Quick Take

• BTC-to-gold ratio fell to 17.7, the lowest since November 2023; Plaee and Crypto.com to launch CFTC-compliant prediction market infrastructure in the US; NYSE plans a blockchain platform for 24/7 stock trading.
• US spot BTC ETFs had a net outflow of US$1.3 billion last week, compared to a net inflow of $1.4 billion the period before. Spot ETH ETFs saw a net outflow of $601 million in the same period, compared to a net inflow of $479 million the period before.
• On the macro side, the US Core Personal Consumption Expenditures Price Index rose 2.8% in November, in line with the Dow Jones consensus but still above the central bank’s 2% target. The S&P Global US Manufacturing PMI was 51.9 in January, slightly below the Dow Jones consensus of 52.1. US president Trump stepped back from the 10% tariffs proposed against eight European countries, stating that he has a ‘concept of a deal’ over Greenland. He also threatened to impose 100% tariffs on Canadian goods over Canada’s potential trade ties with China. The latest CME FedWatch Tool indicated a 3% probability of a January rate cut, compared to 5% the week before.
• Notable updates: Ethereum Foundation formed a Post Quantum team and declared it a top strategic priority; Chainlink expanded its Data Streams service to provide 24/5 coverage for the US stock and ETF markets.
• Notable events in the coming week: US Federal Reserve and Bank of Canada (BoC) interest rate decisions, US Producer Price Index ex Food & Energy.

Research Dashboard

According to our research dashboard, the price, volume and volatility indices decreased by -8.20%, and -4.27%, and -26.71%, respectively, last week. 

Tokens in the index all decreased, led by ARB (-19.82%). BTC and ETH decreased by -7.7% and -14.3%, respectively. BTC rose above the $93,000-level at the beginning of last week as US President Trump stepped back from the 10% tariffs proposed against eight European countries. However, the token retraced to around $87,000 towards the end of the week, coinciding with increased chances of a partial US government shutdown.

The volatility decrease was led by IMX (-54.53%) and ADA (-39.99%). 

Chart of the Week

Bitcoin-to-gold ratio fell to 17.7, the lowest since November 2023. This coincided with the recent risk-off sentiment in crypto markets following macroeconomic uncertainties and geopolitical tensions, triggering outflows from spot BTC ETFs. Conversely, gold prices skyrocketed to $5,000 as investors sought a reliable hedge against currency debasement. The shift reflects a broader structural change in the global monetary system, with countries reducing sovereign bond exposure and increasing hard asset holdings.

Weekly Performance

Top-cap tokens all decreased in prices last week. BTC and ETH decreased by -7.7% and -14.3%, respectively. SUI and APT led the decrease. This coincided with increased chances of a partial US government shutdown towards the end of the week.

All key categories decreased in market capitalisation in the last seven days. Layer-2 and Artificial Intelligence led the increase.

News Highlights

Crypto.com / Cronos News

• Plaee partnered with Crypto.com | Derivatives North America (CDNA) to deliver institutional-grade, CFTC-compliant prediction market technology infrastructure available now in the US. The collaboration enables Plaee’s technology to onboard and serve operators, fintech platforms, and traditional brokers with federally regulated, event-based trading for US customers at scale.

Regulation

• Proposed amendments to the US Senate Agriculture Committee’s crypto market structure bill were released last Friday before the scheduled hearing this week. The requested amendments from Democratic lawmakers include a ban on government officials profiting from digital assets and a requirement to fill the Commodity Futures Trading Commission (CFTC) before new rules take effect.
• Hong Kong Monetary Authority is preparing to issue the first batch of stablecoin licenses within the first quarter of 2026, after its new stablecoin licensing regime took effect in August 2025.
• Thailand’s Securities and Exchange Commission is preparing new regulations for crypto ETFs, crypto futures, and tokenised investment products, aiming to position itself as a regional hub for institutional investors to access crypto products.
• The State Securities Commission of Vietnam (SSC) opened a licensing window for applications to operate digital asset trading platforms following the enactment of the Law on the Digital Technology Industry on 1 January.
• Kazakhstan’s President signed a law establishing a regulatory framework for digital assets. This legislation grants the central bank authority to issue licences to exchanges, set trading limits, and approve the list of tradable cryptocurrencies.

Adoption

• UBS is preparing to offer bitcoin and Ethereum trading services to select private banking clients starting in Switzerland, with a potential roll out to Asia Pacific later.
• Steak 'n Shake is launching an incentive programme offering bitcoin bonuses to hourly workers. Employees will receive a $0.21 bitcoin bonus for every hour worked starting 1 March, with rewards vesting after two years.
• Investment management firm F/m Investments filed with the SEC to tokenise shares of its F/m US Treasury 3 Month Bill ETF (TBIL), with approximately $6 billion in shares, on a permissioned blockchain. This will enable investors to move and pledge their shares.
• Colombia’s second-largest private pension manager, AFP Protección, will offer an investment fund with exposure to bitcoin to qualified investors after assessing their individual risk profiles.

Investment Vehicles

• New York Stock Exchange (NYSE) plans for a blockchain-based platform for 24/7 trading of tokenised stocks and ETFs later this year. The system will enable tokenised trading, instant settlement, and stablecoin-based funding.
• Nasdaq filed with the US SEC to remove position limits for options trading on spot BTC and ETH ETFs. The proposal, effective last Wednesday, lifted the previous limit of 25,000 contracts.
• 21Shares launched the first US spot Dogecoin ETF (TDOG) backed by the Dogecoin Foundation on Nasdaq. The ETF allows both retail and institutional investors to gain exposure to DOGE.
• Bitwise Asset Management launched Bitwise Proficio Currency Debasement ETF (BPRO) to hedge against currency debasement. The fund allows for discretionary allocation across bitcoin, precious metal, and mining stocks, and has a minimum 25% allocation in gold.
• Laser Digital, the digital arm of Nomura, introduced Bitcoin Diversified Yield Fund (BDYF), a yield-bearing bitcoin fund employing diversified strategies to generate yield while maintaining BTC exposure.

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