Quick Take

• Blockchain-related mentions in US SEC filings surged in 2025; JPMorgan is considering expanding institutional crypto trading services; EU’s DAC8 crypto tax reporting will begin in January 2026.
• US spot BTC ETFs had a net outflow of $940 million in the past five trading days, higher than the $497 million in the period before. Spot ETH ETFs saw a net outflow of $178 million in the same period, lower than the $644 million in the period before.
• On the macro side, US GDP grew by 4.3% in the third quarter, well above the 3.2% expected by economists polled by Dow Jones. Japan’s government approved a record ¥122.3 trillion (US$783 billion) budget while earmarking bond issuance at ¥29.5 trillion. The latest CME FedWatch Tool indicated a 19% probability of a January rate cut, compared to 21% the week before.
• Notable updates: Uniswap’s ‘UNIfication’ governance proposal passed with majority support; Aave token holders rejected a proposal to transfer control of Aave’s brand assets to the DAO.
• Notable events in the coming week: US FOMC Minutes, China NBS Manufacturing & Non-Manufacturing PMI.

Research Dashboard

According to our research dashboard, the price and volume indices decreased by -0.40%, and -30.68%, respectively, last week. Volatility index increased by +44.20%. BTC’s and ETH’s prices decreased by -0.9%, and -1.8%, respectively.

Tokens in the index showed mixed changes in price. IMX (+9.28%) and APT (+8.89%) led the price increase, while DOGE (-5.51%) led the price decrease. Aptos achieved a block time of under 50 milliseconds on mainnet supported by consensus upgrades, while Dogecoin’s decrease coincided with a broader decrease in the meme coin category.

Volatility increase was led by DOT (+64.09%) and ADA (+57.48%).

Chart of the Week

Blockchain-related mentions in US SEC filings increased in 2025, peaking at more than 8,000 in August and averaging approximately 5,600 mentions per month in the year. This compares with an average of 3,480 mentions per month in 2024.

In particular, bitcoin-related mentions accounted for the largest share (36%), followed by ‘blockchain’ (20%) and ‘cryptocurrency’ (12%). This coincided with an increase in crypto legislation in 2025 and suggests an institutional focus on bitcoin, as traditional finance institutions continued to expand their crypto offerings.

Weekly Performance

Top-cap tokens showed mixed changes in price last week. BTC’s and ETH’s prices decreased by -0.9%, and -1.8%, respectively. DOGE and XRP led the decrease.

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

News Highlights

Adoption

• JPMorgan is considering expanding crypto trading services for institutional clients. This may include spot and derivatives trading, although detailed plans have not yet been announced.
• South Korean payments company BC Card completed a pilot allowing foreign users to conduct stablecoin payment at local merchants. This forms part of its plan to implement a stablecoin payment system.

Regulation

• European Union’s crypto tax reporting directive, DAC8, will begin in January 2026. This will require digital asset service providers to report information on users and transactions to national tax authorities, which will be shared across the EU member states.
• Hong Kong regulators are targeting completion of proposals to regulate virtual asset dealers and custodians in 2026. This follows a consultation held from June to August to gather comments on establishing the licensing framework.

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