DigitalX Weekly Crypto Update: Market Trends and Analysis

Market Commentary

Bitcoin recently established a new to all time high of US$99,600 before retreating to below US$93,000 as traders took profit. It has since rebounded and stabilised around US$95,500. This positive price movement coincides with President-elect Trump’s nomination of crypto-friendly candidates for key U.S. Federal Government positions, including Scott Bessent as Treasury Secretary and Howard Lutnick as Commerce Secretary. Notably, Lutnick’s firm, Cantor Fitzgerald, reportedly acquired 5% in Tether, the world’s largest stablecoin issuer, in a deal valued at approximately $600 million last year. Meanwhile, options trading for US’s spot Bitcoin ETFs had an impressive debut. Nearly $1.9 billion in notional exposure was traded on the first day through 354,000 contracts, comprising 289,000 calls and 65,000 puts for BlackRock’s spot Bitcoin ETF, IBIT. Bloomberg Senior ETF analyst Eric Balchunas highlighted that such a significant volume on day one is unprecedented.

Hong Kong’s largest digital bank, ZA Bank, has officially entered the retail crypto trading space. Partnering with cryptocurrency exchange HashKey, the initial offering allows users to purchase Ether and Bitcoin directly using fiat currency. Calvin Ng, ZA Bank’s Alternate Chief Executive, highlighted the move, stating, “The rise of cryptocurrency presents investors with more diverse asset allocation opportunities.”This launch builds on ZA Bank’s commitment to developing the Web3 ecosystem, following its sandbox trial for virtual asset trading services introduced in October.

Mastercard and JPMorgan have joined forces to revolutionise cross-border payments through blockchain technology. By integrating Mastercard’s Multi-Token Network (MTN) with JPMorgan’s Kinexys Digital Payments—formerly known as JPM Coin—this collaboration enables mutual customers to settle B2B transactions seamlessly. In a recent press release, the partnership was praised for its ability to deliver “greater transparency, faster settlement, and reduced time zone friction” for cross-border payments. Both companies have demonstrated their commitment to real-world asset tokenisation, participating in innovative initiatives such as sandbox testing for tokenized bank deposits, stablecoins, and central bank digital currencies, including their involvement in the Monetary Authority of Singapore’s Project Guardian.

CRYPTO TOP 20 7 DAY PRICE CHANGE

*All figures throughout are in USD unless otherwise specified

Market Updates

• US spot Bitcoin ETFs top $30 billion in cumulative inflows as BTC nears $100,000
• Spot Bitcoin ETFs end positive streak with $438 million outflows; BTC dips to $94,500
• Michael Saylor’s MicroStrategy makes mammoth BTC purchase, adding 55,500 tokens for $5.4B
• MicroStrategy on track to own 4% of all Bitcoin over next decade as Bernstein raises price target to $600
• MARA purchases 6,474 Bitcoin with convertible notes offering
• Polymarket blocks French traders amid gambling inquiry
• Cantor Fitzgerald agreed to acquire 5% stake in Tether for up to $600M: report
• Tether in talks to support Cantor Fitzgerald’s planned Bitcoin lending program: WSJ
• Ethereum reclaims USDT dominance, overtaking Tron for first time since 2022
• Avalanche blockchain’s largest-ever upgrade goes live on testnet
• Trump’s crypto project gets $30m investment from Justin Sun
• Crypto staking goes live on Starknet in first for top Ethereum L2 blockchains
• Kraken to close NFT marketplace, shift focus to other projects
• Phantom wallet adds support for Base in multi-chain push
• Fireblocks and Google Cloud partner to enhance PKM security
• Deutsche Bank invests in blockchain payment network Partior
• Tether to shutter Euro stablecoin as key MiCA deadline looms
• Celsius to distribute $127 million to creditors in second bankruptcy payout
• OKX launches crypto trading platform and wallet in Belgium
• Uniswap sees record monthly volume on L2 as DeFi demand flows back
• Ripple to invest in rebranded Bitwise XRP ETF
• Low-income crypto investors are using gains to buy houses: Treasury study

The Next Wave

• Charles Schwab wants to directly offer crypto to clients, incoming CEO says
• Hong Kong’s largest digital bank launches retail crypto trading
• CBOE announces December debut of spot Bitcoin ETF index options
• Bitwise files S-1 registration for ETF tied to Bitcoin and Ether
• Bitwise joins mounting race for Solana ETF
• WisdomTree registers XRP ETF entity in Delaware: report
• Hashdex again amends S-1 for Nasdaq Crypto Index US ETF
• Valour launches first-ever DOGE ETP
• Canadian wellness firm approves plan to add $1m of Bitcoin to treasury
• Rumble to spend up to $20M on Bitcoin in new treasury strategy
• Vancouver mayor plans to introduce ‘Bitcoin-friendly city’ plans

Tinkering with Tokenisation

• Mastercard and JPMorgan link up to bring cross-border payments on the blockchain
• Standard Chartered and Zodia Markets forecast stablecoin usage could reach 10% of U.S. M2 and FX transactions
• CFTC report endorses tokenising trading collateral
• Payments giant Stripe brings crypto services to Aptos as Circle’s USDC stablecoin launch on the network
• Crypto market maker B2C2 taps PV01 to issue its first corporate bond on Ethereum
• Reserve Bank of India expanding cross-border payments platform
• BNB Chain’s RWA ecosystem gets official provider with new collaboration
• Ripple announces tokenised money market fund launching on XRP Ledger
• Singapore Gulf Bank seeks $50M to fund stablecoin firm acquisition
• Zodia Custody partners with Securitize to bolster institutional access to tokenised assets
• Schuman Financial debuts EURØP, a MiCA-compliant euro stablecoin
• Central Bank of Iran promises CBDC launch, fintech to fight sanctions
• Stablecoins hit record $190B market cap, surpassing pre-Terra crash peak: CCData
• Non-USD stablecoins can spur adoption: report

Macro and Regulatory Environment

• Crypto foe and SEC Chair Gary Gensler will quit when Trump takes office
• Paul Atkins emerges as leading candidate for SEC chair
• Trump team looking to shift crypto regulation to CFTC, dilute SEC’s role: report
• EU approves commissioners, including ones who will likely oversee crypto rules
• Brazil’s Congress to weigh Bitcoin Reserve as hedge against global risks
• Another SEC Democrat to drop out, leaving Republicans running agency by February
• Trump picks pro-crypto hedge fund manager Scott Bessent for Treasury Secretary
• UK to draft a regulatory framework for crypto, stablecoins early next year
• Australia begins consultation on OECD crypto reporting framework
• Texas’ gold-backed coin aims to help Bitcoin adoption, says lawmaker
• Morocco central bank to legalise all cryptocurrencies: report
• Ripple drops another $25M into Crypto PAC to sway 2026 congressional races
• Big victory in Tornado Cash case as judge says OFAC exceeded authority
• Russia’s upper house greenlights new tax bill for crypto mining and trading
• Hong Kong proposes tax breaks to attract crypto hedge funds, investors

About DigitalX

DigitalX Ltd (ASX:DCC) is a leading ASX-Listed Bitcoin and digital asset funds management business. The Company has a 9 year track record mining Bitcoin, blockchain and smart contract development. DigitalX Asset Management is the investment manager of digital asset investment products that provide qualified investors with highly secure and streamlined access to digital asset exposure. To learn more contact the team at [email protected] or visit our website https://digitalx.fund/.

Disclaimer:

The information in this document is prepared by DigitalX Asset Management Pty Ltd (ACN 629 653 121) (DigitalX).

DigitalX is a corporate authorised representative (CAR) (CAR No. 1270748) of Boutique Capital Pty Ltd (AFSL 508011) and True Oak Investments Ltd (AFSL 238184). Boutique Capital is the Trustee of the DigitalX Fund and the DigitalX Bitcoin Fund. True Oak Investments is the Trustee of the DigitalX Real World Asset Tokenisation Fund (RWAx). All three funds are open to wholesale investors only.

DigitalX is also a corporate authorised representative (CAR) of K2 Asset Management Ltd (ABN 95 085 445 094 AFSL 244 393) (K2), a wholly owned subsidiary of K2 Asset Management Holdings Ltd (ABN 59 124 636 782). K2 is the Responsible Entity and Issuer of the DigitalX Bitcoin ETF (ASX: BTXX) (ARSN 650 945 216) which is open to retail investors. Offers to invest in the DigitalX Bitcoin ETF (BTXX) will only be made in the product disclosure statement (PDS) and this material is not intended to substitute the PDS which outlines the risks involved and other relevant information. You should also consider the Target Market Determination (TMD) issued when ascertaining if the product is appropriate for your needs. A PDS & TMD for BTXX can be obtained at https://www.digitalx.com/funds/bitcoin-etf/. You should consider the PDS & TMD before making a decision to acquire an interest in BTXX.

The information herein is presented in summary form and is therefore subject to qualification and further explanation. The information in this document is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking into account personal investment objectives, financial circumstances or particular needs. Recipients of this document are advised to consult their own professional advisers about legal, tax, financial or other matters relevant to the suitability of this information. Past performance is not indicative of future performance.