Quick Take

• ETH saw accumulation by larger investors despite recent price weakness; Crypto.com launched OG, a new prediction market experience; DraftKings to expand its prediction markets catalogue with Crypto.com.
• US spot BTC ETFs had a net outflow of US$359 million last week, down from $1.5 billion the week prior. Spot ETH ETFs saw a net outflow of $170 million in the same period, down from $327 million the week prior.
• On the macro side, the US ISM Manufacturing PMI rose to 52.6% in January, the first expansion in a year. The partial US government shutdown ended on 3 February. The latest CME FedWatch Tool indicated a 18% probability of a March rate cut, compared to 3% last week. Global central banks diverged as the Reserve Bank of Australia (RBA) raised its cash rate by 25 basis points to 3.85%, while the European Central Bank (ECB) and Bank of England held steady.
• Notable updates: Vitalik Buterin said Ethereum’s original Layer-2 (L2) ’branded sharding’ vision is outdated given current developments. Ripple secured a full electronic money institution licence from Luxembourg’s financial regulator.
• Notable events in the coming week: US Consumer Price Index and Nonfarm Payrolls.

Research Dashboard

According to our research dashboard, the price index fell -8.43%, while volume and volatility rose +43.05%, and +69.54%, respectively, last week. BTC and ETH decreased by -8.2% and -7.5%, respectively. BTC dropped to $62,000 midweek before recovering to $70,000 over the weekend. This reflected broader risk-off sentiment amid outflows from US spot crypto ETFs and crypto liquidations. 

Tokens in the index mostly decreased, except for TON (+5.41%), HBAR (+4.12%), and CRO (+0.26%). Hedera joined OMFIF’s Digital Monetary Institute, a global forum for policy discussions on central bank digital currencies and digital money. Crypto.com launches OG, enabling users to trade on real-world event probabilities. 

The volatility increase was led by XRP (+225.04%) and POL (+95.58%).

Chart of the Week

Since Ethereum’s August 2025 all-time high, the total ETH balance for wallets holding over 10,000 ETH has increased over the past 5 months, while the total balance for wallets holding under 10,000 ETH has decreased. Despite ETH falling to the $2,000-level as of 7 February, wallets holding 10,000 to 100,000 ETH increased holdings by 15% from August 2025 to 7 February 2026, reaching 20.1 million ETH, and wallets with over 100,000 ETH increased holdings by 34% to 3.7 million ETH. In contrast, wallets with 100 to 1,000 ETH saw their balance drop 15% to 8.3 million ETH, while the 1,000 to 10,000 ETH cohort dropped 16% to 12.1 million ETH. This suggests accumulation by larger investors despite recent price weakness.

Weekly Performance

Top-cap tokens mostly decreased in price last week. BTC and ETH decreased by -8.2% and -7.5%, respectively. APT and SOL led the decrease. This reflected a broader risk-off sentiment amid outflows from US spot crypto ETFs and crypto liquidations.

All key categories decreased in market capitalisation in the last seven days, led by Layer-2.

News Highlights

Crypto.com / Cronos News

• Crypto.com launched OG, enabling users to trade on real-world event probabilities, including a comprehensive range of CFTC-regulated sports event contracts and events across finance, politics, culture, and entertainment. 
• DraftKings Inc. (Nasdaq: DKNG) announced an agreement with Crypto.com | Derivatives North America to broaden the prediction markets available on DraftKings Predictions. The expansion marks the first player-specific sports event contracts offered on DraftKings Predictions for both the NFL and NBA.

Regulation

• US White House officials met with industry representatives to discuss the Digital Asset Market Clarity (CLARITY) Act, including stablecoin yield. This came after the Senate Banking Committee postponed its markup last month. 
• The US Commodity Futures Trading Commission (CFTC) expanded payment stablecoin criteria to include national trust banks as eligible issuers, allowing them to issue fiat-pegged stablecoins.
• Canadian Investment Regulatory Organization (CIRO) formalised an interim crypto custody framework, outlining how dealers are expected to safeguard client holdings including custody limits and reporting obligations.
• Eurozone finance ministers are scheduled to discuss euro-stablecoins and joint EU debt on 16 February to strengthen the euro’s role globally and boost economic security. 
• The Hong Kong Monetary Authority (HKMA) expects to begin granting the first batch of stablecoin issuer licences in March, starting with a small number of applicants and focusing on risk management frameworks as well as backing assets.
• People’s Bank of China (PBOC) and other Chinese regulatory agencies banned unauthorised issuance of RMB-pegged stablecoins and tokenised real-world assets by domestic and foreign issuers. 
• Vietnam’s Ministry of Finance proposed a 0.1% personal income tax on cryptocurrency transfers made through licensed providers, aligning the treatment of digital asset transfers to stock trades.

Adoption

• CME Group is exploring the issuance of its own digital token as part of its exploration on tokenised assets as collateral. It is also exploring tokenised cash as a separate initiative.
• UBS Group’s CEO announced plans to offer tokenised deposits for corporates and crypto access for individuals. This came after reports that the bank will offer crypto investing to selected clients in Switzerland.
• Singapore Gulf Bank (SGB) added stablecoins to its SGB Net clearing network,, allowing institutional clients to manage both stablecoins and fiat on one platform. This will enable clients to mint, convert, and transfer stablecoins across Ethereum, Solana, and Arbitrum networks.
• Startale Group and SBI Holdings launched Strium, a Layer-1 blockchain designed for institutional foreign exchange and RWA trading. The platform will initially offer synthetic versions of US and Japanese stocks and commodities.

Investment Vehicles

• ING Germany will offer cryptocurrency ETPs from Bitwise and exchange-traded notes (ETNs) from VanEck, expanding access to a wider range of crypto investment products.

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