Quick Take

• BTC reached a new all-time high above US$81,000 on 11 November; Crypto.com unveiled its 2025 roadmap and the Level Up program; Crypto.com partnered with Ingenico to bring crypto payments to Ingenico merchants

• US spot Bitcoin ETFs had a weekly net inflow of $1.6 billion last week. The ETFs recorded a daily net inflow of $1.4 billion on 7 November, with BlackRock’s IBIT contributing a net inflow of $1.1 billion; both represent the largest daily figures since the ETFs launched. Spot Ether ETFs saw a $155 million net inflow last week, the largest weekly inflow since the ETFs launched. 

• On the macro side, Donald Trump won the 2024 US presidential election, which coincided with equity indices — including Dow Jones, S&P 500 and Nasdaq — rising to record highs. The Fed cut interest rates by 0.25% to a target range of 4.50 to 4.75%, in line with expectations. Bank of England cut interest rates by 0.25% to 4.75%, while Australia kept interest rates unchanged at 4.35%. China unveiled a CN¥10 trillion ($1.4 trillion) debt package aiming to stabilise economic growth. The latest CME FedWatch Tool showed a 65% probability of a December rate cut in the US. 

• Notable updates: Ethereum (ETH) introduced the Mekong testnet developed for the Pectra upgrade; the Crypto.com App listed Cetus Protocol (CETUS) and CoW Protocol (COW)

• Notable events in the coming week: US Consumer Price Index and Producer Price Index 

Weekly Market Index

Price and volume indices increased by +21.66% and +60.16%, respectively, while volatility index was down by -6.86%. All tokens in the index saw an increase in price. The price increase was led by DOGE (+81.7%), ADA (+76.7%) and CRO (+69.7%).

Check price

Chart of the Week

BTC reached a new all-time high of above $81,000 on 11 November, which coincided with Trump winning the US presidential elections and the Fed cutting interest rates. 

As of the time of writing, BTC increased around 17% in the past seven days, higher than the S&P 500’s 5% and Gold’s -2% (both from Monday to Friday). BTC increased 83% year-to-date, higher than the S&P 500’s 26% and Gold’s 30%. 

Weekly Performance

BTC and ETH increased by +17.0% and +29.0%, respectively, in the past seven days. Prices for all other selected top market capitalisation tokens increased. The price increase was led by DOGE (+81.7%), ADA (+76.7%) and CRO (+69.7%).

All key categories increased in market capitalisation in the past seven days. The meme category led the increase. 

Notable Token Updates

Newly Listed Tokens in the Crypto.com App

News Highlights

Crypto.com News

• Crypto.com announced its 2025 roadmap, which includes expansion to its crypto and credit card offerings, as well as the launch of banking and equities services to eligible customers through the Crypto.com family of companies. 

• Crypto.com announced its rewards programme named Level Up, which will reward users across the company’s current and new product lines. Higher-level customers can enjoy up to a 3% bonus on stock deposit transfers, up to 7.5% on idle cash balances in the first year, and up to 8% in uncapped rewards on Crypto.com Card spending in the first year.

• Crypto.com partnered with Ingenico, a global leader in payment acceptance and services, to bring crypto payments and merchant services to the Ingenico platform worldwide. Ingenico merchants can now accept crypto payments and receive funds settlement without currency risk in their local currency, such as EUR, GBP, AUD, or USD. 

Investment Vehicles

• VanEck announced the listing of an exchange-traded note (ETN) in Europe that tracks the performance of Pyth Network's native token, PYTH. The ETN will trade on Euronext Amsterdam and Euronext Paris and will be made available to investors in 15 European countries, including Germany, France, and Norway.

• The US Securities and Exchange Commission delayed its decisions on whether to approve NYSE’s request to list options on spot Ether ETFs. It was scheduled to make a decision by 11 November, and this is the second time that the decision has been delayed. 

• The Monetary Authority of Singapore introduced two new industry frameworks aiming to support tokenisation efforts in fixed-income instruments and funds, named the ‘“Guardian Fixed Income Framework’ and ‘Guardian Funds Framework’, respectively. Both were developed by members of Project Guardian, an initiative to enhance financial markets through tokenisation. 

Adoption

• Swift, UBS, and Chainlink completed a pilot for tokenised fund settlement under the Monetary Authority of Singapore’s Project Guardian. It utilises Swift’s network to integrate tokenised fund processes with fiat payment systems to address current inefficiencies in redemptions and subscriptions. 

• A UK pension scheme made a 3% allocation of bitcoin into its pension fund, reported by UK-based pension specialist Cartwright. This came after news that UK pension and investment firm Legal & General announced that it would consider offering tokenised funds last month.

• CitiGroup and Fidelity International developed a proof of concept for an on-chain money market fund with real-time foreign exchange swaps. It aims to enable real-time settlement of multi-currency transactions, boosting liquidity and efficiency. 

• JP Morgan rebranded its blockchain platform from Onyx to Kinexys with the goal of enabling greater interoperability in the multichain world. According to the company, its blockchain business has executed $1.5 trillion of transactions, including cross-border payments and intraday repos, since its inception in 2020.  

Recent Research Report

• Alpha Navigator: Quest for Alpha [October 2024]: Crypto and Equities had mixed performances in October; Fixed Income was down; BTC led the rise. Canada, China, Eurozone and New Zealand reduced interest rates; Australia and Japan kept interest rates unchanged.

• Crypto Derivatives Trading - Technical Analysis in Perpectuals and CFDs: In this report, we demonstrate how to use popular technical indicators — MACD & RSI — to build trading strategies, with the consideration of margin and trading fees, within the Crypto.com ecosystem.

• Solana Staking: Staking on Solana can be divided into Staking-as-a-Service, liquid staking, staking with CEX, and solo staking. This report looks into Solana’s staking landscape.

Recent University Articles

• Bitcoin Trading Insights: Market Trends and Case Studies: Can traditional finance (TradFi) market trends influence Bitcoin’s price? We analyse five case studies in this article.

• Key Macroeconomic Indicators and Their Impact on the Cryptocurrency Market: Learn how GDP, inflation rates, market indices, and interest rates influence the crypto market and how to adjust your trading strategy.

• How Does Ethereum Work? An Introduction to ETH: A comprehensive guide to the Ethereum network, from smart contracts to dapps and gas fees, we explain it all.

Catalyst Calendar

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Disclaimer:

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