Daily Update:

• After taking a brief pause, MicroStrategy (now rebranded as Strategy) announced in its most recent 8-K filing the purchase of 7,633 bitcoins at an average price of $97,255. Whilst this is a smaller purchase relative to some of their previous acquisitions (the largest being ($5.4B in late November 2024), it brings the company’s Bitcoin yield to 4.1% year-to-date in 2025. 

• Japan’s Financial Services Agency (FSA) is considering classifying crypto assets as financial products equivalent to securities, which according to local news sources could result in the lifting of the current ban on Bitcoin Spot ETFs. Additionally, crypto is currently taxed in Japan as income, with rates up to 55% – the FSA is considering lowering the rate to 20%.

• Amongst the top 10 tokens by market capitalization, ADA has outperformed today, up 14%, coinciding with Grayscale Investment’s Cardano ETF filing on the NYSE. 

• Market sentiment across the board appears to look more positive today – BTC and ETH put-call skew ratios for one-week tenors have returned back to a positive level. Our Block Scholes ETH Senti-meter Index has equally bounced off its -2 value, though still remains in a bearish zone. 

• ETH has significantly underperformed both Bitcoin and a basket of Layer 1 altcoins dubbed as so-called Ethereum Killers. In our most recent collaboration with Bybit we delved into the Altseason phenomena, which has typically been characterized by ETH acting as bellwether for initiating capital flight from BTC – with its cycle underperformance so far, this has not materialized yet.
• Previous post-halving cycles had seen ETH’s market-cap 5-10x at the same period of time following the halving event. Read the full report here for more on that analysis and our thoughts on altseason this time around.

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This Week’s Calendar:

Charts Of The Day: