Quick Take

• Bitcoin’s price regained the US$60,000 level over the weekend; the Crypto.com App and Crypto.com Exchange launched DeFi Staking; State Street and Galaxy introduced three new crypto-related ETFs.

• US spot Ethereum ETFs saw a US$13 million net outflow last week, while spot Bitcoin ETFs had a weekly net inflow of $404 million.

• On the macro side, the ECB cut interest rates by 0.25% to 3.50%, acknowledging lower inflation and strength in monetary policy transmission. In the US, the consumer price index increased 0.2% in August, inline with expectations. Annual inflation rate was at 2.5%, the lowest level since February 2021. The latest CME FedWatch Tool showed a 100% probability of a September rate cut in the US. 

• Notable updates: Sky (formerly MakerDAO (MKR) shared updates about Sky Aave Force; Artificial Superintelligence Alliance (FET) proposed integrating CUDOS; Ethereum Name Service (ENS) provided an update to ENS v2.

• Notable events in the coming week: Interest rate decisions from the US, UK, and Japan

Weekly Market Index

The price index increased by +11.08% last week. Volume and volatility indices decreased by -8.44% and -30.41%, respectively. 

Check price

Chart of the Week

Bitcoin regained the $60,000 level over the weekend. Other asset classes also saw a rise last week — gold’s price (in USD) hit an all-time high on 12 September while S&P 500 (SPX) increased 3% in the past five trading days.

The BTC price increase coincided with news that MicroStrategy purchased 18,300 BTC ($1.1 billion) between 6 August and 12 September. At the same time, the US annual inflation rate, as reflected by the consumer price index, reached the lowest level since February 2021. 

Weekly Performance

BTC and ETH increased by +11.9% and +6.9%, respectively, in the past seven days. Price action for all other selected top market capitalisation tokens was up. INJ (+24.2%) and ICP (+17.9%) led the increase.

All key categories were up in market capitalisation in the past seven days. The artificial intelligence category led the increase. 

Notable Token Updates

News Highlights

ETFs and Funds

• State Street Global Advisors and Galaxy Asset Management launched three new crypto-related ETFs, namely SPDR Galaxy Digital Asset Ecosystem ETF (DECO), SPDR Galaxy Hedged Digital Asset Ecosystem ETF (HECO), and SPDR Galaxy Transformative Tech Accelerators ETF (TEKX). The funds aim to capitalise on Web3 growth by including a mixture of stocks, futures, and crypto ETFs. 

• Grayscale rolled out the Grayscale XRP Trust in the US. The trust will offer investors with direct exposure to XRP and is available to eligible individual and institutional accredited investors. 

• Janus Henderson will partner with Anemoy Limited and Centrifuge to manage Anemoy’s Liquid Treasury Fund, an on-chain tokenised fund on Centrifuge’s public blockchain. The fund will provide investors with access to short-term US treasury bills. 

Others

• The Crypto.com App and Crypto.com Exchange launched DeFi Staking. It is a pass-through service for users to access DeFi yield generated from DeFi protocols. Users can lock up tokens in DeFi protocol vaults for a fixed period in return for rewards. The feature currently supports CorgiAI (CORGIAI), Minted (MTD), with VVS Finance (VVS), Ferro (FER), Tectonic (TONIC), and more DeFi protocols to come. It is available to users via the Crypto.com App and Crypto.com Exchange Web in selected jurisdictions.

• Paypal and Venmo partnered with Ethereum Name Service (ENS) to allow US users to transfer cryptocurrency using ENS names. This eliminates the need for them to use long alphanumeric wallet addresses, which helps to avoid potential mistakes. 

• Global banking communications network Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced that it was paving the way for real-world solutions to transact with regulated digital assets and currencies. SWIFT previously experimented with blockchain interoperability.  

Recent Research Report

• Asset Allocation With Crypto: Adding BTC to portfolios helps increase yield by up to 2% annually without significant impact on volatility. The Modern Portfolio Theory is adopted to compile portfolios that include TradiFi, BTC, and ETH.

• Prediction Market: This report covers existing and upcoming prediction market platforms, and dives into the latest developments.

• Decentralised Perpetuals Market: This report looks into the decentralised perpetuals landscape with Hyperliquid as a case study.

Recent University Articles

• Bitcoin Resistance and Support Levels — What They Are and How to Trade Them: Learn how resistance plus support levels for Bitcoin and other cryptocurrencies are formed, and how to trade with them.

• What Is Restaking? How to Use EigenLayer: Learn how to restake your ETH on EigenLayer with Crypto.com to earn extra rewards.

• How to Make Withdrawals and Deposits in the Crypto.com App: Your guide to cryptocurrency and fiat deposits and withdrawals in the Crypto.com App.

Catalyst Calendar

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