1. MARKET OBSERVATIONS

December 29, 2025 to January 4, 2026

NCI Performance (Weekly): The Nasdaq Crypto Index^TM (NCI^TM) rose 5.4% this week, driven by a broad-based rally that included positive performance by BTC (+4.3%) and ETH (+7.1%), with Bitcoin’s 17th anniversary coinciding with renewed upside momentum. Price action was supported by a constructive regulatory tone in the U.S., additional institutional demand from a stablecoin issuer, and a geopolitical shock that reinforced Bitcoin’s role as a macro-sensitive asset, lifting the complex in tandem.

CFTC Continues to Push a Crypto-Friendly Administration

CFTC Chairman Michael S. Selig announced that Amir Zaidi will serve as the CFTC’s Chief of Staff, signaling a potential expansion of the CFTC administration towards cryptoassets.¹

Tether Turns Profits into a Recurring BTC Bid

Tether bought 8,888 BTC in Q4, taking holdings above 96,000 BTC and anchoring a policy that allocates 15% of quarterly profits to Bitcoin²—linking stablecoin growth and interest income to recurring spot demand, while increasing reserve volatility and regulatory focus.

Geopolitical Shock Lifts Bitcoin

Bitcoin jumped nearly 5% to above $90,000 after U.S. forces captured Venezuela’s president,³ adding roughly $100B to crypto market value as investors weighed geopolitical risk, oil implications, and renewed narratives positioning BTC as a hedge amid global stress.⁴

2. PERFORMANCE ATTRIBUTION

The Nasdaq Crypto Index^TM | Weekly Constituents Performance