1. MARKET OBSERVATIONS

January 19, 2026 to January 25, 2026

NCI Performance (Weekly): The Nasdaq CME Crypto Index^TM fell 10.7% last week, broadly mirroring sharp drawdowns across majors—BTC (-9.3%), ETH (-16.1%), and SOL (-17.1%). The move reflects a synchronized de-risking across large caps rather than asset-specific stress, reinforcing the view of a market-wide pullback amid heightened macro and geopolitical uncertainty.

US regulated products experience massive outflow

Spot BTC and ETH regulated products in the US saw almost $2 billion in outflows last week amid increasing geopolitical tensions around the US-EU dispute over Greenland.¹

Davos signals institutional bid

The Davos agenda last week reinforced crypto’s structural adoption case, with stablecoins, tokenization, and DeFi firmly on the institutional agenda and public endorsements from leaders like BlackRock’s Larry Fink.²