Edgen Crypto·Nov 27 2025, 17:46
[1] How to Use Crypto in Portfolios - CoinDesk (https://www.coindesk.com/coindesk-indices/202 ...)[2] 2025 Fall Investment Directions: Rethinking Diversification - iShares (https://www.ishares.com/us/insights/investmen ...)[3] (PDF) Volatility, Correlation and Tails for Systemic Risk Measurement (https://www.researchgate.net/publication/2282 ...)
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Nov 28 2025, 03:36
Animoca Brands to Pursue Nasdaq Listing via Reverse Merger, Broadening Scope to AI and DeFi
## Executive Summary **Animoca Brands**, a key investor in the Web3 space, has announced a strategic plan to list on the Nasdaq exchange through a proposed reverse merger with **Currenc Group**, an AI-focused public fintech company. This move is coupled with a significant expansion of its investment thesis beyond its traditional focus on blockchain gaming. The firm is now targeting emerging sectors such as stablecoins, Artificial Intelligence (AI), Decentralized Physical Infrastructure Networks (DePIN), and Decentralized Finance (DeFi). The transaction aims to create a publicly-traded entity that provides investors with diversified exposure to the digital asset ecosystem. ## The Event in Detail The proposed transaction will take the form of a reverse merger, a method that has become a favored route for crypto-native companies seeking to enter public stock markets. Upon completion, the newly formed entity will be listed on Nasdaq, providing Animoca Brands with access to a broader investor base and enhanced liquidity. This corporate action coincides with a strategic pivot to broaden its investment portfolio. Having built a reputation as a powerhouse in Web3 gaming and NFTs, with investments in over 570 companies including **Yuga Labs**, **Dapper Labs**, and **The Sandbox**, Animoca Brands is now allocating capital to other verticals. Recent announcements highlight new partnerships and investments in a regulated stablecoin project with **Standard Chartered** and **HKT**, AI initiatives, and various DeFi protocols. ## Market Implications The planned listing will test public market appetite for a company with a complex and diverse portfolio of crypto assets. Unlike previous crypto-related public offerings from exchange operators or stablecoin issuers like **Circle** and **Gemini**, Animoca Brands represents a bet on the growth of the entire altcoin ecosystem. The success of this listing could establish a new precedent, creating a blueprint for other Web3 portfolio companies to access public capital. Furthermore, the choice of a U.S. exchange signals a warming sentiment toward the American regulatory environment, which a few years ago was considered less favorable for crypto-focused enterprises. ## Expert Commentary Yat Siu, Co-founder and Executive Chairman of **Animoca Brands**, framed the merger as a landmark event for the industry. He stated: > “The proposed merger of Animoca Brands and Currenc will result in the world’s first publicly-listed, diversified digital assets conglomerate, giving investors on Nasdaq direct access to the growth potential of the trillion-dollar altcoin digital economy through a single, diversified vehicle... We believe that this proposed transaction would usher in a new asset class that should position investors at the forefront of one of the greatest opportunities of our generation.” Siu has also commented on the strategic decision to list in the U.S., citing a significant change in the regulatory landscape that has made American markets more attractive for Web3 companies. ## Broader Context Animoca Brands' move to go public is part of a larger industry trend where established Web3 firms are seeking to bridge the gap between the decentralized economy and traditional financial markets. By listing on Nasdaq, the company not only gains legitimacy and access to institutional capital but also offers retail investors a regulated vehicle to invest in a curated portfolio of Web3 ventures. This includes indirect exposure to industry leaders like **OpenSea**, **Polygon**, and **Axie Infinity**. The transaction represents a critical step in the maturation of the digital asset industry, potentially paving the way for greater corporate and institutional adoption.
Nov 28 2025, 03:05
DEX Trading Volume Hits Record Highs in 2025, Challenging CEX Dominance
## Executive Summary Data from 2025 indicates a structural shift in cryptocurrency trading activity, with decentralized exchanges (DEXs) achieving record-high market share at the expense of centralized exchanges (CEXs). This trend was evident across both spot and derivatives markets, where DEX platforms demonstrated significant growth in volume and user adoption, signaling a potential realignment of the digital asset trading landscape. ## The Event in Detail The second quarter of 2025 marked a pivotal moment, as total spot trading volume on major CEXs declined by nearly 28% to $3.9 trillion, according to CoinGecko data. In contrast, DEX volume surged by over 25% to $876.3 billion. This divergence pushed the ratio of spot volume on DEXs relative to CEXs to a new all-time high of **27.9%** in June, as reported by The Block and Binance Research. The perpetual futures market, long dominated by centralized platforms, saw an even more dramatic shift. According to DeFiLlama, monthly volume for on-chain perpetual contracts surpassed the $1 trillion threshold for the first time in October 2025, reaching **$1.3 trillion**. In November, the trading volume of perpetuals on DEXs accounted for nearly 20% of the volume seen on CEXs, a new historical high. ## Market Implications This sustained migration of trading volume presents a direct challenge to the long-standing dominance of centralized exchanges in the crypto ecosystem. The data points to a structural transfer of liquidity to on-chain environments, driven by traders seeking greater autonomy and transparency. In response, some centralized exchanges have begun launching **CeDeFi** (Centralized Decentralized Finance) solutions, which aim to combine the deep liquidity of CEXs with the on-chain trade execution of DEXs in an effort to retain market share. ## Expert Commentary Market analysts attribute this shift to two primary catalysts. First, increased regulatory pressure and stricter compliance requirements on centralized platforms have redirected liquidity toward decentralized alternatives. Second, the DeFi sector has matured, offering more sophisticated tools and improved user experiences that have bolstered trader confidence in on-chain protocols. The growth has been led by platforms such as **PancakeSwap** and **Hyperliquid**, the latter of which accounted for nearly 80% of on-chain perpetuals volume in July. ## Broader Context The explosive growth in 2025 represents a significant acceleration of existing trends. For comparison, the total trading volume for all of 2024 on perpetual DEXs was $1.5 trillion, a figure that was nearly matched in a single month by October 2025. This development suggests a fundamental change in market structure, indicating that the future of crypto trading may be increasingly decentralized or, at minimum, a hybrid of centralized and decentralized systems.
Nov 28 2025, 02:02
Crypto Market Structure Evolves as ETFs Lower Barrier for Institutional Investment
## Executive Summary A structural transformation is underway in the cryptocurrency market as the introduction of regulated investment products, most notably spot **Bitcoin** ETFs, attracts significant institutional interest. This evolution marks a shift from a retail-driven, narrative-focused environment to one characterized by compliance, sophisticated risk management, and institutional-grade allocation strategies. The new accessibility of digital assets through traditional financial instruments is increasing market liquidity and fostering a more mature ecosystem. ## The Event in Detail The U.S. Securities and Exchange Commission’s (SEC) authorization for financial firms to offer spot **Bitcoin** ETFs represents a landmark development for the digital asset industry. Unlike their futures-based predecessors, spot ETFs directly hold the underlying cryptocurrency, offering investors more transparent and direct exposure to the asset's price movements. This has simplified the investment process, removing the complexities of digital wallets and custody that previously deterred many institutional players. The market response has been significant, with products like BlackRock’s IBIT ETF rapidly accumulating assets and accounting for a substantial portion of all U.S. crypto ETF assets. This success has spurred the rise of what some analysts term "imitation ETFs," as other firms launch similar products to capture the growing demand. This trend underscores a broader market pivot towards compliant and regulated financial products as the primary gateway to crypto assets. ## Market Implications The primary implication of the rise of crypto ETFs is the facilitation of institutional capital inflow. Institutional investors, who have historically been hesitant due to regulatory uncertainty and security concerns, now have a familiar and regulated framework to gain exposure to digital assets. This influx is expected to enhance market liquidity and potentially lead to greater price stability over the long term. Furthermore, this development is shifting investor behavior. The focus is moving away from pure speculation towards fundamental analysis centered on return on investment (ROI) adjusted for risk and compliance. As institutional investors demand more sophisticated analytics and real-time data to manage their portfolios, the market infrastructure is adapting to meet these higher standards. ## Expert Commentary Market analysis indicates that the SEC’s decision marks a "significant milestone" for the cryptocurrency sector. Financial experts note that ETFs provide institutional investors with "easier access, better tracking of spot prices, and enhanced regulatory compliance." This sentiment is echoed by compliance professionals who see the integration of crypto into traditional financial structures as a key step towards broader adoption. The ability for registered investment advisors (RIAs) and broker-dealers to incorporate these products into client portfolios legitimizes digital assets as a viable component of a diversified investment strategy. ## Broader Context The embrace of crypto ETFs aligns with a wider trend in institutional asset management, where investors are increasingly seeking a "total portfolio view" that integrates both public and private assets. In a volatile economic environment, asset owners are prioritizing data-driven decision-making and proactive risk management, for which regulated crypto products are well-suited. Looking ahead, the regulatory landscape remains a critical factor. Legislative proposals such as the CLARITY Act are crucial, as they aim to establish a clear market structure for the underlying spot crypto markets. Such regulatory clarity is considered essential for sustaining institutional confidence and driving the next phase of growth and adoption in the digital asset ecosystem.