Quick Take

• ETH average transaction fees (7-day moving average) dropped to a low since May 2020; Crypto.com’s CEO joined the CFTC CEO Innovation Council; Crypto.com and 21Shares plan investment products tracking CRO.
• US spot BTC ETFs had a net inflow of US$287 million last week, compared to a net outflow of $88 million the week before. Spot ETH ETFs saw a net inflow of $209 million in the same period, compared to a net outflow of $65 million the period before.
• On the macro side, the US Fed reduced interest rates by 0.25% while indicating a slower pace ahead, with the dot plot of officials’ rate cut expectations showing just one cut in 2026 and another in 2027. US trade deficit unexpectedly narrowed to its lowest since mid-2020, with exports increasing 3% in September. The latest CME FedWatch Tool indicated a 24% probability of a January rate cut. Australia and Canada maintained their interest rates at 3.6% and 2.25%, respectively.
• Notable updates: Tether is considering tokenising its stocks; Circle received a Financial Services Permission licence from Abu Dhabi Global Market.
• Notable events in the coming week: US Nonfarm Payrolls, Consumer Price Index, Interest rate decisions from Europe, Japan, and UK.

Research Dashboard

According to our research dashboard, the price and volatility indices decreased by -0.37%, and -60.69%, respectively last week. Volume index increased by +0.26%.  BTC’s price decreased by -2.1%, while ETH’s price increased by +0.4%. 

Tokens in the index mostly decreased in price, reflecting uncertain Fed rate cut trajectories and concerns about AI firms’ profits impacting tech stocks and market sentiment. ETH and ARB increased in price, coinciding with a broader increase in Layer-2 token prices as ETH’s 7-day moving average mainnet fees dropped to the lowest since May 2020. Layer-2s process the most transactions following the Dencun upgrade.

Volatility decrease was led by CRO (-67.21%) and BTC (-62.88%). Cronos Labs introduced Cronos One, a unified onboarding hub to consolidate bridging, topping up a wallet, and completing on-chain verification.

Chart of the Week

Ethereum average transaction fees (7-day moving average) dropped to a low since May  2020, reaching $0.25 on 30 November and remaining in the $0.25-0.33 level until the time of writing. This follows Ethereum’s recent upgrades, including the Fusaka upgrade on 3 December, which improved execution efficiency and reshaped mainnet economics. As most of the transaction activities were shifted to L2s, congestion and transaction fees were reduced at the mainnet level.

Weekly Performance

Top-cap tokens mostly decreased in prices last week, except for ETH. This coincided with uncertain Fed rate cut trajectories and concerns about AI firms’ profits impacting tech stocks and market sentiment. BTC decreased by -2.1% while ETH increased by +0.4%. FIL and BCH led the decrease. 

All key categories decreased in market capitalisation in the last seven days, except for Layer-2. Artificial Intelligence and Gaming led the decrease.

News Highlights

Crypto.com / Cronos News

• US Commodity Futures Trading Commission (CFTC) added industry executives such as crypto-sector CEOs to its CEO Innovation Council, including Crypto.com’s CEO Kris Marszalek. The council will discuss derivatives market structure developments including tokenisation and blockchain technology.
• Crypto.com and 21Shares partner to bring investment products tracking the CRO token. This includes a CRO private trust and ETF, marking a significant step in broadening regulated access to Cronos.
• Cronos Labs introduced Cronos One, a unified onboarding hub. The platform consolidates bridging, topping up the Crypto.com Card directly from a non-custodial wallet, and completing on-chain verification.
• Sirius International Holding, digital arm of International Holding Company (IHC), partnered with Crypto.com to explore an integration of ADI Chain, launched by the Abu Dhabi-based nonprofit ADI Foundation. This will support the growth of sovereign-grade digital infrastructure in the UAE and unlock new avenues for tokenisation at regional and global scales. 
• Crypto.com partnered with e& money to advance the UAE crypto ecosystem. This includes exploring trade execution where Crypto.com provides access to deep liquidity, including via Crypto.com Exchange.
• Crypto.com partnered with LuLu Financial Holdings (LuLuFin) to develop regulated digital asset capabilities across multiple markets, beginning in the UAE. This will integrate Crypto.com’s trading infrastructure, institutional-grade custody, and payment technologies with LuLuFin’s network.

Adoption

• CFTC launched a pilot programme allowing BTC, ETH, USDC, or other payment stablecoins to be used as collateral in US derivatives markets.
• Circle, Ripple, Paxos, Fidelity Digital Assets, and BitGo received conditional approvals for US banking charters from the Office of the Comptroller of the Currency (OCC). Four of these companies are issuers for the USDC, RLUSD, USDS, and PYUSD stablecoins.
• State Street and Galaxy Asset Management plan to launch a tokenised liquidity fund on Solana in 2026. The State Street Galaxy Onchain Liquidity Sweep Fund, or SWEEP, will accept PYUSD issued by Paxos for subscriptions and redemptions.
• JPMorgan completed a $50 million tokenised bond issuance with Galaxy Digital on Solana. This represents one of the earliest transactions of its kind on a public blockchain.
• Interactive Brokers enabled stablecoin deposits for brokerage accounts. This will start in the US for eligible accounts.
• Bhutan launched a sovereign gold-backed digital token, TER,  on Solana. This adds to Bhutan’s broader blockchain adoption, including Bitcoin and Ethereum reserves and enabling crypto payments.
• ADNOC Distribution, UAE’s largest fuel and convenience retailer, will accept stablecoin payments at nearly 980 fuel stations. The rollout spans the UAE, Saudi Arabia, and Egypt.
• PNC Bank rolled out bitcoin trading for private banking clients, removing the need to manage separate crypto exchange accounts. This is the first major US bank to include spot bitcoin access in its digital banking platform.

Regulation

• US Securities and Exchange Commission (SEC)’s Office of Investor Education and Assistance issued crypto asset custody guidance for retail investors. It outlines wallet types, custody methods, and crypto storage.
• US OCC clarified that national banks may facilitate riskless principal crypto transactions without holding the assets on their balance sheets. This would expand the range of activities that national banks may offer. 
• Depository Trust & Clearing Corporation (DTCC) was authorised to launch a blockchain-based securities service. It is expected to roll out in 2026 on an approved blockchain for three years, and cover assets including Russell 1000, major index ETFs, and US treasury bills. 
• UK’s Financial Conduct Authority (FCA) put pound-denominated stablecoin payments on its growth agenda in 2026. This includes setting up a regulatory sandbox for companies to pilot stablecoin solutions.
• Japan’s Financial Services Agency plans to shift crypto oversight from the Payment Services Act (PSA) to the Financial Instruments and Exchange Act (FIEA). This will strengthen disclosure requirements for initial exchange offerings and token sales.
• Hong Kong’s government opened consultation on crypto tax reporting under the international Crypto-Asset Reporting Framework (CARF). This aims to promote international tax cooperation and reduce tax evasion.
• Central Bank of Argentina is considering lifting the ban on banks to offer crypto services beginning in April 2026.
• Poland’s government is pressing for a crypto bill aligned with the Markets in Crypto-Assets (MiCA). This came after the bill was vetoed last week by President Karol Nawrocki.

Investment Vehicles

• SEC approved the Bitwise 10 Crypto Index Fund (BITW) to trade on NYSE Arca, the second crypto index. The index tracks the 10 largest digital assets.
• BlackRock filed for a staked Ethereum ETF, iShares Ethereum Staking Trust (ETHB), marking a key step in bringing staking exposure to investors.

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