Quick Take

• Truth Social to become the first social media platform offering prediction markets through Crypto.com; Stablecoin issuers continue to capture majority of daily crypto revenue; Crypto Market Data by Crypto.com is now available through AI large language models (LLMs) such as ChatGPT and Claude.
• US spot BTC ETFs had a net outflow of US$799 million, compared to a net inflow of $446 million the week before. Spot ETH ETFs saw a net inflow of $16 million in the same period, compared to a net outflow of $244 million the week before.
• On the macro side, the US Federal Reserve cut rates by 0.25% in October. However, Fed chair Powell mentioned the Committee had differing views on rate cuts in December, and that a further reduction is not a ‘forgone conclusion’. The latest CME FedWatch Tool indicated a 67% probability of a rate cut in December. The European Central Bank and Bank of Japan maintained their interest rates, while the Bank of Canada cut its rate by 0.25%.
• Notable updates: Ethereum developers set the Fusaka upgrade rollout for 3 December; Circle launched the testnet for its Layer-1 (L1) Arc; VeChain updated its timeline for the Hayabusa upgrade.
• Notable events in the coming week: Interest rate decisions from UK and Australia.

Research Dashboard

According to our research dashboard, price, volatility, and volume indices were down by -3.91%, -3.66%, and -17.17%, respectively. BTC and ETH decreased by -3.3% and -6.0%, respectively. US and China reached a trade truce in which China agreed to pause the export controls on rare earths for one year, while the US will cut tariffs on China related to fentanyl from 20% to 10%. However, prices fell as Fed chair Powell mentioned the Committee had differing views on rate cuts in December, and that a further reduction is not a ‘foregone conclusion’. 

Price decrease was led by ADA (-11.42%) and AVAX (-10.17%). Volatility decrease was led by LINK (-42.90%) and SOL (-38.17%). Bitwise SOL staking ETF (BSOL) and Grayscale Solana Trust ETF (GSOL) debuted last week, recording $200 million in cumulative inflows excluding seed capital.

Additionally, 207 public companies have collectively acquired over 1 million BTC (around US$116 billion), accounting for more than 5% of BTC’s total supply.

Chart of the Week

Stablecoin issuers continue to capture majority of crypto protocol revenue, mostly ranging from 60–80% in the past year, compared to other crypto categories including derivatives, decentralised exchanges (DEXs), and launchpads. This reflects stablecoins’ utility as a medium of exchange across centralised and decentralised finance (DeFi) protocols. Stablecoin issuer Tether reported net profits exceeding $10 billion for 2025, as of Q3.

Weekly Performance

Top-cap tokens mostly decreased in prices last week. BTC and ETH decreased by -3.3% and -6.0%, respectively. US and China reached a trade truce in which China agreed to pause the export controls on rare earths for one year. However, prices were impacted by uncertain US rate cut trajectories in December.

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

News Highlights

Company News

• 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). Following the integration, Truth Social will be the first social media platform to offer its users technology to access embedded prediction markets capabilities through CDNA.
• Crypto.com announced the launch of its Model Context Protocol (MCP), Crypto Market Data by Crypto.com, offering a cryptocurrency and financial data service that integrates directly with AI LLMs such as Anthropic’s Claude and OpenAI’s ChatGPT. 
• Crypto.com partnered with fintech platform Pineapple Financial (PAPL) to power its $100 million Injective (INJ) digital asset treasury strategy. Pineapple Financial will leverage Crypto.com’s regulated custody platform to securely store and stake its INJ holdings.

Adoption

• Western Union filed a trademark for 'WUUSD’, which covers crypto activities related to stablecoins. The filing followed the reveal of its plans to launch a Solana-based stablecoin, USDPT.
• IBM unveiled its Digital Asset Haven to support multichain custody, transaction routing, and settlement. The platform targets institutions and governments seeking compliant and secure crypto asset management.
• Securitize partnered with BNY Mellon to launch a tokenised fund to give investors access to AAA-rated collateralised loan obligations on-chain. Pending approval, Grove, a DeFi credit protocol, plans to anchor the fund with a $100 million allocation.
• Ant Group registered multiple trademarks in Hong Kong tied to crypto activities. This includes wallet, stablecoin, and payment services, as well as a filing for the ‘ANTCOIN’ trademark.
• Malaysia’s Central Bank announced a three-year roadmap and pilot for asset tokenisation. The pilot will explore supply chain financing, Islamic finance applications, green finance, and 24/7 cross-border settlements.
• JPMorgan tokenised a private equity fund on its Kinexys blockchain. The bank also made its first transaction on the Kinexys Fund Flow, a system that tokenises investor records and records capital activity automatically for alternative investment funds.
• Indonesia’s central bank unveiled plans to issue a digital currency backed by government bonds (SBN). This initiative will build upon its digital rupiah to form a national version of a stablecoin.
• Japan’s fintech firm JPYC launched a yen-backed stablecoin. The token is backed 1:1 by bank deposits and government bonds, and pegged 1:1 to the yen.
• DBS and Goldman Sachs executed the first crypto options trade between banks, involving cash-settled, over-the-counter options for bitcoin and Ether.

Regulation

• The European Commission is reportedly drafting a proposal to expand the European Securities and Markets Authority’s (ESMA) powers to supervise stock and crypto exchanges. This is part of a broader effort to increase the competitiveness of Europe’s capital markets.
• China expanded its crackdown on digital currency speculation. This included halting Chinese tech firms’ stablecoin initiatives in Hong Kong, emphasising concerns on financial stability risks, and advancing state digital asset initiatives.

Investment Vehicles

• Bitwise SOL staking ETF (BSOL) and Grayscale Solana Trust ETF (GSOL) debuted last week, recording $200 million in cumulative inflows, excluding seed capital. This included $197 million from BSOL and $2.2 million from GSOL. 
• 21Shares filed for the 21Shares Hyperliquid ETF with the SEC, following a similar HYPE ETF filed by Bitwise last month.

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