1. MARKET OBSERVATIONS

January 12, 2026 to January 18, 2026

NCI^TM Performance (Weekly): The Nasdaq CME Crypto Index^TM rose 5.1% this week, led by Ethereum (+7.5%) and Bitcoin (+5.2%), as improving regulatory clarity around the CLARITY Act and a $1.94B rebound in U.S. spot ETF inflows supported risk appetite. Gains were partially tempered late in the week by renewed geopolitical tension tied to U.S.–EU tariff threats, but price action remained constructive as investors looked through regulatory delays and focused on adoption-supportive policy signals.

Updated CLARITY Act clarifies key market protections

The reviewed version of the CLARITY Act included more clearer regulations about regulatory oversight, protection against bankrupting and stablecoin yield, very important topics that could drive the next wave of crypto adoption.¹

Flows return as prices rally, despite regulatory delay

U.S. crypto regulated products, including BTC, ETH and SOL spot ETFs, experienced an inflow of $1.94 B after weeks outflows, signaling improved market sentiment.²

Crypto prices get pushed back amid US-EU tariff war 

President Trump announced he will impose escalating tariffs on eight European NATO allies unless they agree to sell Greenland to the United States, creating once again a risk-off geopolitical environment.³

_{Third-party data is for informational use only. [1] U.S. Senate [2] Farside Investors [3] The New York Times  Data accessed on January 19, 2026.}

2. PERFORMANCE ATTRIBUTION

The Nasdaq CME Crypto Index^TM | Weekly Constituents Performance