1. MARKET OBSERVATIONS

January 5, 2026 to January 11, 2026

NCI^TM Performance (Weekly): The Nasdaq Crypto Index^TM fell 0.8% this week, as muted trading activity and low conviction weighed on price action. Bitcoin (-0.8%) and Ethereum (-1.0%) drifted lower amid thin volumes, while Solana (+3.1%) outperformed on idiosyncratic strength. Despite incremental positives around ETF distribution and stablecoin adoption, these developments provided only limited support, leaving markets range-bound and sentiment cautious.

Markets drift as conviction fades

Crypto traded mostly sideways throughout the week,¹ with muted price swings and thin volumes reflecting low investor engagement and reinforcing a cautious tone across price action.

Wall Street quietly expands Bitcoin access

Bank of America enabled more than 15,000 Merrill and Private Bank advisors to proactively recommend spot Bitcoin ETFs, modestly improving sentiment around institutional adoption and supporting Bitcoin’s price resilience.²

Stablecoins cement their role as crypto’s backbone

Stablecoin transaction volumes surged 72% YoY to $33 trillion in 2025,³ strengthening confidence in crypto’s underlying infrastructure and providing a steady, supportive backdrop for network token prices.

2. PERFORMANCE ATTRIBUTION

The Nasdaq Crypto Index^TM | Weekly Constituents Performance