Quick Take

• BTC overtook silver and Saudi Aramco as the seventh-largest asset by market capitalisation; Crypto.com acquired Australian brokerage firm Fintek; BlackRock’s BUIDL is now available on five more blockchains.

• US spot Bitcoin ETFs had a weekly net inflow of $1.8 billion last week. Spot Ether ETFs’ total net flow turned positive on 12 November, the first time since July. The ETFs saw their most significant weekly net inflow since launch at $534 million. 

• On the macro side, the US consumer price index increased 0.2% in October and 2.6% year-on-year, which is in line with estimates from a Dow Jones survey. Fed Chair Powell said the US does not need to be “in a hurry” to lower rates given the strength of economic growth. The latest CME FedWatch Tool showed a 65% probability of a December rate cut in the US (same as last week). 

• Notable updates: Chainlink (LINK) introduced the Chainlink Runtime Environment framework, Ethereum Foundation researcher Justin Drake proposed the Beam Chain; the Crypto.com App listed Peanut the Squirrel (PNUT), peaq (PEAQ), and Act I: The AI Prophecy (ACT)

• Notable events in the coming week: US S&P Global Manufacturing & Services PMI and EU HCOB Composite PMI 

Weekly Market Index

All three indices were up last week. Price, volume, and volatility indices increased by +11.71%, +76.03%, and +44.07%, respectively. The price increase was led by XRP (+83.6%), CRO (+35.2%), and DOGE (+26.9%). 

DOGE’s price increase coincided with US President-elect Donald Trump announcing that Elon Musk and Vivek Ramaswamy would lead a new ‘Department of Government Efficiency’ (D.O.G.E.) in his upcoming administration. 

Check price

Chart of the Week

Last week, Bitcoin overtook silver and Saudi Aramco as the seventh-largest asset by market capitalisation. Its price rose to a new all-time high above $93,000 on 13 November before retracing to the $90,000 level at the end of the week. 

Weekly Performance

BTC increased by +12.2% and ETH decreased by -2.5% in the past seven days. Prices for most selected top market capitalisation tokens increased. 

Most key categories increased in market capitalisation in the past seven days except for DeFi. 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 the acquisition of Fintek Securities Pty Ltd. (Fintek), a brokerage service and trading company that holds an Australian Financial Services Licence. This enables Crypto.com to offer eligible users financial products, including deposit products, derivatives, securities, foreign exchange, and managed investment schemes. 

Investment Vehicles

• BlackRock expanded its tokenised fund, BlackRock USD Institutional Digital Liquidity Fund (BUIDL), to five more blockchains. The fund was originally launched on Ethereum and has now expanded to five more including Aptos, Arbitrum, Avalanche, Optimism's OP Mainnet, and Polygon. 

• Franklin Templeton expanded its money market fund, OnChain U.S. Government Money Market Fund (FOBXX), to Ethereum. The fund was already available on several blockchains including Aptos, Avalanche, Stellar, and Base. 

• VanEck launched the SUI exchange-traded note, VSUI, on Euronext Amsterdam and Euronext Paris. VSUI reflects the performance of the MarketVector Sui VWAP Close Index, which is linked to the price of SUI. 

• US spot Bitcoin ETF Options passed another hurdle after obtaining clearance from US Commodity Futures Trading Commission (CFTC). The statement issued by the CFTC mentioned that the CFTC “does not have any more role regarding the clearing of these options”, and that the clearing would be undertaken in the capacity of the Options Clearing Corporation (OCC). 

• Bitwise Asset Management announced that NYSE Arca has filed to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product. As of 31 October, the fund’s allocation includes BTC (75.1%), ETH (16.5%), SOL (4.3%), and XRP (1.6%), with the other assets taking up the remaining. 

Adoption

• Pennsylvania lawmakers have proposed the Strategic Bitcoin Reserve bill, which, if approved, would permit its treasury to invest up to 10% of its funds in bitcoin. They have stated an intention to use bitcoin as a hedge during “unstable economic times”.

• Digital asset platform Fireblocks partners with South Korean NongHyup Bank to tokenise tax refunds. The partnership will use the Fireblocks Tokenisation Engine to refund value-added tax (VAT) and goods and services taxes (GST) on purchases at retail outlets, aiming to increase transparency and security. 

• Tether launched an open-source wallet development kit to integrate non-custodial wallets into any website or app. It enables developers to create bitcoin and USDT wallets for human users, as well as AI agents and robots. In addition, Tether launched a real-world asset tokenisation platform, Hadron, which allows users to tokenise “anything”. This includes stocks, bonds, as well as assets such as land and art.  

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 and RSI — to build trading strategies, with the consideration of margin and trading fees, within the Crypto.com ecosystem.

• Research Roundup Newsletter [October 2024]: We present to you our latest issue of Research Roundup, featuring our deep dives into Intent-Based Protocols, Solana Staking and Crypto Derivatives Trading – Technical Analysis in Perpetuals and CFDs.

Recent University Articles

• Selecting Range in UpDown Options — A Guide: Setting your range as narrow or wide as preferred can be the deciding factor for a successful UpDown Option contract. Here’s how to choose.

• Spot Ethereum ETFs Explained: What to Know: Spot Ethereum ETFs were approved by the US SEC in July 2024. Here’s an overview of how they work and major asset managers.

• Cardano vs Solana: Key Differences and Future Prospects: Speed, dapps, scalability: Who does it better? Find out in our comparison of Solana vs Cardano.

Catalyst Calendar

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