Quick Take

• Silver overtook bitcoin in volatility during year-end trading; Trump Media to distribute digital tokens to shareholders in partnership with Crypto.com; Bitwise filed for 11 crypto strategy ETFs
• US spot BTC ETFs had a net inflow of US$459 million last week, compared to a net outflow of $782 million in the period before. Spot ETH ETFs saw a net inflow of $161 million in the same period, compared to a net outflow of $102 million in the period before.
• On the macro side, US Fed minutes indicate that officials were divided over the December 2025 rate cut decision and that further interest rate cuts may be appropriate if inflation goes down as expected. China NBS Manufacturing PMI rose to 50.1 in December 2025, expanding for the first time since March 2025. The latest CME FedWatch Tool indicated a 17% probability of a January 2026 rate cut, compared to 19% the week before.
• Notable updates: Flow abandoned its plan to roll back its blockchain following a $3.9 million exploit. 
• Notable events in the coming week: US ISM Manufacturing & Services PMI, Nonfarm Payrolls, and ADP Employment Change

Research Dashboard

According to our research dashboard, the price and volume indices increased by +5.13%, and +20.94% last week, respectively. The volatility index decreased by -35.75%. BTC’s and ETH’s prices increased by +4.0%, and +6.5%, respectively.

Tokens in the index all increased in price, with BTC holding above the $90,000-level amid lower holiday trading volumes and silver’s price surge. STX (+24.70%) and DOGE (+20.50%) led the rise. DOGE’s increase coincided with a broader uptick in the meme coin category. 

The volatility decrease was led by ETH (-42.62%) and BTC (-36.07%).

Chart of the Week

Silver overtook bitcoin in volatility during year-end trading. BTC’s annualised 30-day volatility dropped to 30 to 40% range last week while silver’s spiked above 60%. 

Gold’s volatility also increased last week to 20%, but remained below BTC’s. Silver’s volatility increase coincided with its price rally, which was driven by demand from technologies, such as solar panels and electric vehicles, as well as tightening supply expectations. 

Weekly Performance

Top-cap tokens showed mixed changes in price last week. BTC’s and ETH’s prices increased by +4.0%, and +6.5%, respectively. SHIB and DOGE led the increase, which coincided with a broader increase in the meme category.

All key categories increased in market capitalisation in the last seven days. Meme and NFT led the increase.

News Highlights

Crypto.com / Cronos News

• Trump Media & Technology Group (DJT) announced plans to distribute digital tokens to shareholders in partnership with Crypto.com. Trump Media expects that each owner will soon be eligible to receive one of the new digital tokens per whole share of DJT, with other rewards available throughout the year.  

Regulation

• South Korea’s government reportedly delayed submission of its crypto bill that would allow the issuance of domestic stablecoins because of disagreement on key issues. It is expected to be submitted sometime this year. 
• Turkmenistan’s government has legalised crypto mining and exchanges as part of a strategy to boost economic activity. The move establishes a framework for the use, creation, and exchange of virtual assets.

Investment Vehicles

• Bitwise filed with the US Securities and Exchange Commission (SEC) for 11 crypto strategy ETFs tracking tokens like AAVE, UNI, ZEC, SUI, and TAO. The ETFs are expected to invest up to 60% in the underlying token with the remainder allocated to exchange-traded products and derivatives.
• Grayscale filed with the US SEC for the first US-listed Bittensor (TAO) ETP. Grayscale Bittensor Trust (GTAO) is expected to provide investors with regulated access to the decentralised AI token.

Others

• China’s central bank will allow commercial banks to pay interest on digital RMB wallet balances starting in 2026. This new framework will enable the central bank digital currency (CBDC) to move beyond its role as a cash substitute to a digital deposit currency. 
• The Reserve Bank of India advocated that countries should focus on CBDCs over privately-issued stablecoins, as they can help to maintain the trust in money and preserve financial stability.

Recent Research Reports

Interested to know more? Access exclusive reports by signing up as a Private member, joining our Crypto.com Exchange VIP Programme, or collecting a Loaded Lions NFT. The latest crypto market insights are also available via the dashboard.

We’re all ears.

Your feedback has always helped us provide insightful crypto market trends. Tell us how we can improve this newsletter further by taking a quick survey below (it will only take less than a minute). Thank you!

Take our survey now

Author

Research and Insights Team

Get the latest market, DeFi & NFT updates delivered to your inbox:

Be the first to hear about new insights:

Disclaimer

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.