factor screens, and events. Read the full Alpha Navigator report here.

• Equities and Fixed Income increased in October, Real Assets were mixed while Crypto decreased.
• BTC's 1-month performance correlation was positive with all Equity indices, but mixed with Real Assets and Fixed Income.

5. Economic Calendar

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Research & Insights Team

Crypto.com