Quick Take

• BTC options open interest reached an all-time high of US$65.6 billion; Crypto.com filed for a National Trust Bank Charter application with the Office of the Comptroller of the Currency (OCC); Crypto.com signed a Memorandum of Understanding (MoU) with South Korean fintech company Travel Wallet.
• US spot BTC ETFs had a net inflow of US$446 million last week, compared to a net outflow of $1.2 billion the week before. Spot ETH ETFs saw a net outflow of $244 million in the same period, down from a $312 million outflow the week before.
• On the macro side, US Consumer Price Index increased 0.3% month-on-month in September and 3.0% year-on-year, both below economists’ forecasts of 0.4% and 3.1%, respectively. S&P Global's flash US Composite PMI Output Index increased to 54.8 in October from 53.9 in September, indicating improved business activity, though the export order outlook has deteriorated. US Treasury Secretary Scott Bessent said US and China have agreed on a framework for a potential trade deal. The latest CME FedWatch Tool indicated a 96% probability of a rate cut in October, compared to 99% the week before.
• Notable updates: Ethereum Foundation announced an update to the per-transaction to the gas limit cap; Ripple completed the acquisition of global prime broker, Hidden Road; Jupiter launched a beta version of its prediction market with Kalshi; Pump.fun acquired a multichain trading terminal Padre.
• Notable events in the coming week: US Core Personal Consumption Expenditures; Interest Rate Decisions from US, EU, Canada, and Japan.

Research Dashboard

According to our research dashboard, price and volatility indices were up by +5.01%, and +47.40%, respectively, while volume index was down by -27.79%. BTC and ETH increased by +5.4% and +4.4%, respectively. US Treasury Secretary Scott Bessent said US and China have agreed on a framework for a potential trade deal. 

APT and XRP led the price increase. APT’s increase coincided with BlackRock’s BUIDL adding $500 million of tokenised assets on Aptos and the launch of Shelby, a decentralised storage solution built together with Jump Crypto. Ripple completed the acquisition of global prime broker, Hidden Road, now rebranded as Ripple Prime.

Volatility increase was led by BTC (+61.57%), APT (+26.91%), and CRO (+24.04%).

Additionally, 206 public companies have collectively acquired over 1 million BTC (around US$120 billion), accounting for 5% of BTC’s total supply.

Chart of the Week

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.

Weekly Performance

Top-cap tokens increased in prices last week. BTC and ETH increased by +5.4% and +4.4%, respectively. US Treasury Secretary Scott Bessent said US and China have agreed on a framework for a potential trade deal. BCH, APT, and XRP led the price increase. 

All key categories increased in market capitalisation in the last seven days, with DeFi and NFT leading the increase.

News Highlights

Company News

• Crypto.com filed for a National Trust Bank Charter application with the Office of the Comptroller of the Currency (OCC). This aims to advance its custody technology and related customer offerings, including custody and staking of assets across various blockchains and digital asset protocols, including Cronos.
• Crypto.com signed a Memorandum of Understanding (MoU) with South Korean fintech company Travel Wallet to launch a co-branded prepaid card,integrate Crypto.com’s crypto-as-a-service (CaaS) capabilities into the Travel Wallet app, and promote Travel Wallet’s KRW-denominated stablecoin.

Adoption

• Ferrari plans to launch a digital token for fans to bid on its Le Mans-winning race car. The token is planned for Hyperclub members to strengthen fan loyalty, and is set to debut in an exclusive auction in 2027.
• JPMorgan reportedly plans to let clients borrow against bitcoin and Ether as collateral for loans, with a third-party custodian managing the crypto holdings.
• Fidelity made Solana available for trading to both institutional and retail clients. It is available across Fidelity Crypto, Fidelity Crypto for IRAs, Fidelity Crypto for Wealth Managers, and Fidelity Digital Assets’ platform for institutional investors.

Regulation

• President Trump picked Michael Selig to lead the Commodity Futures Trading Commission (CFTC), pending nomination hearings from the Senate. He currently serves as chief counsel for the SEC’s Crypto Task Force.

Investment Vehicles

• Hong Kong approved its first Solana spot ETF. The China Asset Management (Hong Kong) Solana ETF, expected to debut on 27 Oct, will include trade and settlement in both Chinese yuan and US dollars.
• BlackRock launched its iShares Bitcoin ETP in the UK after the Financial Conduct Authority (FCA) eased restrictions on crypto investment products. Additionally, 21Shares, Bitwise, and WisdomTree opened up access to their Bitcoin and Ethereum ETPs to UK retail investors.
• 21Shares filed for an ETF focusing on Injective, a blockchain designed for web3 finance.
• VanEck filed for the VanEck Lido Staked Ethereum ETF, which will reflect stETH’s performance. If approved, this would give institutional investors a compliant way to gain exposure to Ethereum staking.

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