Envelope-to: info@sterlingcal.com
Delivery-date: Tue, 06 Feb 2024 23:07:22 -0600
Content-Type: multipart/alternative; boundary=175faa78f42f4d4149007ae6d7f807181ae2585fb80f1a1def976c555146
Date: Wed, 07 Feb 2024 05:07:09 +0000 (UTC)
From: "Crypto.com Research & Insights" <no-reply@news.crypto.com>
Mime-Version: 1.0
Message-ID: <rUYYKNFoTziS1Z-GFT8lwg@geopod-ismtpd-canary-0>
Subject: Crypto.com January Research Roundup Newsletter
To: info@sterlingcal.com

--175faa78f42f4d4149007ae6d7f807181ae2585fb80f1a1def976c555146
Content-Transfer-Encoding: quoted-printable
Content-Type: text/plain; charset=utf-8
Mime-Version: 1.0

Crypto.com Research & Insights Team presents the Research
Research Roundup newsletter - a recap of our research
publications in January.

************************
Monthly Research Roundup
************************

------------
January 2024
------------

************************************
Welcome to the Crypto=E2=80=8C.com
Monthly Research Roundup Newsletter!
************************************

logo  =20

Market Index
-------------

The monthly price, volume, and volatility indices were
positive at +0.33%, +3.60% and +32.80%, respectively.

logo

Charts of the Month
-------------------

The latest release of our Crypto Market Sizing Report 2023=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjq=
ON4l7S6mTy4bqDU7fq-2FLeT-2FyfhWeyyLVaKg4HqUdit-2B9GoX11eBgr5r96X-2F7Dh1-2BL=
nEjjoGB5r4VX8-2BLdj8CsodFP0aDlAfNdh5-2Fusqa_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2B=
Yawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-=
2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExn=
clJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKC=
lr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55=
K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJu=
cQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpz=
FcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeURXedobK=
zf6svCvJQHKDmQ5pjc8VSVFX57V8SV1QfNvyiQf-2BSRA6y1gO5ltKdVSw2ABve-2BS1rhH5Al-=
2Bxe4UhtOwBT8LKkHvk60h14arRsniqH66pC9up75GyfPniH4zsHtg4-2FDj0cjjNlYJOxdUZBb=
4nMCUMhokQPY06CL0rf-2F4-3D )
 saw global cryptocurrency owners increasing by +34% in 2023,
rising from 432 million in January to 580 million in December.

The main catalyst behind BTC=E2=80=99s adoption growth was the
development of Bitcoin exchange-traded funds (ETFs) and the
introduction of the Bitcoin Ordinals protocol, which enabled
non-fungible tokens (NFTs) and fungible tokens to be minted on
the Bitcoin network. Strong interest from institutional investors
also contributed to the increase in BTC=E2=80=99s adoption. Meanwhile,
ETH=E2=80=99s adoption growth was mainly driven by liquid staking after
Ethereum=E2=80=99s Shanghai Upgrade, which allowed the withdrawals of
staked ETH after the transition to the Proof of Stake (PoS)
blockchain.

logo
US Spot Bitcoin exchange-traded funds (ETFs) have received a
total net inflow of US$1.5B since their launch on 10 January,
with BlackRock=E2=80=99s ETF seeing the most. Meanwhile, Grayscale=E2=80=99=
s ETF
has experienced net outflows. Market commentators have opined
that Grayscale=E2=80=99s expense ratio of 1.5%, the highest of them all,
could be a factor for its outflows, and also reportedly selling
from FTX=E2=80=99s bankruptcy estate=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKpgP4ZiF=
79gJNezaKiY-2FZLrumUhiS07GskvN8PAKUyEO-2Br7ModxvKXOWh7fXBuuQfLCwbfHgYjXtbuH=
Ty-2FYNo5umBdNLDKUwWMbllNDchFgJB3vtccNvgzok4dqC-2B0a00Pr-2BQwlFv2IsMCOilkHP=
paUxUHR-2FJ-2Fi5zDGR-2BSiWuhN-2FJWNuCeSKvmPssfqvOd3bag-3D-3D7ekL_OBO3IQuqUs=
PJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2B=
uOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo=
8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjx=
bq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw45=
89-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQL=
eRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R=
7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfH=
EgHPHPZsS-2FedniAk1QgPcgQT6kuZjb-2Fmjf-2Fd7LW6oqpdCqilhBR1VlepeDKi8mm-2FLkI=
TqS4iApcYkh2u78slY1OgOLU-2FUwLe1SEnUSbXiKvl0O-2B5XMikt7vIFJwmStvEoRPGE8OVr1=
IIuMzPHizkQG4zKU4JOMqCa7IWxt5-2Fs6R0lXkb-2FgMrHg-3D )
.

logo
The Bank for International Settlements (BIS) unveiled its
strategic priorities for 2024=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKgqKgRKv=
RjiVdP9GuvkqB-2BCkct38PMWt-2F965xLyBUU4UNWGg4xFPhODLKetCeckHUKA05o5LgRc19nJ=
N-2FCImOFdvcervVAgheAJUYdbS84YGbmFc6eSLoGp8YQmCZuq-2Fcw-3D-3DLxdN_OBO3IQuqU=
sPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2=
BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOl=
o8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fj=
xbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4=
589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQ=
LeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84=
R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunf=
HEgHPHPZsS-2FewxHHj2K4KQNx03jkTYEUqn93qBvpCaFeiI-2BWqmLpS44FpM0YoYFEqe7NrOO=
LH7FTJTdOaLqYBc5XAvH0Br-2Ff1WATPssA6d9bkjBFL9BnxVg52ZmGF-2B64VrPYoXsa915fyq=
PHIuteoRLQDHe8c-2FEnWqMNS2E6w3Vk2-2BRefTBWRDc-3D )
, with a particular emphasis on central bank digital currencies
(CBDCs) and tokenisation. The 2024 roadmap points to a
continuation of its engagement with digital financial
technologies, including the development of Project Promissa=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKkmFzC6u=
bcaWIX90xDRLTuEtt2qjJQI0kWI1uKIymP7B9YKii90bei30qgC8caljCie2Wou1i-2BfUfyoEd=
QiIrwQFWX8W0MzUOpD9pPQhXPe4SaA6_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3J=
e4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2B=
NK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v=
52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4=
-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE=
-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2Fdo=
KGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQM=
FhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FemZn2y8b-2F3as29WqWdU=
-2B-2F-2BUWWlCIUcoIncOKZxK00mJBO17-2F1pk9PDVoJ9WOchanAYsxz0HxdPU4uKyC5fz1rr=
jOmIWzIWxolpeKqNYG6Se0jdEFpf4fU5FeuZBSE8CVKK-2BtcNguDqRcVdy058Py0CCsftvRgnR=
JOCsviBJFjwgo-3D )
, an initiative that aims to revolutionise financial instruments
by digitising promissory notes using blockchain technology.

This signals a continued growing interest in RWA and
tokenisation=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjq=
ON4l7S6mTy4bqDWkPTimKxJIR4vAiVxVq-2B6VtU6SNY5Ai-2FktTccaT5J-2BMljlh41DmhSqZ=
Xz-2BI2dtV0I-3D7Ii-_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J=
-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiI=
UwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4=
GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMH=
Jn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOu=
D7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsa=
be8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIr=
DJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2Fe4frpiUovnGHxNasMGRh-2FyQ64sAQp30=
biFHmY1Isb7MaoWWAy8i-2B93Te1fmULT-2FndQVT5rusCN3GhaB4yiQpBFcuiXsKWdpBH-2Bxw=
r8ljK78Z4XVDPWvCQMOP5VhgytJ7l-2BM9-2F7cj20OXnfu-2B85yHjmLY3HjlT5yf8mHy-2F-2=
FNWp3ng-3D ),
which is further bolstered by a sizeable increase in tokenised
treasuries in the past year. Data=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKm8K0-2F=
YIRLCf4XN2E-2BAZYHP2N0-2Bm72mHsIs8JNT7pcvhiFTyvr0ITPLywvKHDA9J0g-3D-3DRbhC_=
OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B=
1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-=
2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0=
Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeB=
EcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ=
1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM18=
89P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0=
l7bOQOunfHEgHPHPZsS-2FeNBAqezYPvdohCcZw-2BvWE27UMUpuG-2F-2Fv5f-2BtQ1MG0hiAa=
TbtLcZxl2g5C8ET1PVQoUMOJ316SY9F40Xpn0jQ4QGoJWHkbJlzSOTyxmreSsf9lbgcPoeLuVBc=
hDet3eeZ7Lo-2BHYQatb78IwtakojTKHeGEVrdDM8Mz55JyxD-2FqT7A-3D ) suggested tha=
t
tokenised US Treasuries experienced a 657% yearly growth rate in
terms of market cap, rising from US$113 million to US$866 million
as of 20 January. The expansion is likely to be attributed to
existing platform growth as well as an increase in the number of
companies entering the tokenised treasury space.

logo
Ethereum reclaimed the first position on the NFT sales volume
ranks in January 2024, followed by Bitcoin and Solana. Polygon
and Avalanche experienced a rapid growth of 138% and 89%
respectively in January, with the increase mainly driven by
gaming and profile picture (PFP).

Meanwhile, Bitcoin=E2=80=99s NFT sales volume dropped significantly by
61% ( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrDl=
V1qXeNXj-2FzOft6PY0T6MpzXERNT34yirgeAV8L4pegpsTefSsjx-2FOX56MthO2w-3D-3DRkW=
X_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-=
2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSj=
D-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJ=
k0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtV=
eBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5=
YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM=
1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDv=
p0l7bOQOunfHEgHPHPZsS-2FeP6tsECu6KcWPsIcvS2DDpi-2BkquhkUh9C76bp7B8LYj-2BHwr=
RCYG441JS2U6JUX0zHdmxM8yOpSccdv2QgH8nJXrYpYdMWYviY8xNFsZ-2Foo1PsSO-2B-2F8Sn=
M2QtvVzGurFgHM-2F-2FYqMdUCKZ4ciBkPUPvA7HTB-2Bnrgv5XFHswJ64fFJc-3D ) from US=
$869
million in December 2023 to US$335 million in January.

logo

Monthly Feature Articles
------------------------

logo
Monthly Feature Article | Crypto ETFs

In June 2023, BlackRock announced=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrAQ-2By=
L2EWBllADcRayjAnF31lYozTREmeCDvDmFKiH5aP44GYd6XSdrKYExCezLqLA8HFQ7ULKBF6XhX=
e4f8rYc0QZgJRhq8cliwbC6UGG9BtpIl54H7ctny3EN455W0e20besYRg7kohgm-2BA6HVhg-3D=
1-rz_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0=
lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0al=
LSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7C=
ODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgY=
YtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLusc=
QJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTc=
LlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fH=
wDvp0l7bOQOunfHEgHPHPZsS-2FelxNCU-2FcSdo2zrnskPhanB-2BWDzC8Ua-2BF0FYy3KztTa=
Qqs4C-2BKhWtXQdHQbUeQtP-2BctUSSAYK0KLRgHtPltzdMMjIw50467hGeXW1VVpDmImTLlOdF=
aBWeixtjJA7muQ1-2BVPl8PGex8JNO2SsVK1iKOUJ4EbhXA8tFY-2FeAKPQiwpA-3D )
 filing for a Spot Bitcoin exchange-traded fund (ETF) in the US,
sparking a crypto ETF trend among other asset management firms.
Grayscale=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKpgP4ZiF=
79gJNezaKiY-2FZLrXtvi-2Fyc-2B8fDoXzfe6Mf-2Frv2GVP8O7gBSY6Fe71bEOKDGawRT4AZ4=
9tsUggsuIChyuY-2FpduCBV7eJn29Ok-2FtIcHiZJKiRVm3x81BwSZJZfD-2BvtMKD58cAA8FDy=
GUJNrsOWYMGhY-2BrVg5FDev274BjUqe3VGbI7OyCFjbNgea8Oqem92Qgob12UX81Yyc4nAU8-3=
DY1Tn_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL=
0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0a=
lLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7=
CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xg=
YYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLus=
cQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjT=
cLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17f=
HwDvp0l7bOQOunfHEgHPHPZsS-2FeGDshh-2FoYRQ6d6949LRE9lhSHUPgFI0RczfEqHHXHBKxp=
n9BH34DPtlUak0J82AypMA-2Fohe6MK3dTgJ9b8umCA-2Brab-2BL9V-2BxCO1bmPv-2BEqZv9P=
8cT73-2FDnZAOzESmBL9JnTW5bSUyTAFSLYQy0nSPONOzdT9on2m-2B1P-2BhmrtvUdg-3D )
, Invesco=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKpgP4ZiF=
79gJNezaKiY-2FZLoUxA3r4urrFh-2Bi0pTMvkwc8JQ-2FIpM9kna11RCYHtYU70vjRefOQbecA=
mk-2FO-2BTT20TDlisst3ccPxSAiUuJrlsGvOvzWg46XIMlUeoGaHY1XMEajr7G2K9f2P8a0lIM=
GDUr3FMlw8qT7AjRD8F1RThOq-2FkgE8omJgr6U22hO3LDpQ-3D-3DQH3i_OBO3IQuqUsPJ6kEU=
WjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7v=
HB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZk=
ByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8=
ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FR=
rhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVki=
sZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3U=
uEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHP=
ZsS-2Fe0RB4E5d3iR7FC2Acc4EfQ6J1ADHxXjgHTIBfXQUNXLVSBBJbx4mXaAhRjhNhN-2BXUG7=
7gPG-2F6fArZ87xhZVVUeJq-2FW8adBuHqFhlniD60YDUXQVRyUillyOVjZK0vVyG1F12dAgy-2=
FxCvfPLYXoUwBAmLMhSuzZA3XZwoNiwQpPuc-3D )
, ARK Invest=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrAQ-2By=
L2EWBllADcRayjAnE8RwgCbdhU57ZECPRoE0VPqtPXAl4PAYDPZ5lGFFVR-2Bn75pCZceCjhR49=
5C3bprsqH-2FBmrTIc-2F232amzxkzdFBLW9-2Br-2Fh53M2-2F1InZmwcz6FEn8uMuHtrA-2Bm=
waVOrTeufzgteoL9vFaIUqj-2BVHjQYOx8ve_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5j=
koa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4=
nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25W=
ICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1T=
U9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGI=
DC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq=
-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25Dv=
NhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeKp1rj-2FzAzVcy2=
QQkSbPGRn2lCIeEDxH-2FGignrSCGT-2Fon7HOpEovvE0L0rL4sp5gltT-2FLWql1ZQpQqix8f-=
2Bo5sY5YGi-2B4tLGFrcmmkMUQZgQOsoFJrUz85HrIgCHwgL5EkgTcrBhvQYITccpi0-2BT7Ipu=
8ppt5Byp6QPbWMhwg3DQ-3D )
, and VanEck=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrkRD7Au=
OsQblW3d0QAEaFZYO4fc8PGfQZZH-2BKgl0PrFvcmO2YuKt-2F5KOigf-2BDSbe-2BaOJBDQFp-=
2FIXo-2FHh9g9AdG-2B9qtzYF5mF2lhtOXNNZzz8bDQCkNSQGq-2FyAOeoiElp-2FruLjD22dAk=
Tj1AbhhqnGVLKUMZtUgS4FppZ7OTTaIBGK0d_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5j=
koa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4=
nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25W=
ICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1T=
U9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGI=
DC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq=
-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25Dv=
NhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FevmUocevWARx2yX1=
jLbwjJa9a3kYQOy0R7oyT6Ub992NSxhmyYAmbiDmLrzpqiZ53b7JBnLWMEx9NBgHgKhkah5O0po=
xVQw0Dz9pn0JNCpMciEAP-2BHKwlLBo5W9Cu7uMmOXolq1zKKWiwHNqK21WggNx-2F8APrfYJSc=
69-2BXNpJjiU-3D )
 followed suit with their Spot Bitcoin ETF attempts. The
approval of 11 Spot Bitcoin ETF applications=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKpgP4ZiF=
79gJNezaKiY-2FZLrumUhiS07GskvN8PAKUyEOt4yPEh5cUXBNccpswsAAAN8KVCbijJkVpDdbE=
5z8EZFxTuzDyW-2Fw9e5Kce9GOY0KQQmpPts3mU7iPVfQwlb4luAbFAevV5bv8jKZ9XiWf4mRi2=
cdqgxDhlCVTZW6EjkhFifbebt4Hqy6dX3IcUVHQw-3D-3DFjEU_OBO3IQuqUsPJ6kEUWjpjeAqs=
616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5Ms=
Exvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-=
2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0B=
jnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22=
UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiw=
eRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT=
732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeM=
wTgxlmZUxwNbZD9k7QrBcuoZboSPdXF-2FDB9kmuNdX190UQrrkseWGuYpSTQx917B5efct8A-2=
BAlmlyGAfQbImKoHZJu08fI0kg-2FSbL8fLUVZ5bloIBQ5RzKBIfALNbNqO5lByHqZMmq3-2Fze=
zjTWIM39c0lgTMMm87VjXiCIqBhY-3D )
 by the SEC on January 10, 2024, was a historic milestone for
the crypto industry. It is considered a watershed moment, with an
estimated $38.6 billion inflow into Bitcoin ETFs within the first
three years.

This report examines crypto ETFs, providing an overview of the
market, how they function as investment vehicles, their features,
advantages, significance, and drawbacks.

Key takeaways:

* Crypto ETFs are exchange-traded investment funds that track
the price performance of one or more cryptocurrencies like
Bitcoin (BTC) or Ethereum (ETH) by investing in a portfolio
linked to their value. They offer several benefits similar to the
traditional ETFs, including better accessibility, transparency,
and cost-efficiency for investors.
* Currently, there are different types of crypto ETFs offered in
the market. * Futures-based crypto ETFs do not hold the actual
cryptocurrency. Instead, they track the price of crypto through
futures contracts, which allow traders to speculate on the future
price of an asset without actually owning it. Currently, there
are about 22 futures-based crypto ETFs offered in the market,
accounting for an estimated total of US$2.65 billion in AUM.
* Spot (physical) crypto ETFs invest in cryptocurrencies directly
and securitise them. The US spot ETFs started trading on 11
January 2024, garnering a total net inflow of US$1.06 billion and
collectively gaining over 100,000 BTC=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKjIF9vfl=
Es-2Bq6r-2BBjBpu5VD5mZX0F5JMBOSUYvrVhe297VmjHpQ3yev16U06qV2MgQAOKr8jDOWI86x=
-2BsO68qi0nwuLRapRwoBA2dOcKiQLwuE-2Bapb6s4cLAbN-2BUgHNvKmchUV-2F-2FGRmcWUQv=
4zDeXc8-3Dgi3r_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzO=
xx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP=
182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdL=
oNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2B=
SetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKb=
BZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kx=
VVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto4=
6nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeS4JoWk3-2B98A64Ag9-2FmDN533eogkVf6ILs=
86eyXFu9lI1E46-2Bz9Bd0-2FelPMuJyHEHlM-2BpNhwioT7Mm28Xk6rEIo0Vfr7BOj4bM6-2Bi=
dkDqsBrHfMVMS4KEnf8xO5d6CT8rNIEIoXGX5-2BfqQzevuSTEwzNB5VlPSBYsDKnghVO3lEk-3=
D )
 (worth approximately US$4 billion, excluding GBTC) in AUM in
its first week of launch.
* Crypto Industry ETFs hold listed shares in companies that
relate to the crypto industry, including crypto trading, mining,
or other blockchain services.

* Although ETFs offer benefits to both individual and
institutional investors, there still exist drawbacks, including
higher management fees, as well as potentially lower liquidity
than directly holding crypto, price tracking errors, and limited
trading hours, amongst others.
* The recent approval of spot Bitcoin ETFs has been referred to
as a =E2=80=98watershed=E2=80=99 moment for the industry, offering an estim=
ated
US$38.6 billion=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqDRZ3fl=
NsPbG96Jb-2Fhjr4lvQpkGMHocLjCbgCG7QjhfvCwJ-2Bj2bWOTlOqshis8ohZqZCz5LfUFNKH-=
2Fl4FHiOhmPhwseruhlA2scwtCAiWHieGfxc5ODpBiDPtrRhyMmJA-3D-3DmrzL_OBO3IQuqUsP=
J6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2Bu=
Oex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8=
HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxb=
q1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw458=
9-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLe=
RJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7=
Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHE=
gHPHPZsS-2Fe2U83BF3Tj57GTY8sC5MyhKxOpII9B34hAk8pZ5O8wOyhWY3oDCY3T56kQpWd1gx=
LjSucDsmZUTrAjuAgfGCpnfTKtLrPaQMBUHZ3sP0kXDzZcjo6URHXrmJJcizyOE4yT-2B3sftny=
BgOP-2Bj0-2Bpoh9gs-2FK-2F6dv6kyyDCrZvsVF8A0-3D )
 of inflows into Bitcoin ETFs by the first three years.
* The integration of digital assets like Bitcoin into mainstream
financial products like ETFs marks a significant development in
the acceptance of cryptocurrencies and accelerates massive crypto
adoption.
logo
logo
Read the full report =20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjq=
ON4l7S6mTy4bqDUzSMMjxbVmiB-2B6M5rE548lER0MX6sVgCXEy3VnreAAaE0BmUoQuzVAoui-2=
BIVj0Um4-3DlT0g_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2Bz=
Oxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTv=
P182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGd=
LoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2=
BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VK=
bBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8k=
xVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto=
46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeU2uFvfH0-2Flb8vv7ERVX-2BCgvo1gAYqBej=
9eKm5M3EmcZk-2BiuKTzNxm5NUQ3od6aEaPOmlV8kiFluNBRgqBoqowFn6KNQtLFEp4aymHiOBB=
z8ImPA4mvqbsJZCRVf7kFbGsUiSo9IW9Oi4ZLr2xf8C4hAuklmzCiOY-2FIHd3uuE2w4-3D )
Monthly Feature Article | Crypto ETPs

In traditional finance, exchange-traded products (ETPs) are an
umbrella term to describe a variety of financial instruments
traded throughout the day on stock exchanges. Crypto ETPs can
track the performance of a single cryptocurrency like Bitcoin, a
basket of cryptocurrencies, or blockchain industry-related
stocks. They include ETFs, exchange-traded notes (ETNs), and
exchange-traded commodities (ETCs).

Before the recent US Spot Bitcoin ETFs, there were already other
crypto ETPs traded globally, including in the US, Europe, and
Asia. Unlike stock ETPs which usually track a set of stocks (with
diversification being a key feature and benefit), current crypto
ETPs mostly track a single digital asset =E2=80=94 Bitcoin or Ether =E2=80=
=94 and
are generally considered to be undiversified. There are also
blockchain-related equity ETPs, which track a set of stocks that
have exposure to blockchain industry.

This report provides a detailed exploration of the
classification, functionality, and current landscape of crypto
ETPs. It also examines crypto products on traditional finance
derivatives exchanges.

Key takeaways:

* In traditional finance, exchange-traded products (ETPs) are an
umbrella term to describe a variety of financial instruments
traded throughout the day on stock exchanges. They include
exchange-traded funds (ETFs), exchange-traded notes (ETNs), and
exchange-traded commodities (ETCs).
* The approval of the first US spot Bitcoin ETFs in January 2024
was a major milestone that opened up direct cryptocurrency
exposure to mainstream investors through a regulated investment
vehicle traded on US stock exchanges. Since launching, the US
Bitcoin ETFs have attracted over US$1 billion in net inflows,
with BlackRock's ETF seeing the most.
* Crypto ETPs can track the performance of a single
cryptocurrency like Bitcoin, a basket of cryptocurrencies, or
blockchain industry-related stocks. They can be physically backed
or use derivatives like futures and swaps to synthetically track
returns.
* Before the recent US spot Bitcoin ETFs, there were already
other ETPs in the crypto space. Globally, net inflows into crypto
ETPs rose from US$366 million in 2017 to US$2.2 billion in 2023
(once reaching a high of US$10.6 billion in 2021). In 2024 YTD,
net inflows are US$1.3 billion, already 60% of 2023=E2=80=99s entire
amount.
* With the success of the US spot Bitcoin ETF launches, issuers
are expected to seek approval for ETFs on other major
cryptocurrencies like Ether. The range of crypto investment
vehicles is also likely to expand over time. These include
derivatives like futures and options =E2=80=94 major TradFi derivatives
exchanges like CME and Eurex already offer crypto futures and
options contracts aimed at institutional and sophisticated
traders. Open interest in these products has significantly risen
to record highs.
logo
Access the full report =20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKik9eMi7=
DBVxrirhNiFlOD9ZAiYY7eH5hobXNB5A1h6ktdEzikucDnmUegFCRNyMs15S1lk9JPoKZtM28Lw=
vFG4-3DYG0r_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0=
NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182=
hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNM=
TGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSet=
C4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZR=
aFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVg=
sRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nz=
pGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeT3f3PGAiTaD6-2BNDWz97lnIYpNg30G7HlY9-2Bt=
UON6d24DrWqqpfvpy5DjQ0YgtTpMxpPZm70reHCmfJacrJGtmoVixsprFhbSIDsrEj16Ga1Tc8y=
Gsas7ctFT-2Fce29Hham6YLyftRYFnxVUbkBAgxhAxebb8bGzgWTS6F3bM5vz4-3D )
Interested to know more? Access exclusive reports by signing up
as a Private member=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrxEQwM5=
Mxnp3PSovPNJwFR0-2FgZPnKcyBIi7mhQLnmVRMrVc9o2pRg8VoXbqh7A96aFmsbXhgRjMH56bc=
6pObdqAWSoyrZ1nxJulvnJGyNGQkb1S1bNOGseSFXY7Rx-2FfLQ-3D-3Dl-cs_OBO3IQuqUsPJ6=
kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOe=
x7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8He=
EZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1=
Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-=
2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJ=
VkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hg=
j3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgH=
PHPZsS-2FeUTRg1yME7dRMINwKMysqH5UCaHH-2FP3yBpdFyQQ-2BszAH2-2Bvx4v-2BVHHmYCj=
XQ-2BDBD3uP3EVejOiAWFDzhShglaj086ocgjkMeNCw65ykBhJ4sQ5wrt14diXPdYUr5pZ9Dk9k=
QUCyTDjnGZrM4CnKfbQXv2CT6SaBtVByAnKIqSElM-3D )
, joining our Crypto.com Exchange VIP Programme=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrxEQwM5=
Mxnp3PSovPNJwFQLt4mzX7I-2BkJd9OpAf7zzCB-2BnI0L-2BVgonsRC-2F1I2njepJWJQ0TRFf=
I7vu2ZtlnFohROuuePKTFDtU-2BcX5aG9opwK-2FSF2YSG5Uor5t-2BKQ-2F4Vw-3D-3DO3EG_O=
BO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1=
dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2=
FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0K=
z9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBE=
cB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1=
sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM188=
9P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l=
7bOQOunfHEgHPHPZsS-2FeY8kgduQURWEndQ7uJijIGNZuhpjgUUO59PTx7RrGXyvXvlKr3xUjx=
Fwma2lvG8bL7rQ1aWcMwHrhibr8AQGKH8HEOK1yNq0KUZibF-2BQo-2Byu4wDrLUvZYGWrqmJs6=
pbfC2Md7R-2BYe-2B-2BYRsJyQ-2FyQfy7S-2BkPXaP80-2FKivysxXii-2FA-3D )
, or collecting a Loaded Lions NFT=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKgUMBDL0=
b3qia3J5SMFYdZY4jifcZGIO80wgjCprXoiBTpZCnjmqndSo9T8I-2B1zVLTFzAzrFhZ1hiXiAd=
-2BvsAbabgsP793KUFjqw3fA0O3HK3pnz0JNlN7Xtw-2Ff-2F2-2FAKrQ-3D-3DKZK2_OBO3IQu=
qUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S=
-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2F=
Olo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2=
Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOO=
w4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjys=
JQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO=
84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOu=
nfHEgHPHPZsS-2FeZr61-2BuLUmAwyTa9hglPUUtss8iNR44Vgx47PNolmdf24WmG0hdl8FKIBa=
BEehWJADm1J9fBJiDkuaKZ0kXWhKWPdTCT5bMm8qFU8mJVFlKpllQN6FH9D3mJukkA9tidBtEKB=
0QIEpWIlYs5ddYQX9XPxKoxZoWcLg14yXTzliVk-3D )
.

Alpha Navigator
----------------

This institutional-focused report dives into macro trends,
market-neutral pairs, style-factor screens, and events. Read the
full Alpha Navigator report here=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjq=
ON4l7S6mTy4bqDU8pn4nYcQGQo1fIC6RGFX5cyF6SOXWz4hQhOQ9Abb2DQ-3D-3DydTh_OBO3IQ=
uqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8=
S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2=
FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-=
2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EO=
Ow4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjy=
sJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8Xq=
O84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQO=
unfHEgHPHPZsS-2FeRu3tYPmFEQdHKj39fu941sseRfxwjFfh0K7BOFY5y-2F80w9Jf4gxycq8N=
-2Fl49HKD-2FmFkZ9g3jgkQGCeXbSv6uq7CzMUh-2F18Tr3GIRy2A7xNXrVJ0XkzCa23X0piWzv=
pCT20nGAYw3aSsiMTaHfmprOp8wLkqjW7wHaFO6lfeVoPk-3D ).

* Asset classes were mixed in January, with crypto and equities
mostly posting slight gains.
logo* BTC correlations with equities were mostly negative in the
past 1-month.
logo

Crypto Conference & Economic Calendar from Market Pulse
-----------------------------------------------------------

Crypto Conferences Calendar         logo
Economic Calendar         logo          Check out the latest
Market Pulse =20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKgCqEn9a=
tdaEmwyYW7xhxA8iI4inzBIJzfczvAGRZKUleZuxy4Qc5JHLa-2BfmFqn3JFjAIGScO-2BCo-2F=
zNzQCg-2FYv8-3DyA56_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J=
-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiI=
UwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4=
GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMH=
Jn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOu=
D7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsa=
be8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIr=
DJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeLrGKpbIokGxE-2FNvh41caHfnQgNwSaF=
VpVipipZlNCqUUnohCuiBc4PbKwYt3USfovWiOVGrAgfZUOwR88aMDPEQ21PzvsOrFI0FCPCgdN=
AzKOTQ9ONiCYK9MgyhGZqmidlLXFYfpyzu7wq3yShy2KNUYThzZOqReozkm-2FfwDa28-3D )

------------------------------------
Thank you for supporting Crypto.=E2=80=8Ccom
------------------------------------

Looking for more? Check out our most recent reports and
trending market updates:
Read more from our website =E2=86=92=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjq=
ON4l7S6mTy4bqDVTp32lKRGpcxwcGwGGN1Meif2P9KyyFfwi2xgBALq4cg-3D-3DkSv7_OBO3IQ=
uqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8=
S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2=
FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-=
2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EO=
Ow4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjy=
sJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8Xq=
O84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQO=
unfHEgHPHPZsS-2FeBP8hcW-2F-2FVRLm6faml755N6qkGJ0TteT4oIJMc1S0BJgzLEHcilmh-2=
FqlcZtB-2FxWfVMKmuPyNEGL5WjWp37Dq3bEev-2FBQtOlO3513crpiuXodE6F69NK6U62CtKcT=
2jOrAvwB37VeTeofriFgkBRBGZEH-2BlYm78ebEQSd8dPoyV50-3D )

Get fresh market updates delivered straight to your inbox:
Subscribe to newsletters =E2=86=92=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKtM8b5kQ=
C87zts3Zozc82d0wP66Kx57Iay8yW-2BKNU6qoXyCgul25lJ-2FZ6S2W1HUvVvVWYTUWUcoQD2-=
2BZ0Tfp53o-3DusRw_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2=
BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUw=
TvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4Gs=
GdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn=
-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7=
VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe=
8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJ=
to46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeXkDX-2Bn4ExqS8ynikSmSrS4c5MfRQAkYX=
eaiymwwekD1JyJcz5mAhum0F6bq96EWzUgCLidFrIoxKo4WxXRSpDaxPeTp9Y4Z7VN2WEivDIPY=
iOIFSNNfV36QrvyjMt7GUOC87w8ojKjo7G8RlkAnN9mzDZpbluDyC4e1uG53qJM4-3D )

Best regards,
Research & Insights Team
Crypto.=E2=80=8Ccom

Crypto.=E2=80=8Ccom=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqfRSYHO=
K8svHZrCSEiaQcBuA1WUWQHxnFx4KXd-2BBQSJ58qFosWFwG8ve-2FBxVYEWIw-3D-3D8qGP_OB=
O3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1d=
d4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2F=
U2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz=
9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEc=
B7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1s=
xgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889=
P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7=
bOQOunfHEgHPHPZsS-2Fe5uuginKwc9RVYspFlgiiyJABsZhkvGEAgjbqQxFOWBY8cm6XLGSGfl=
rP4XfmXMMAlSl-2BnT1gEXTqFCOQxG7niLVo-2B-2BjGF83HGw0D9q2aqIb8AbhboNHhX216msf=
Fvo1mn1nhy9sZDk0ymHPgRextZT6IVC0aLl5h0wAVxZggeB4-3D )   Blog=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKmodm4Q6=
tTpDVA3op05TzkKetDTB9bGD4zrXwFSO77WJHVCkdRNfnPpnImsRDccwng-3D-3DRrwd_OBO3IQ=
uqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8=
S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2=
FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-=
2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EO=
Ow4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjy=
sJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8Xq=
O84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQO=
unfHEgHPHPZsS-2FepuOhYWimNljmFVCbHDrbYaDXVT0V9wGS8rE39l665g1x-2BFdX5qwNp94P=
FZkygsZ9GDO4G7h7EDkfmw8DhcRelinDn168zph-2FZKn5GVP-2FDQd-2FS6FAmByvIkj4BtfsE=
6z1RmKkKxQeUkCGkkps2qj7haBXCl7QfQJQFAPuHbAc7ZE-3D )   App=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKnuOPR25=
3EGlXpCU4pSzLNyz-2FYFvsY2pHxzgRFyyU8tS3CTpudfs6etk3Ay1mq621EcVusheTRnS03aXE=
SBnmAI-3DMpEW_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOx=
x0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP1=
82hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLo=
NMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BS=
etC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbB=
ZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxV=
VgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46=
nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FetuahFC8tNX-2BI1yFth4OxmKxS-2FGlhCNDKkS=
54MhSvBrTTwn-2F-2BQLVqtxFtSO5NKMa8psAGqKUALBvBbqSP6yKjQSxXWUYG-2Bw1g-2BAeeq=
-2F96uFpeto-2FcGFKW2c77pXc2UTFp5L8Ah97RtxuA-2BrAyVkIMxVQfq4eumn1Ciz7TWUEEDG=
M-3D )
Exchange ( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvF=
gKhz-2FsdaeX95a6FAmqscALNqBvyT6Oz6mTJnr-2Fm6BIFnPiAENZhh7lTVQrfvq-2FBn2pg-3=
D-3Dxeuj_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgG=
ECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPt=
k0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGo=
Uu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S=
6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFd=
LuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRl=
djTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz=
17fHwDvp0l7bOQOunfHEgHPHPZsS-2FerkoFSu8Nj3hFO7ppfLTLkf5KeSKjOpuyvwMAISaKFaJ=
BbmnAPGDgl5OJRv3LFr8dYlvWDEvu2FG209lUxnetagifY47-2FGQvdJWisQojYpS6N0zeY-2Fn=
iEOkvH1-2FUKax1UqyRuBnKJkgaw-2FYHvc4myPSc3daJd54onuAVlSbMWbgQ-3D )
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKvZUVjRl=
hP5-2BFAJgT0L-2BI-2Bc-2F0ILSP0reOE8kFnXI4uxoEeNpdgG9GpKShfwtjrCAFg-3D-3DZRZ=
p_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-=
2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSj=
D-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJ=
k0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtV=
eBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5=
YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM=
1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDv=
p0l7bOQOunfHEgHPHPZsS-2FeilqMYEcC0mVZpBVteG3eWyMQFbhrqXa0ZkW-2BFmI1i9Xnu8bz=
WIlFK0aBG64MmUll1zu-2F4liVIRviS4pqRCpe27VRP1RY-2BnMuEc-2BZ-2Fjs-2BbfhVyMxlI=
-2BMldO4aH3DfRA8QoYz6624tE7RvKpqvMIjGJTcSm56DxnA6chIRfaXVk6k-3D )          =
 =20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKg54z-2B=
u-2B3NYpZxS3unVnTJ0urmN4DoIrJJea2PXfnlIJpTnOJ46EHztLEfqgFQRenpGhBTLJ1heMF6-=
2F8IPCTmqE-3D0awY_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2=
BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUw=
TvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4Gs=
GdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn=
-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7=
VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe=
8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJ=
to46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FexmaTBQMYhAmbwLNJlFT6vxkgnmmGmh-2F7=
Q5sBUhj2vuBzjnxX9PjTZo-2BhanfSm8X1DSv6hz0nQpkqczu9jt5aIK7nbQe7lM8pOS7J6GRCd=
GOTqaQDLMf5up98To-2BgUwmpfV2C271xrGv4troyiAXrFyqoZQ2Sg-2B1jaemucqi8Bqk-3D )
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrm-2F1c=
KDJne6TzmeR-2Fr-2BEDc2QRxhVCKww1Rin-2FZGb6XGagORR-2FADSCyTvAXJ4eMuG2YMQ8-2B=
UtODXPkimnMoEnMA-3D_yYf_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148=
fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZD=
poiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6=
uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0R=
QhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9B=
lEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4=
wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0M=
XsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FemFnx62K8n0jPruFHWbHMqdOdXoCf=
NZtGMYOlF3srQ6YO92xI2AQL6nAmSv5ntn1blUg7OEpCbRqVe3lK2tougjFYkZ2XREJEPbmMMGa=
-2B-2B9x-2BlNr6UeLPFqgsCZlvar5xM1y983RtHwavsjssPFfEO-2Fx3Qn46dGEXViSx1bIf1Z=
4-3D )
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKoalAdet=
d8HQ8x80Eas2uiN4BB-2BTg74rn9wT0k4L40YpH09K6URV9r4GNxR5SDZC4b6RvrREvx0Xp142n=
BTIkY4-3DUQw2_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOx=
x0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP1=
82hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLo=
NMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BS=
etC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbB=
ZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxV=
VgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46=
nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FexZRd1ghCWvpc-2BK6hfJIVFURouHtccSHZSPkJ=
ZzH0q3hMJsxtAhXEREXAG61TMBZLM2d27ca0xoCIsvyKEdzTQ6AWrrfETIiSSmKoT5TIENMOOJJ=
dFUVBfxwbIaRNOHzy7ks6Ld2Vi7fog0nyKrgZSSifBMDttF6VpvrIX9b6pi8-3D )

( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKkBQUQXY=
7CzuT5XCmlUAxG6g6TlrW3KJDkCTqUqktRn49ckNRyxvYgi3ccAs5IWvZweBoVdeXi-2Ba6Uk-2=
FJRe9emj4F2B5qYf6rm4vAWUGUFeRY3iJ_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa=
3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-=
2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE=
5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9h=
Q4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7=
BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2F=
doKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhV=
QMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeFND5FRkel-2BSWuNR8=
GjinkC8QgrL8I0Xmnh0S-2FYfP1-2FHc9m2p4VMNcSA98WxFgrmZcgTkhi9o0j5S9eiHDBUMRU0=
B6U7gbPjhHAIAv9EXq-2FPDadnBD-2FdYVPaRQ8j-2BbrGKTSudZ8htXWb2Yy1TT6hJNLOAWbJD=
RVy5QOfSX7Qc8O8-3D )
           =20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKjwHpitI=
eN-2F5k9CSeVSobURtqCcXR4AltS9sbfaZa3P6YPr4Y54eIogQG7P6Ln8-2BkA-3D-3DL0wZ_OB=
O3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1d=
d4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2F=
U2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz=
9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEc=
B7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1s=
xgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889=
P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7=
bOQOunfHEgHPHPZsS-2FeVgkyguNF0VFm3vFZF8S6k-2BA1BBYdD8LNspflOylG8zrIpB7129oW=
JM3Zmv3sxvouP4RaWOQdrvPJdv9NWKKgR7fz3RAHkqwf-2FL8PdVYlVEe-2FjSSSuuKZ3EYOv-2=
F1vyfHhayU8aHKghi9mY0kdFNSHhrUJcp-2F7PbSNNpk-2BLCLsC2U-3D )
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKtGGmU9g=
F0my-2BQqOneM99nwvmocEzoKPAfcmr1G5Q8NbJFlQNr5KbHb2qaA4FNGIjg-3D-3DZPF-_OBO3=
IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4=
L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2=
-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E=
9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7=
EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxg=
jysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8=
XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bO=
QOunfHEgHPHPZsS-2FekNqChjWM885UVVKavRM2mdZTllwq2MNcFOFVCEBiv0q1bJKzIUf6TWgJ=
zJh7iSpcb3TkyhgmhEa4bQRL7xAlWvuStaFCi5SRi-2BFu08GjTUU-2BITWXqlF9WdgSxCfYETa=
JfP9XwrjGCxg05ihw0x8Ag1S30I1mHuiXQIRbCE6iQ2Q-3D )           =20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKs2Uy4b-=
2BmbPZ05FVqNlqQuy2iYMt8-2B-2F1BD2Gw9IS44Za7cZ30g4cdssBpZmsyl1Ggg-3D-3D2NDZ_=
OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B=
1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-=
2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0=
Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeB=
EcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ=
1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM18=
89P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0=
l7bOQOunfHEgHPHPZsS-2Fer8X9V-2FYoiWI5UKJOjUr1H380Bb8l0RmnMuA9e7YSr7Zr9AcpI4=
cQbcQvHCDfIxCVOyjQBPg15K7CraoZb1cseDn-2BR5xpmve91eY3qHOcF-2BlcHdEQ31MNuoh7R=
0SPuw0d3aWuy5-2FStWV04lHQwpn76BmgT8Rsp-2B807-2BCmIN9AlKw-3D )
Contact us at:
contact@crypto.=E2=80=8Ccom ( contact@crypto.com )

Copyright =C2=A9 2023 Crypto.=E2=80=8Ccom, All Rights Reserved.
Crypto.=E2=80=8Ccom      1111
Br=E2=80=8Cickell Av=E2=80=8Cen=E2=80=8Cue Su=E2=80=8Cite 2=E2=80=8C725=E2=
=80=8C, Saba=E2=80=8Cdell Fi=E2=80=8Cnan=E2=80=8Ccial Ce=E2=80=8Cnte=E2=80=
=8Cr
Bui=E2=80=8Cldi=E2=80=8Cng, M=E2=80=8Cia=E2=80=8Cmi, =E2=80=8CF=E2=80=8CL 3=
=E2=80=8C31=E2=80=8C31

By using our services, you accept the Crypto.=E2=80=8Ccom Terms and
Conditions ( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDru=
vFgKlqGoPiKFxcdq8LcwiF-2FaNy49-2BU97dagNHeyq7nafAFH4veRE-2FuhyGcxSGSR73FrYw=
-3D-3Dqr8E_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0N=
gGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182h=
Ptk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMT=
GoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC=
4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRa=
FdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgs=
RldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzp=
Gz17fHwDvp0l7bOQOunfHEgHPHPZsS-2Fe8MoLXINX5GweSeoFqzu2AIoeOCYswXqebaXhODumi=
cBH4N-2BVq4OXyt-2BOnKubYOrXDhNkFCWotvtU67MWNMA1xr13WCQ60bVS70usb75qRKaoT1ID=
b1fhqS2F8GewYKbGD-2BFeldUSgcdZxm-2B3Wit-2BOAQhlXTYz8X5dwxgEw6mVug-3D )
    You are receiving this
message because you've agreed to receive marketing communications
from Crypto.=E2=80=8Ccom.
If you would like to stop receiving promotional emails from
Crypto.=E2=80=8Ccom, click here ( http://ablink.news.crypto.com/ls/click?up=
n=3Dh3xW1fHX5LrofpDruvFgKhMuAa4XooxzP-2FcOb2wx3WuKLhGMb-2BMOGnmIYbSrZwvFbYq=
RInmBqPu9I-2F0O6DFX6ME0rwXVBg2vmrt-2FaBT7Nt2Oa8LC7MsANlfqZv60UtxEJy3nxnB40D=
vyRmsuKai2BPggTPiEcI-2BBJOx9By9x63RtFqBqZNq1hp-2FaVCPUCRiuWzqmGt1HNaEFANjE9=
x2vh7XdjjVa7PHEGOS24zTBn7t0N4pgH9lrm9KbdArNW1zhi5amMGX4WTYBDKnKLU5YMTbrSjN7=
pl2suiYNQL91jPemzwRL3e-2BU7QYSfWczDUI-2BEEt66aj424ldYLOU4MISf11bejiBPTymEv4=
Z5g0PTB5c4z7QXo4xRcivbn-2Bm-2B2ERSmu-2FaQuM7t4lM1qKwbmAIe0gJ0mgkSkFFbm-2BzO=
zwRMsc3YELcnR4z2xm0UR6rHqwIuztvXEeJsjZvwRJt0cShNxKBhzha-2FyK9axGglAbZVAWWXj=
wJqfCdPFxWWwA9i5rIzYS7QB2n-2Bs2vYiFYBy1VSdPNE0vOtkfJTVWXinbuu4DfKgGw5hgg9Wp=
p-2BxgoazmC1g5QgbNXN6t5YyeBYsjHsq2MTc723Dji0cjpNsEoqY-3DfG5k_OBO3IQuqUsPJ6k=
EUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex=
7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeE=
ZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Z=
w8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2=
FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJV=
kisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj=
3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHP=
HPZsS-2FesM9xjjHKKdjhnqq8LET7tKBtCSIkZl2pGKX7ryMymh2w1X94Ze-2BIVSk6cgwJglZb=
7-2FhXsWcYMmsjuqv2m6EweBQClsjOyfmPjSTAOqAquKokQkX0J-2BCNSiSD8SfOmMiuzC5bxU0=
vdh8TNPDqKJTgLoB2YyxMjLb1T9isdFGrVhs-3D ).
(you will stop receiving emails about exclusive offers and
benefits)
--175faa78f42f4d4149007ae6d7f807181ae2585fb80f1a1def976c555146
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset=utf-8
Mime-Version: 1.0

<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org=
/TR/xhtml1/DTD/xhtml1-strict.dtd">
<html>

<head>
    <title>Crypto.com</title>
    <meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Dutf-8=
">
    <meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=
=3D1, maximum-scale=3D3.0, minimum-scale=3D0.86">
    <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge">
    <style type=3D"text/css">
        table td {
            border: none;
            font-family: Helvetica;
            line-height: 24px;
            color: #626973;
        }

        .top-title h1 {
            color: #fff;
            font-family: Helvetica;
            font-style: normal;
            font-weight: bold;
            line-height: 100%;
            letter-spacing: normal;
            text-align: center;
            padding-top: 60px;
            padding-bottom: 20px;
            font-size: 36px;
        }

        .welcome h1 {
            display: block;
            background-color: #E9F6FF;
            color: #002D74 !important;
            font-family: Helvetica;
            font-size: 23px;
            font-style: normal;
            font-weight: 700;
            line-height: 150%;
            letter-spacing: normal;
            text-align: center;
            margin: 0;
            padding: 26px
        }
         .welcome-1 h1 {
            display: block;
            background-color: #FFF;
            color: #002D74 !important;
            font-family: Helvetica;
            font-size: 23px;
            font-style: normal;
            font-weight: 700;
            line-height: 150%;
            letter-spacing: normal;
            text-align: center;
            margin: 0;
            padding: 26px
        }

        .top-title h2 {
            padding-top: 0px;
            padding-bottom: 30px;
            line-height: 30px;
            color: #FFF;
            font-weight: 400;
            line-height: 150%;
            font-family: Helvetica;
            font-size: 24px;
            font-style: normal;
            line-height: 150%;
            letter-spacing: normal;
            text-align: center;
        }

        .artic h2 {
            padding-top: 0px;
            line-height: 30px;
            color: #FFF;
            font-weight: 700;
            line-height: 150%;
            font-family: Helvetica;
            font-size: 28px;
            line-height: 150%;
            letter-spacing: normal;
            text-align: left;
        }

        h3 {
            color: #002D74;
            font-family: Helvetica;
            font-size: 20px;
            font-style: normal;
            font-weight: bold;
            line-height: 150%;
            letter-spacing: normal;
            text-align: left;
            margin: 0px 0px 5px;
        }

        .callout {
            font-weight: normal;
            background-color: #F8FDFF;
            color: #818181;
            padding: 14px 28px;
            text-align: left;
            font-size: 14px;
            border-radius: 10px;
            outline: solid;
            outline-color: #B6E0FF;
            outline-width: 1px;
            line-height: 150%;
        }

        .footer-url {
            line-height: 20px !important;
        }

        .prod_name {
            font-family: Helvetica;
            font-size: 12px;
            color: #6D7278;
            line-height: 35px;
            padding: 4px 20px;
        }

        .main_prod_desc {
            font-family: Helvetica;
            font-size: 14px;
            color: #626973;
            text-align: center;
            line-height: 19px;
            padding: 0px 20px 12px;
        }

        .prod_desc {
            font-family: Helvetica;
            font-size: 14px;
            color: #626973;
            text-align: center;
            line-height: 19px;
            padding: 4px 20px;
        }

        .prod_title {
            font-family: Helvetica;
            font-size: 18px;
            color: #6D7278;
            line-height: 26px;
            padding: 4px 20px;
        }

        .prod_url {
            font-family: Helvetica-Bold;
            font-size: 12px;
            color: #129DFF;
            line-height: 21px;
        }

        .main a {
            font-family: Helvetica;
            font-size: 12px;
            line-height: 18px;
            color: #129DFF;
            text-decoration: underline;
            display: block;
            margin: 0px 20px;
            font-weight: 600;
        }

        .prod_name p {
            border-bottom: 1px solid #6D7278;
        }

        a {
            text-decoration: none;
            color: #129dff;
        }

        .bgimg {
            background-image: url("https://braze-images.com/appboy/communic=
ation/assets/image_assets/images/62bbfff62b905571eb5f20cf/original.png?1656=
487926");
            /* The image used */
            background-color: #002D74;
            /* Used if the image is unavailable */
            height: 200px;
            /* You must set a specified height */
            background-position: center;
            /* Center the image */
            background-repeat: no-repeat;
            /* Do not repeat the image */
            background-size: cover;
        }

        .morebg {
            background-image: url("https://appboy-images.com/appboy/communi=
cation/assets/image_assets/images/5fbe50f33d519f0c4c1b3b11/original.png?160=
6308083");
            /* The image used */
            background-color: #1B1F20;
            /* Used if the image is unavailable */
            /* You must set a specified height */
            background-position: center;
            /* Center the image */
            background-repeat: no-repeat;
            /* Do not repeat the image */
            background-size: cover;
        }

        .antiphishing-code-container {
            height: 24px;
            margin-right: 10px;
            padding: 2px 8px 2px 8px;
            border-radius: 4px;
            background-color: #ebf7ff;
            display: table;
        }

        .antiphishing-code-label {
            height: 20px;
            margin-right: 5px;
            font-family: Helvetica;
            font-size: 13px;
            line-height: 1.54;
            color: #1199fa;
        }

        .antiphishing-code {
            height: 20px;
            font-family: Helvetica;
            font-size: 13px;
            font-weight: bold;
            line-height: 1.54;
            text-align: right;
            color: #1199fa;
        }
           .app_btn {
            padding: 10px 40px;
            vertical-align: middle;
        }

        @media only screen and (max-width: 500px) {

            .top-title h1 {
                color: #fff !important;
                font-family: Helvetica !important;
                font-style: normal !important;
                font-weight: bold !important;
                line-height: 150% !important;
                letter-spacing: normal !important;
                text-align: center !important;
                padding-top: 30px !important;
                padding-bottom: 10px !important;
                font-size: 24px !important;
            }

            .welcome h1 {
                display: block !important;
                background-color: #E9F6FF !important;
                color: #002D74 !important;
                font-family: Helvetica !important;
                font-style: normal !important;
                font-weight: 700 !important;
                line-height: 150% !important;
                letter-spacing: normal !important;
                text-align: center !important;
                margin: 0 !important;
                padding: 18px !important;
                font-size: 18px !important;
                line-height: 130% !important;
            }

            .welcome-1 h1 {
                display: block !important;
                background-color: #FFF !important;
                color: #002D74 !important;
                font-family: Helvetica !important;
                font-style: normal !important;
                font-weight: 700 !important;
                line-height: 150% !important;
                letter-spacing: normal !important;
                text-align: center !important;
                margin: 0 !important;
                padding: 18px !important;
                font-size: 18px !important;
                line-height: 130% !important;
            }

            .top-title h2 {
                font-size: 18px !important;
                ;
            }

            .artic {
                padding: 18px 18px !important;
            }

            .wrapper {
                width: 95% !important;
            }

            .mainboard {
                width: 540px;
                max-width: 540px;
            }

            .wrapper table {
                width: 100% !important;
            }

            .wrapper .column {
                width: 100% !important;
                display: block !important;
            }

            .artic h2 {
                font-size: 28px !important;
                line-height: 130%;
            }

            h3 {
                font-size: 16px !important;
                line-height: 120%;
                margin: 0px 0px 7px;
            }

            .artic p {
                font-size: 14px !important;
            }

            .callout {
                padding: 12px 20px;
                text-align: left;
                font-size: 12px;
            }

            .btn {
                font-size: 12px !important;
                margin: 22px auto 20px !important;
            }
           =20
             .btn-gapxx {
             =20
                margin: 22px auto 20px !important;
            }

            .btn2 {
                font-size: 10px !important;
                padding-bottom: 20px !important;
            }

            .private {
                font-size: 12px !important;
                margin: 0 0 0 2 !important;
                padding-top: 10px !important;
            }

           .pvtbg {
                height: 130px !important;
                min-height: 130px !important;
            }

            .bgimg {
                height: 100px !important;
            }

            .block {
                font-size: 14px !important;
                padding: 8px !important;
            }

            .blockframe1 {
                max-width: 55% !important;
            }

            .blockframe2 {
                max-width: 89% !important;
            }

            .main-tab {
                width: 95% !important;
                display: block !important;
                margin: 0 auto !important;
                padding: 10px 2px !important;
            }

            .tab-top {
                padding: 10px 0px 24px !important;
            }

            .tab-top-top {
                padding: 2px 0px 24px !important;
            }

            .tab-bot {
                padding: 20px 0px 24px !important;
            }

            .last {
                border-bottom: 1px solid #D8D8D8;
            }

            .main_prod_desc {
                height: auto !important;
                padding: 0px 20px 12px;
            }

            .main a {
                line-height: 12px;
            }

            .sec-title {
                padding: 24px 10px 5px !important;
                font-size: 28px !important;
            }

            .footer-icn {
                height: 20px !important;
                width: 20px !important;
            }

            .footer-url {
                font-size: 12px !important;
            }

            .mob-main-url {
                height: auto !important;
            }

            .top-title {
                font-size: 28px !important;
                padding-bottom: 0px !important;
            }

            .mob-blank {
                line-height: 0px !important;
            }

            .banner-logo {
                width: 250px !important;
            }
               .app_btn {
                padding: 8px 16px !important;
                font-size: 12px !important;
            }

        }
    </style>
</head>

<body style=3D"margin:0; padding:0; background-color:#FFF">
<div style=3D"display:none !important;visibility:hidden;mso-hide:all;font-s=
ize:1px;color:#ffffff;line-height:1px;max-height:0px;max-width:0px;opacity:=
0;overflow:hidden;">Crypto.com Research &amp; Insights Team presents the Re=
search Research Roundup newsletter - a recap of our research publications i=
n January.</div>
<div style=3D"display:none !important;visibility:hidden;mso-hide:all;font-s=
ize:1px;color:#ffffff;line-height:1px;max-height:0px;max-width:0px;opacity:=
0;overflow:hidden;">=CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=
=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=
=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=
=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=
=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =
=CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=
=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =
=C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=
=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =
=EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=
=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =
=E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=
=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =
=E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=
=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=
=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=
=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=
=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =
=CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=
=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =
=C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=
=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =
=EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=
=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =
=E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=
=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =
=E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=
=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=
=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=
=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=
=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =
=CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=
=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =
=C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=
=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =
=EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=
=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =
=E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=
=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =
=E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=
=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=
=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=
=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=
=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =
=CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=
=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =
=C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=
=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =
=EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=
=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =
=E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=
=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =
=E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=
=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=
=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=
=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=
=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =
=CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=
=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =
=C2=A0 =E2=80=87 =EF=BB=BF </div>
    <center>
        <table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"10=
0%" bgcolor=3D"#002D74" class=3D"wrapper">
            <tr bgcolor=3D"#002D74">
                <td align=3D"center" height=3D"100%" valign=3D"top" width=
=3D"100%">
                    <!--[if (gte mso 9)|(IE)]> <table align=3D"center" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"600"> <tr> <td align=
=3D"center" valign=3D"top" width=3D"600"><![endif]-->
                    <table align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"max-width:600px;" width=3D"100%">
                        <tbody>
                                <tr>
                                <td align=3D"center" style=3D"font-size:14p=
x;" valign=3D"middle"><img alt=3D"" border=3D"0" class=3D"banner-logo" heig=
ht=3D"auto" src=3D"https://braze-images.com/appboy/communication/assets/ima=
ge_assets/images/62c288505036045e43066831/original.png?1656916048" style=3D=
"margin:0; padding:24px 0px 24px; border:none; display:block;" width=3D"300=
"></td>
                            </tr>
                        </tbody>
                    </table>
                    <!--[if (gte mso 9)|(IE)]> </td></tr></table><![endif]-=
->
                </td>
            </tr>
           =20
                    <tr class=3D"bgimg">
                <td style=3D"display:block;padding:0px 18px;" align=3D"cent=
er" height=3D"100%" valign=3D"top" width=3D"auto">
                    <table align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" width=3D"100%" style=3D"padding:60px 10px 30px;max-width:=
600px;">
                        <tr>
                            <td class=3D"top-title" align=3D"center" valign=
=3D"top">
                                <h1 style=3D"color:white;">Monthly Research=
 Roundup</h1>
                                <h2 style=3D"color:white;">January 2024</h2=
>
                            </td>
                        </tr>
                       =20
                    </table>
                </td>
            </tr>
           =20
           =20
     =20
            <tr>
                <td align=3D"center" height=3D"100%" valign=3D"top" width=
=3D"100%">
                    <table align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" width=3D"100%" style=3D"max-width:600px;" bgcolor=3D"#fff=
fff">
                         <tr>
                            <td class=3D"welcome" align=3D"left" valign=3D"=
top" style=3D"font-size:16px;padding:0">
                            =20
                                <h1 style=3D"display: block; background-col=
or: #E9F6FF; color: #002D74 !important; font-family: Helvetica; font-size: =
23px; font-style: normal; font-weight: 700; line-height: 150%; letter-spaci=
ng: normal; text-align: center; margin: 0; padding: 26px; color: #002D74">W=
elcome to the Crypto=E2=80=8C.com<br>Monthly Research
                                    Roundup Newsletter!</h1>
                            </td>
                        </tr>
                               =20
=20

    =20
                         =20

                        <tr>
                            <td class=3D"welcome" align=3D"left" valign=3D"=
top" style=3D"font-size:16px;padding:0">
                                <img src=3D"https://braze-images.com/appboy=
/communication/assets/image_assets/images/65c09d71c1d153004c2facf0/original=
.png?1707122031" width=3D"100%" height=3D"auto" style=3D"margin:0; padding:=
0; border:none; display:block;background-color:#002D74;" border=3D"0" alt=
=3D"logo">
                       =20
                            </td>
                        </tr>
                       =20
                       =20
                       =20
                =20

                        <tr>
                            <td class=3D"artic" align=3D"left" valign=3D"to=
p" style=3D"font-size:16px;color:#818181;padding: 26px 36px; ">
                                <table width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td class=3D"hex" width=3D"8%">
                                                <img src=3D"https://braze-i=
mages.com/appboy/communication/assets/image_assets/images/62bbf8505036047d7=
5ea5268/original.png?1656485968">
                                            </td>
                                            <td>
                                                <h3>&nbsp;Market Index</h3>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                               =20
                             =20
                     =20
                                <p align=3D"left" style=3D"margin-top:5px;"=
>The monthly price, volume, and volatility indices were positive at <span s=
tyle=3D"color:#36B39F;font-weight:bold;">+0.33%</span>, <span style=3D"colo=
r:#36B39F;font-weight:bold;">+3.60%</span> and <span style=3D"color:#36B39F=
;font-weight:bold;">+32.80%</span>, respectively.
                                </p>
                               =20
                                <img src=3D"https://braze-images.com/appboy=
/communication/assets/image_assets/images/65c09d6cfc1ad0004dca5d83/original=
.png?1707122028" width=3D"100%" height=3D"auto" style=3D"margin:0; padding:=
0; border:none; display:block;" border=3D"0" alt=3D"logo">
                              =20
                            </td>
                        </tr>
                        =20
                           <tr bgcolor=3D"#E9F6FF">
                          <td class=3D"artic" align=3D"left" valign=3D"top"=
 style=3D"font-size:16px;color:#818181;padding:20px 36px 0px; ">
                                    <table width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td width=3D"8%">
                                                 <img src=3D"https://braze-=
images.com/appboy/communication/assets/image_assets/images/64547f0b97022865=
c084b8a4/original.png?1683259147">
                                            </td>
                                            <td>
                                                <h3>Charts of the Month</h3=
>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                            =20
                                <p align=3D"left" style=3D"margin-bottom:10=
px;margin-top:5px;">The latest release of our <a href=3D"http://ablink.news=
.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjqON4l7S6mTy4bqDU7fq-2=
FLeT-2FyfhWeyyLVaKg4HqUdit-2B9GoX11eBgr5r96X-2F7Dh1-2BLnEjjoGB5r4VX8-2BLdj8=
CsodFP0aDlAfNdh5-2FADbO_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148=
fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZD=
poiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6=
uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0R=
QhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9B=
lEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4=
wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0M=
XsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeCMqMz2AMG2bdhONLOzHSAL8WHQgE=
Zwh9vmcDk-2Fa5pm-2FK87ZkaAM-2Fuh-2BAfX28ASUJdlgaNTMAEBq64AmIY34TDz36ABuq3rD=
vd7tAdDKBghnbrDUBqViW9bTlVUx09mMx69ihDuBa2CuzwWHUxosVy3rrhKQgnQ-2FNK2txiTyc=
ZSE-3D" target=3D"_blank">Crypto Market Sizing Report 2023</a> saw global c=
ryptocurrency owners increasing by <b>+34%</b> in 2023, rising from 432 mil=
lion in January to <b>580 million</b> in December.<br><br>=20
                               =20
                                The main catalyst behind BTC=E2=80=99s adop=
tion growth was the development of Bitcoin exchange-traded funds (ETFs) and=
 the introduction of the Bitcoin Ordinals protocol, which enabled non-fungi=
ble tokens (NFTs) and fungible tokens to be minted on the Bitcoin network. =
Strong interest from institutional investors also contributed to the increa=
se in BTC=E2=80=99s adoption. Meanwhile, ETH=E2=80=99s adoption growth was =
mainly driven by liquid staking after Ethereum=E2=80=99s Shanghai Upgrade, =
which allowed the withdrawals of staked ETH after the transition to the Pro=
of of Stake (PoS) blockchain.

</p>

  <img src=3D"https://braze-images.com/appboy/communication/assets/image_as=
sets/images/65c09d69201880004be0e756/original.png?1707122024" width=3D"100%=
" height=3D"auto" style=3D"margin:0; padding:0; border:none; display:block;=
" border=3D"0" alt=3D"logo"><br>  =20
                                   =20
                                                =20
                              <p align=3D"left" style=3D"margin-bottom:10px=
;margin-top:5px;">US Spot Bitcoin exchange-traded funds (ETFs) have receive=
d a total net inflow of US$1.5B since their launch on 10 January, with Blac=
kRock=E2=80=99s ETF seeing the most. Meanwhile, Grayscale=E2=80=99s ETF has=
 experienced net outflows. Market commentators have opined that Grayscale=
=E2=80=99s expense ratio of 1.5%, the highest of them all, could be a facto=
r for its outflows, and also reportedly <a href=3D"http://ablink.news.crypt=
o.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKpgP4ZiF79gJNezaKiY-2FZLrumUhiS07G=
skvN8PAKUyEO-2Br7ModxvKXOWh7fXBuuQfLCwbfHgYjXtbuHTy-2FYNo5umBdNLDKUwWMbllND=
chFgJB3vtccNvgzok4dqC-2B0a00Pr-2BQwlFv2IsMCOilkHPpaUxUHR-2FJ-2Fi5zDGR-2BSiW=
uhN-2FJWNuCeSKvmPssfqvOd3bag-3D-3DcOE5_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst=
5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2=
B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC2=
5WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA=
1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2Fi=
GIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtML=
nq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25=
DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FezMWlj0wIVuiPG=
ICM0iPZeq1Uq2LKhD6CNHRp1r0rW96runOERo3u7ONZATfI3-2FUU8F6Np86t9gjWYhMst1Ikbg=
NKw7pZ06Pyj3-2FelzGOT7rqkhiZNP3Y0YUoN8yVOJogrf9yMmf7I3Qhw2j5fWxW15oKe93lZQ0=
0-2FlCWBgUQnmI-3D" target=3D"_blank">selling from FTX=E2=80=99s bankruptcy =
estate</a>.

</p>
  <img src=3D"https://braze-images.com/appboy/communication/assets/image_as=
sets/images/65c0c1e5583453004da3bf31/original.png?1707131364" width=3D"100%=
" height=3D"auto" style=3D"margin:0; padding:0; border:none; display:block;=
" border=3D"0" alt=3D"logo"><br>  =20
<p align=3D"left" style=3D"margin-bottom:10px;margin-top:5px;">

                                    The Bank for International Settlements =
(BIS) <a href=3D"http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5Lrof=
pDruvFgKgqKgRKvRjiVdP9GuvkqB-2BCkct38PMWt-2F965xLyBUU4UNWGg4xFPhODLKetCeckH=
UKA05o5LgRc19nJN-2FCImOFdvcervVAgheAJUYdbS84YGbmFc6eSLoGp8YQmCZuq-2Fcw-3D-3=
DhK3J_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL=
0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0a=
lLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7=
CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xg=
YYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLus=
cQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjT=
cLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17f=
HwDvp0l7bOQOunfHEgHPHPZsS-2FeSqxBRAuX1UHvARfD6OSI6PMcekG4BxDbSqJtD4DhHX7SeS=
c9dVPvjESmfcyN7IWFOx0JPTooftYQNryclHKfgx-2Fh5d9H47-2FETqnz3hxtfi1JFw6tYRr3P=
4oV21aoO4odo52BtE0l0n7X-2BjLFm5wG97CIdk2DxXtFkqc2-2FcUsfBw-3D" target=3D"_b=
lank">unveiled its strategic priorities for 2024</a>, with a particular emp=
hasis on central bank digital currencies (CBDCs) and tokenisation. The 2024=
 roadmap points to a continuation of its engagement with digital financial =
technologies, including the development of <a href=3D"http://ablink.news.cr=
ypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKkmFzC6ubcaWIX90xDRLTuEtt2qjJQI=
0kWI1uKIymP7B9YKii90bei30qgC8caljCie2Wou1i-2BfUfyoEdQiIrwQFWX8W0MzUOpD9pPQh=
XPe4yaPk_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgG=
ECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPt=
k0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGo=
Uu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S=
6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFd=
LuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRl=
djTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz=
17fHwDvp0l7bOQOunfHEgHPHPZsS-2FerWU9oCsrYjk0NvNaYZUBXy42-2BHweHpNOYV1z5Oyzc=
AhzEXgjbM-2Besx0k2L86ILf8eKIe1bcGsVFIIXblHAd6LyjKEPSr29Pixh4amAhWK8NqgCrwLe=
pQUL9K68tGFEvQZ3suarN4hPUPmdV5GQEJs4PqZXIZdIPkbUpmTAiVpWg-3D" target=3D"_bl=
ank">Project Promissa</a>, an initiative that aims to revolutionise financi=
al instruments by digitising promissory notes using blockchain technology.<=
br><br>


This signals a continued growing interest in <a href=3D"http://ablink.news.=
crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjqON4l7S6mTy4bqDWkPTimK=
xJIR4vAiVxVq-2B6VtU6SNY5Ai-2FktTccaT5J-2BMljlh41DmhSqZXz-2BI2dtV0I-3DT556_O=
BO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1=
dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2=
FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0K=
z9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBE=
cB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1=
sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM188=
9P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l=
7bOQOunfHEgHPHPZsS-2FeQvd-2FdWDo1aFMwGg-2F-2BmSI-2F7-2Bcc3ETrFQLg352ALcQfk7=
VdGWiTNzK3EoHChjFv8U9lDDT9xf3Y6K3Joc4xk4TxRtJzsDeaEpo8iazRr8N5PLoa-2Bsvpnm4=
UYjcVagjIdEfjGpeSJ1ygHqQCnEyBfF-2FtV6-2BffCOrM09NZVuNsiUKco-3D" target=3D"_=
blank">RWA and tokenisation</a>, which is further bolstered by a sizeable i=
ncrease in tokenised treasuries in the past year. <a href=3D"http://ablink.=
news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKm8K0-2FYIRLCf4XN2E-2BAZ=
YHP2N0-2Bm72mHsIs8JNT7pcvhiFTyvr0ITPLywvKHDA9J0g-3D-3Dzu1j_OBO3IQuqUsPJ6kEU=
WjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7v=
HB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZk=
ByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8=
ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FR=
rhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVki=
sZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3U=
uEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHP=
ZsS-2FekQb87GxZBm5hiWqLH2rFXSYpXRQwOVMZzKV5pHpkQyTgFzctTNMi1nVuQQ461KbzpSsH=
5Fuhwg4datv9KmCrCg9ZN34m1BHFyJfCTUDhdlpCvWEdJKrazKQ-2B01ALTJ3A-2FCy-2Fi19ME=
bwpx1U6PEVXdaJ66MeXkmXXG1uYaNrFxVc-3D" target=3D"_blank">Data</a> suggested=
 that tokenised US Treasuries experienced a 657% yearly growth rate in term=
s of market cap, rising from US$113 million to US$866 million as of 20 Janu=
ary. The expansion is likely to be attributed to existing platform growth a=
s well as an increase in the number of companies entering the tokenised tre=
asury space.</p>

  <img src=3D"https://braze-images.com/appboy/communication/assets/image_as=
sets/images/65c09d6aaea1e2004ccfee28/original.png?1707122025" width=3D"100%=
" height=3D"auto" style=3D"margin:0; padding:0; border:none; display:block;=
" border=3D"0" alt=3D"logo"><br>  =20

                                   <p align=3D"left" style=3D"margin-bottom=
:10px;margin-top:5px;"> Ethereum reclaimed the first position on the NFT sa=
les volume ranks in January 2024, followed by Bitcoin and Solana. Polygon a=
nd Avalanche experienced a rapid growth of 138% and 89% respectively in Jan=
uary, with the increase mainly driven by gaming and profile picture (PFP).<=
br><br>

Meanwhile, Bitcoin=E2=80=99s NFT sales volume dropped significantly by <a h=
ref=3D"http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrD=
lV1qXeNXj-2FzOft6PY0T6MpzXERNT34yirgeAV8L4pegpsTefSsjx-2FOX56MthO2w-3D-3DBK=
R__OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK=
-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLS=
jD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7COD=
Jk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYt=
VeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ=
5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLl=
M1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwD=
vp0l7bOQOunfHEgHPHPZsS-2FeRnoc5nArjGl-2BL5YQcc7wTe5dJgneAGUL2PNLY4CXghKu10a=
XZAf1k0tftijltI28dvnFi-2BwQVirEqYc-2FudKcXts9BbByHvxUINy4eZPY7bwWHOSNPpV0-2=
BtSP6Z2B2sZsFmC-2F2Zmomzl2JpWmP5CM6MuficVSXgwgEvlyt4Xo-2BUc-3D" target=3D"_=
blank">61%</a> from US$869 million in December 2023 to US$335 million in Ja=
nuary.</p>

  <img src=3D"https://braze-images.com/appboy/communication/assets/image_as=
sets/images/65c09d6fe71169004b50a3f6/original.png?1707122031" width=3D"100%=
" height=3D"auto" style=3D"margin:0; padding:0; border:none; display:block;=
" border=3D"0" alt=3D"logo">

                            </td>
                        </tr>

                       =20
                        <tr bgcolor=3D"#111C37">
                          <td class=3D"artic" align=3D"left" valign=3D"top"=
 style=3D"font-size:16px;color:white;padding:20px 36px 0px; ">
                                    <table width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td width=3D"8%">
                                                 <img src=3D"https://braze-=
images.com/appboy/communication/assets/image_assets/images/65ae1ba7b8b4c500=
4bb64eb1/original.png?1705909159">
                                            </td>
                                            <td>
                                                <h3 style=3D"color:white;">=
Monthly Feature Articles</h3>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                                 <img src=3D"https://braze-images.com/appbo=
y/communication/assets/image_assets/images/65c09d745f6093004be9bdc2/origina=
l.png?1707122034" width=3D"100%" height=3D"auto" style=3D"margin:0; padding=
:0; border:none; display:block;" border=3D"0" alt=3D"logo"><br>
                                <p align=3D"left" style=3D"margin-bottom:10=
px;margin-top:5px;"><b>Monthly Feature Article | Crypto ETFs</b><br><br>

In June 2023, BlackRock <a href=3D"http://ablink.news.crypto.com/ls/click?u=
pn=3Dh3xW1fHX5LrofpDruvFgKrAQ-2ByL2EWBllADcRayjAnF31lYozTREmeCDvDmFKiH5aP44=
GYd6XSdrKYExCezLqLA8HFQ7ULKBF6XhXe4f8rYc0QZgJRhq8cliwbC6UGG9BtpIl54H7ctny3E=
N455W0e20besYRg7kohgm-2BA6HVhg-3Dnld0_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5=
jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B=
4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25=
WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1=
TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiG=
IDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLn=
q-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25D=
vNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FerCAY3yK47DDIk1=
g1U7bn8elpwHMW0XS3Nyn5AfM8hDYHFwoTEZDYklYG67mvNQRPIsNw-2Ba50mhZlYsmci96Ui2I=
82glKDBcokP3zUKaYfckwRPlPrUMuuOdpL1pe6QFlHVZPkQHnztMETkiXNuT9nQNIqlzLpC8xx3=
h9zPm-2F4II-3D" target=3D"_blank">announced</a> filing for a Spot Bitcoin e=
xchange-traded fund (ETF) in the US, sparking a crypto ETF trend among othe=
r asset management firms. <a href=3D"http://ablink.news.crypto.com/ls/click=
?upn=3Dh3xW1fHX5LrofpDruvFgKpgP4ZiF79gJNezaKiY-2FZLrXtvi-2Fyc-2B8fDoXzfe6Mf=
-2Frv2GVP8O7gBSY6Fe71bEOKDGawRT4AZ49tsUggsuIChyuY-2FpduCBV7eJn29Ok-2FtIcHiZ=
JKiRVm3x81BwSZJZfD-2BvtMKD58cAA8FDyGUJNrsOWYMGhY-2BrVg5FDev274BjUqe3VGbI7Oy=
CFjbNgea8Oqem92Qgob12UX81Yyc4nAU8-3DKHmd_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYaw=
st5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG=
-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJ=
C25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1=
HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2=
FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQt=
MLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV=
25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FesXA82wzL-2F=
YWgQ5f0jQ7z7bPlL1WSyjNeQuTgWCcBWXv6t3n7mlBEeNOJjqIknVd-2Bjw1bLm-2BIG7QffhpM=
OLn7soD3ZWcpDyyDBC-2B3CRzNwcfBOoF3rQRHPHMnts9pkEs8L-2FDLMpMle87ud8d-2FIIufx=
4SEOpmIePfy-2BCyAWMSjDeQ-3D" target=3D"_blank">Grayscale</a>, <a href=3D"ht=
tp://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKpgP4ZiF79gJ=
NezaKiY-2FZLoUxA3r4urrFh-2Bi0pTMvkwc8JQ-2FIpM9kna11RCYHtYU70vjRefOQbecAmk-2=
FO-2BTT20TDlisst3ccPxSAiUuJrlsGvOvzWg46XIMlUeoGaHY1XMEajr7G2K9f2P8a0lIMGDUr=
3FMlw8qT7AjRD8F1RThOq-2FkgE8omJgr6U22hO3LDpQ-3D-3DsJ9G_OBO3IQuqUsPJ6kEUWjpj=
eAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6f=
N5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCD=
cRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKb=
HT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe=
0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6D=
lZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMd=
uDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-=
2FecxvjlpGV65sjxW7izH1zYButbnGKdV5RKQZpevcUz6BwmiKQ0KqBlPaBfYh3qi3J4U7-2By6=
LUPJZRHRhM1i3IsAn-2FBfuywKyjmuvfU2qW4Xa3-2BUWcJ6dKjujkzxVkqWIjZtRvuaK5G7sN3=
ziRQyzQ507App3h-2FbKZKQF6y-2F-2BTkKw-3D" target=3D"_blank">Invesco</a>, <a =
href=3D"http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKr=
AQ-2ByL2EWBllADcRayjAnE8RwgCbdhU57ZECPRoE0VPqtPXAl4PAYDPZ5lGFFVR-2Bn75pCZce=
CjhR495C3bprsqH-2FBmrTIc-2F232amzxkzdFBLW9-2Br-2Fh53M2-2F1InZmwcz6FEn8uMuHt=
rA-2BmwaVOrTeufzgteoL9vFaIUqj-2BVHjQYOWbIi_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BY=
awst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2=
BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnc=
lJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKCl=
r1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K=
-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJuc=
QtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzF=
cV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FebJfbfFUOK=
gH0NH-2BqYwABHKfrk9PMN3HCaVfX9sLV7XrZ8WYqYxttzda932vcna5nVE-2B1x2BFkczs4RSM=
o-2FgwB92VovG6bC3DGTXk1AJAIMUzkiXPs846nC36KnS5h1Lao8IxM9k7x22C7CMW5oRybc-2B=
rS6WiSCLg3LAWH8sLkZI-3D" target=3D"_blank">ARK Invest</a>, and <a href=3D"h=
ttp://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrkRD7AuOsQ=
blW3d0QAEaFZYO4fc8PGfQZZH-2BKgl0PrFvcmO2YuKt-2F5KOigf-2BDSbe-2BaOJBDQFp-2FI=
Xo-2FHh9g9AdG-2B9qtzYF5mF2lhtOXNNZzz8bDQCkNSQGq-2FyAOeoiElp-2FruLjD22dAkTj1=
AbhhqnGVLKUMZtUgS4FppZ7OTTaIB0YhR_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa=
3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-=
2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE=
5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9h=
Q4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7=
BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2F=
doKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhV=
QMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeUYGHBhoXjXuJzcxtyd=
i7s1TJaL5PEvj7xla90ESyazbNK9dgbTePufC-2FuVB69oVEggEE08R6PSKQWcfw3Up7fRhmpZU=
Ze9AgSvMkPtyppm63cikabjJ5-2BHGWCCEYNAOu4TpJGUICuZe8B3kHfDRF-2BEFH7IvXwk7xAh=
oQqOYg-2BGs-3D" target=3D"_blank">VanEck</a> followed suit with their Spot =
Bitcoin ETF attempts. The approval of <a href=3D"http://ablink.news.crypto.=
com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKpgP4ZiF79gJNezaKiY-2FZLrumUhiS07Gsk=
vN8PAKUyEOt4yPEh5cUXBNccpswsAAAN8KVCbijJkVpDdbE5z8EZFxTuzDyW-2Fw9e5Kce9GOY0=
KQQmpPts3mU7iPVfQwlb4luAbFAevV5bv8jKZ9XiWf4mRi2cdqgxDhlCVTZW6EjkhFifbebt4Hq=
y6dX3IcUVHQw-3D-3D1kD6_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148f=
X9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDp=
oiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6u=
hA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQ=
hMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9Bl=
EOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4w=
Ysabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MX=
sIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2Fe-2FP9cT4RoHvNQBD5VTysuDLgvHkH=
WZz9cbKBeldmlvM9B13-2B3rth6Xhcrzg2dGfrpire9lcMLpAxQb71kCRWq3VVVSJT0NvJln-2B=
bHQc0nRCf3zRLm2XfogmhFqQOw5atylaYaXCRWCNohpUWyzLoK3qzj0FCinUsuNtZ0wfQaPc0-3=
D" target=3D"_blank">11 Spot Bitcoin ETF applications</a> by the SEC on Jan=
uary 10, 2024, was a historic milestone for the crypto industry. It is cons=
idered a watershed moment, with an estimated $38.6 billion inflow into Bitc=
oin ETFs within the first three years.<br><br>

This report examines crypto ETFs, providing an overview of the market, how =
they function as investment vehicles, their features, advantages, significa=
nce, and drawbacks.<br><br>
<b>Key takeaways</b>:

</p>
<ul>

<li style=3D"padding-bottom:10px;">
<b>Crypto ETFs</b> are exchange-traded investment funds that track the pric=
e performance of one or more cryptocurrencies like Bitcoin (BTC) or Ethereu=
m (ETH) by investing in a portfolio linked to their value. They offer sever=
al benefits similar to the traditional ETFs, including better accessibility=
, transparency, and cost-efficiency for investors.</li>

<li style=3D"padding-bottom:10px;">Currently, there are different types of =
crypto ETFs offered in the market.

<ul>
<li style=3D"padding-bottom:10px;">
<b>Futures-based crypto ETFs</b> do not hold the actual cryptocurrency. Ins=
tead, they track the price of crypto through futures contracts, which allow=
 traders to speculate on the future price of an asset without actually owni=
ng it. Currently, there are about 22 futures-based crypto ETFs offered in t=
he market, accounting for an estimated total of US$2.65 billion in AUM.</li=
>

<li style=3D"padding-bottom:10px;">
<b>Spot (physical) crypto ETFs</b> invest in cryptocurrencies directly and =
securitise them. The US spot ETFs started trading on 11 January 2024, garne=
ring a total net inflow of US$1.06 billion and collectively gaining over <a=
 href=3D"http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgK=
jIF9vflEs-2Bq6r-2BBjBpu5VD5mZX0F5JMBOSUYvrVhe297VmjHpQ3yev16U06qV2MgQAOKr8j=
DOWI86x-2BsO68qi0nwuLRapRwoBA2dOcKiQLwuE-2Bapb6s4cLAbN-2BUgHNvKmchUV-2F-2FG=
RmcWUQv4zDeXc8-3D150N_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX=
9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpo=
iIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uh=
A4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQh=
MHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlE=
OuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wY=
sabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXs=
IrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2Fe53ODyMp0pn9G1lZ4LEXX5EBaID7ARo=
bKp-2BipYWN2MB8mvyK7HxkFRYkpGfqz7yTFH-2F9o9ds8p1akEHecNxqPlEJ-2Bf2Z2bzYnZu6=
ETq93ytB11Jx3J4jzAy6gF80-2Ffp1Vq4tsr55FJow5XVj3vDAjNFrMA5mKKXQmiNZqsUGdAbw-=
3D" target=3D"_blank">100,000 BTC</a> (worth approximately US$4 billion, ex=
cluding GBTC) in AUM in its first week of launch.</li>

<li style=3D"padding-bottom:10px;">
<b>Crypto Industry ETFs</b> hold listed shares in companies that relate to =
the crypto industry, including crypto trading, mining, or other blockchain =
services.</li>=20

</ul>

</li>

<li style=3D"padding-bottom:10px;">Although ETFs offer benefits to both ind=
ividual and institutional investors, there still exist drawbacks, including=
 higher management fees, as well as potentially lower liquidity than direct=
ly holding crypto, price tracking errors, and limited trading hours, amongs=
t others.</li>

<li style=3D"padding-bottom:10px;">The recent approval of spot Bitcoin ETFs=
 has been referred to as a =E2=80=98watershed=E2=80=99 moment for the indus=
try, offering an estimated <a href=3D"http://ablink.news.crypto.com/ls/clic=
k?upn=3Dh3xW1fHX5LrofpDruvFgKqDRZ3flNsPbG96Jb-2Fhjr4lvQpkGMHocLjCbgCG7Qjhfv=
CwJ-2Bj2bWOTlOqshis8ohZqZCz5LfUFNKH-2Fl4FHiOhmPhwseruhlA2scwtCAiWHieGfxc5OD=
pBiDPtrRhyMmJA-3D-3D0rzz_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au314=
8fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZ=
DpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj=
6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0=
RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9=
BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf=
4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0=
MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeFw5CHCj0xkCBYbBgIztE9-2Fmbc=
Y9LroaLBQ3C5VOyNUfFHf2w6cWJ8z6d8pvZ8AhEJu509RJW67nh4npaBWiZXHAuYssudCW-2Fln=
rPD44yZ02JX2sarjCCeXjOCveLINTGCx3xo-2BA8wxscHYIirisfP0d-2B020LPI1bn8ghTGBL7=
qg-3D" target=3D"_blank">US$38.6 billion</a> of inflows into Bitcoin ETFs b=
y the first three years.</li>

<li style=3D"padding-bottom:10px;">The integration of digital assets like B=
itcoin into mainstream financial products like ETFs marks a significant dev=
elopment in the acceptance of cryptocurrencies and accelerates massive cryp=
to adoption.</li>


<img src=3D"https://braze-images.com/appboy/communication/assets/image_asse=
ts/images/65c0be91c7fa6b004bf1e989/original.png?1707130512" width=3D"100%" =
height=3D"auto" style=3D"margin:0; padding:0; border:none; display:block;" =
border=3D"0" alt=3D"logo"><br>

                                    <img src=3D"https://braze-images.com/ap=
pboy/communication/assets/image_assets/images/65c0be94201695004c0d0dac/orig=
inal.png?1707130515" width=3D"100%" height=3D"auto" style=3D"margin:0; padd=
ing:0; border:none; display:block;" border=3D"0" alt=3D"logo"><br>

                                  =20
                             =20

                            </ul>
</td>
                        </tr>

                         <tr bgcolor=3D"#111C37">
                            <td align=3D"center" style=3D"font-size:16px;wh=
ite;;padding-bottom:10px;" valign=3D"top">
                           =20
                                <table align=3D"center" border=3D"0" cellpa=
dding=3D"0" cellspacing=3D"0" margin=3D"0 auto" padding=3D"0" style=3D"padd=
ing:0px 24px;display:table-cell" width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td align=3D"center" class=3D"b=
tn" style=3D"font-size:16px;color:white;padding:0px;width: 374px;" valign=
=3D"top">
                                               =20
                                                <a href=3D"http://ablink.ne=
ws.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjqON4l7S6mTy4bqDUzSM=
MjxbVmiB-2B6M5rE548lER0MX6sVgCXEy3VnreAAaE0BmUoQuzVAoui-2BIVj0Um4-3DIrWc_OB=
O3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1d=
d4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2F=
U2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz=
9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEc=
B7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1s=
xgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889=
P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7=
bOQOunfHEgHPHPZsS-2FeNzxL8gyH5PVQjZBF-2FIUFWHx9ENwMK0W7Q9hJci1oDmUXhvP9hxZS=
i6qP0yUei4FyUoOayLRSBtWs8fO-2B1hQFxaxZTerE-2FzYDUEZy-2F2vvWjVAyCSsLfhxsC5cn=
mAHx4CPOm92UBDtolYzxax338qC-2BBRWw4i8jFI4gKo1756UNWA-3D" target=3D"_blank" =
style=3D"width:fit-content;display:block;text-decoration: none;">
                                                    <div class=3D"btn-gap" =
style=3D"background: #111C3; margin: 12px auto 12px;border-radius: 200px; o=
utline-style: solid; outline-width: 1.5px; outline-color: #129DFF; max-widt=
h: 400px;line-height:2; text-align:center; padding: 12px; vertical-align: m=
iddle; color: rgb(12,46,112); padding: 5px 15px">
                                                        <span style=3D"padd=
ing:10px 20px;color:white;font-weight:bold;margin: 0 auto;">Read the full r=
eport</span>
                                                    </div>
                                                </a>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                            </td>
                        </tr>

                         <tr bgcolor=3D"#111C37">
                          <td class=3D"artic" align=3D"left" valign=3D"top"=
 style=3D"font-size:16px;color:white;padding:20px 36px 0px; ">
                          =20
                                <p align=3D"left" style=3D"margin-bottom:10=
px;margin-top:5px;"><b>Monthly Feature Article | Crypto ETPs</b><br><br>


In traditional finance, exchange-traded products (ETPs) are an umbrella ter=
m to describe a variety of financial instruments traded throughout the day =
on stock exchanges. Crypto ETPs can track the performance of a single crypt=
ocurrency like Bitcoin, a basket of cryptocurrencies, or blockchain industr=
y-related stocks. They include ETFs, exchange-traded notes  (ETNs), and exc=
hange-traded commodities (ETCs).<br><br>

Before the recent US Spot Bitcoin ETFs, there were already other crypto ETP=
s traded globally, including in the US, Europe, and Asia. Unlike stock ETPs=
 which usually track a set of stocks (with diversification being a key feat=
ure and benefit), current crypto ETPs mostly track a single digital asset =
=E2=80=94 Bitcoin or Ether =E2=80=94 and are generally considered to be und=
iversified. There are also blockchain-related equity ETPs, which track a se=
t of stocks that have exposure to blockchain industry.<br><br>

This report provides a detailed exploration of the classification, function=
ality, and current landscape of crypto ETPs. It also examines crypto produc=
ts on traditional finance derivatives exchanges.<br><br>

<b>Key takeaways</b>:
</p>
<ul>

<li style=3D"padding-bottom:10px;">In traditional finance, exchange-traded =
products (ETPs) are an umbrella term to describe a variety of financial ins=
truments traded throughout the day on stock exchanges. They include exchang=
e-traded funds (ETFs), exchange-traded notes  (ETNs), and exchange-traded c=
ommodities (ETCs).</li>

<li style=3D"padding-bottom:10px;">The approval of the first US spot Bitcoi=
n ETFs in January 2024 was a major milestone that opened up direct cryptocu=
rrency exposure to mainstream investors through a regulated investment vehi=
cle traded on US stock exchanges. Since launching, the US Bitcoin ETFs have=
 attracted over US$1 billion in net inflows, with BlackRock's ETF seeing th=
e most.</li>

<li style=3D"padding-bottom:10px;">Crypto ETPs can track the performance of=
 a single cryptocurrency like Bitcoin, a basket of cryptocurrencies, or blo=
ckchain industry-related stocks. They can be physically backed or use deriv=
atives like futures and swaps to synthetically track returns.</li>

<li style=3D"padding-bottom:10px;">Before the recent US spot Bitcoin ETFs, =
there were already other ETPs in the crypto space. Globally, net inflows in=
to crypto ETPs rose from US$366 million in 2017 to US$2.2 billion in 2023 (=
once reaching a high of US$10.6 billion in 2021). In 2024 YTD, net inflows =
are US$1.3 billion, already 60% of 2023=E2=80=99s entire amount.</li>

<li style=3D"padding-bottom:10px;">With the success of the US spot Bitcoin =
ETF launches, issuers are expected to seek approval for ETFs on other major=
 cryptocurrencies like Ether. The range of crypto investment vehicles is al=
so likely to expand over time. These include derivatives like futures and o=
ptions =E2=80=94 major TradFi derivatives exchanges like CME and Eurex alre=
ady offer crypto futures and options contracts aimed at institutional and s=
ophisticated traders. Open interest in these products has significantly ris=
en to record highs.</li>

</ul>


<img src=3D"https://braze-images.com/appboy/communication/assets/image_asse=
ts/images/65c0be1611e812004cbcee46/original.png?1707130389" width=3D"100%" =
height=3D"auto" style=3D"margin:0; padding:0; border:none; display:block;" =
border=3D"0" alt=3D"logo"><br>

                               =20

                                  =20
                             =20

                            </td>
                        </tr>

                        <tr bgcolor=3D"#111C37">
                            <td align=3D"center" style=3D"font-size:16px;wh=
ite;;padding-bottom:10px;" valign=3D"top">
                           =20
                                <table align=3D"center" border=3D"0" cellpa=
dding=3D"0" cellspacing=3D"0" margin=3D"0 auto" padding=3D"0" style=3D"padd=
ing:0px 24px;display:table-cell" width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td align=3D"center" class=3D"b=
tn" style=3D"font-size:16px;color:white;padding:0px;width: 374px;" valign=
=3D"top">
                                               =20
                                                <a href=3D"http://ablink.ne=
ws.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKik9eMi7DBVxrirhNiFlOD9ZAi=
YY7eH5hobXNB5A1h6ktdEzikucDnmUegFCRNyMs15S1lk9JPoKZtM28LwvFG4-3DeojC_OBO3IQ=
uqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8=
S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2=
FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-=
2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EO=
Ow4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjy=
sJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8Xq=
O84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQO=
unfHEgHPHPZsS-2FeRSi37hDf5iTlle1gv2bBFlFKSp-2F4yDzfuS2GbKZhXiEBQCCOjDrLFw8-=
2BdHbbWD6YR9VjlQAQG7mqcWXgduKsFmdxDGzRhql7GDTeQoN1CQ0KzljRn-2Fa9rY7wz2j-2Fh=
Dpa8AUz-2Bn6MRXHyA4X3rpfrC9-2BkI77fjrBroSsvwQuw2EM-3D" target=3D"_blank" st=
yle=3D"width:fit-content;display:block;text-decoration: none;">
                                                    <div class=3D"btn-gap" =
style=3D"background: #111C3; margin: 12px auto 12px;border-radius: 200px; o=
utline-style: solid; outline-width: 1.5px; outline-color: #129DFF; max-widt=
h: 400px;line-height:2; text-align:center; padding: 12px; vertical-align: m=
iddle; color: rgb(12,46,112); padding: 5px 15px">
                                                        <span style=3D"padd=
ing:10px 20px;color:white;font-weight:bold;margin: 0 auto;">Access the full=
 report</span>
                                                    </div>
                                                </a>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                            </td>
                        </tr>
                         <tr bgcolor=3D"#111C37">
                          <td class=3D"artic" align=3D"left" valign=3D"top"=
 style=3D"font-size:16px;color:white;padding:20px 36px 0px; ">
                          =20
                                <p align=3D"left" style=3D"margin-bottom:15=
px;margin-top:5px;"><b>Interested to know more? Access exclusive reports by=
 signing up as a <a href=3D"http://ablink.news.crypto.com/ls/click?upn=3Dh3=
xW1fHX5LrofpDruvFgKrxEQwM5Mxnp3PSovPNJwFR0-2FgZPnKcyBIi7mhQLnmVRMrVc9o2pRg8=
VoXbqh7A96aFmsbXhgRjMH56bc6pObdqAWSoyrZ1nxJulvnJGyNGQkb1S1bNOGseSFXY7Rx-2Ff=
LQ-3D-3Dq9_z_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx=
0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP18=
2hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoN=
MTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSe=
tC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZ=
RaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVV=
gsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46n=
zpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeELNW7L7kWBOSR6bV1kqBKUAc9RUfX3WiA-2FqhV=
jsDzT15psod5s376AtL6irtc3rQAoJg5eTohbgmZm-2BESDPwizaxfpQA1ii3So4HYgMVR7R9lF=
9Ch95x5-2F-2BBTHthOLvArR0D1NGU9y3yUPrGIJeWk1Ww-2FE-2FzBKLlnEbzmZKuzQQ-3D" t=
arget=3D"_blank">Private member</a>, joining our <a href=3D"http://ablink.n=
ews.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrxEQwM5Mxnp3PSovPNJwFQLt=
4mzX7I-2BkJd9OpAf7zzCB-2BnI0L-2BVgonsRC-2F1I2njepJWJQ0TRFfI7vu2ZtlnFohROuue=
PKTFDtU-2BcX5aG9opwK-2FSF2YSG5Uor5t-2BKQ-2F4Vw-3D-3DCpzD_OBO3IQuqUsPJ6kEUWj=
pjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB=
6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkBy=
CDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZF=
KbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrh=
we0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ=
6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuE=
MduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZs=
S-2FeNEinGW0jpCOj-2B1YalCD8NIKwAPgkfViirYezfZLAjtFFJ7Qi4de8QT6KDpOMXy9gYDq9=
LAs-2F5siVw5KMR2dZWJ3IOY2Q8iV8Z9YR1zFDZHrm3FNrWmqMN0qCgN1bBwBUylPd-2FggUmNl=
tDWUOtu1e-2FJDh0WUt-2BJ1i9zfdu-2F6hqq0-3D" target=3D"_blank">Crypto.com Exc=
hange VIP Programme</a>, or collecting a <a href=3D"http://ablink.news.cryp=
to.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKgUMBDL0b3qia3J5SMFYdZY4jifcZGIO8=
0wgjCprXoiBTpZCnjmqndSo9T8I-2B1zVLTFzAzrFhZ1hiXiAd-2BvsAbabgsP793KUFjqw3fA0=
O3HK3pnz0JNlN7Xtw-2Ff-2F2-2FAKrQ-3D-3Dvkel_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BY=
awst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2=
BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnc=
lJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKCl=
r1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K=
-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJuc=
QtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzF=
cV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2Fejly5VD2E2=
aDFneM-2B4LumdsoyNaGdFZWRUswr6rc99imqdmPjrlhlMstNcwwGfL94G9KkBTA5eF6YwAt2UK=
g3AIBr-2F7Z-2Bb8dwNYqgtlanPJbPFSku0p9OF3Yc8fQ6WzWE-2Ff8fw6GsdSu4G0YUIGj5y46=
WN5w8XSRIno6fEs0-2BrbI-3D" target=3D"_blank">Loaded Lions NFT</a>.</b></p>
</td>
</tr>


                   =20

                            =20

                        <tr bgcolor=3D"white">
                            <td class=3D"artic" align=3D"left" valign=3D"to=
p" style=3D"font-size:16px;color:#818181;padding:20px 36px 0px; ">
                                <table width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td width=3D"8%">
                                                <img src=3D"https://braze-i=
mages.com/appboy/communication/assets/image_assets/images/65ae1c2619dc7f004=
b82db2c/original.png?1705909286">
                                            </td>
                                            <td>
                                                <h3>&nbsp;Alpha Navigator</=
h3>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                                <p style=3D"margin-bottom:20px;margin-top:5=
px;">This institutional-focused report dives into macro trends, market-neut=
ral pairs, style-factor screens, and events. Read the full Alpha Navigator =
report <a style=3D"text-decoration: underline;color:#129DFF" href=3D"http:/=
/ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjqON4l7S6m=
Ty4bqDU8pn4nYcQGQo1fIC6RGFX5cyF6SOXWz4hQhOQ9Abb2DQ-3D-3Dm5tp_OBO3IQuqUsPJ6k=
EUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex=
7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeE=
ZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Z=
w8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2=
FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJV=
kisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj=
3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHP=
HPZsS-2FexrpnWlUbTFZ0YYMvWMVqIN7VUswsT3Bim8ssZ0Mo1CUSfjwplE33ek0hI8VD3FaV3V=
ehNOkXIUY-2BuY3IUP84CNkzXSaSCMFPLlNXIMU1hB2YwgcJEKuNLh1Vm3XbNMevFCVwdjswXuT=
Po59MSXLIYW3j24Eh-2F85oF969OJl9LmE-3D" target=3D"_blank"><b>here</b></a>.
                               =20
                              =20
                                </p>
<ul align=3D"left">
<li>Asset classes were mixed in January, with crypto and equities mostly po=
sting slight gains.</li>

</ul>
<img src=3D"https://braze-images.com/appboy/communication/assets/image_asse=
ts/images/65c09d6b3e2e75004cc6e7e7/original.png?1707122026" width=3D"100%" =
height=3D"auto" style=3D"margin:0; padding:0; border:none; display:block;" =
border=3D"0" alt=3D"logo"><ul align=3D"left"><li>
<b>BTC</b> correlations with equities were mostly negative in the past 1-mo=
nth.</li></ul>
                                   =20
                                    <img src=3D"https://braze-images.com/ap=
pboy/communication/assets/image_assets/images/65c0b57c21af39004b036276/orig=
inal.png?1707128187" width=3D"100%" height=3D"auto" style=3D"margin:0; padd=
ing:0; border:none; display:block;" border=3D"0" alt=3D"logo"><br>
                                   =20
                                   =20
                             =20

                            </td>
                        </tr>

                       =20
                     =20
                    =20
                       =20
                       =20
                       =20
                   =20


                    =20


                       =20
                        <tr bgcolor=3D"#E9F6FF">
                            <td class=3D"artic" align=3D"left" valign=3D"to=
p" style=3D"font-size:16px;color:white;padding:20px 36px; ">
                                <table width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td width=3D"8%">
                                                <img src=3D"https://braze-i=
mages.com/appboy/communication/assets/image_assets/images/62bbf850f70ea6503=
57ee94d/original.png?1656485968">
                                            </td>
                                            <td>
                                                <h3 style=3D"">Crypto Confe=
rence &amp; Economic Calendar from Market Pulse</h3>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                               =20
                                <table class=3D"blockframe1">
                                    <tbody>
                                        <tr>
                                            <td style=3D"padding:14px 0px 1=
4px;">
                                                <div class=3D"table" width=
=3D"100%">
                                                    <table>

                                                        <tr>
                                                            <td class=3D"bl=
ock" style=3D"font-weight: bold; background-color: #E9F6FF; color: #002D74;=
 padding: 12px; text-align: left; width: 20%; font-size: 16px; border-radiu=
s: 10px; outline:solid; outline-color: #129DFF; outline-width: 1px;white-sp=
ace: nowrap;">
                                                                Crypto Conf=
erences Calendar

                                                            </td>
                                                        </tr>

                                                    </table>
                                                </div>
                                            </td>

                                        </tr>
                                    </tbody>
                                </table>
<img src=3D"https://braze-images.com/appboy/communication/assets/image_asse=
ts/images/65c09d6833b7df004b52d511/original.png?1707122024" width=3D"100%" =
height=3D"auto" style=3D"margin:0; padding:0; border:none; display:block;" =
border=3D"0" alt=3D"logo">
                                                =20
                                                  <table class=3D"blockfram=
e1">
                                    <tbody>
                                        <tr>
                                            <td style=3D"padding:14px 0px 1=
4px;">
                                                <div class=3D"table" width=
=3D"100%">
                                                    <table>

                                                        <tr>
                                                            <td class=3D"bl=
ock" style=3D"font-weight: bold; background-color: #E9F6FF; color: #002D74;=
 padding: 12px; text-align: center; width: 20%; font-size: 16px; border-rad=
ius: 10px; outline:solid; outline-color: #129DFF; outline-width: 1px ">
                                                                Economic Ca=
lendar

                                                            </td>
                                                        </tr>

                                                    </table>
                                                </div>
                                            </td>

                                        </tr>
                                    </tbody>
                                </table>
                                   =20
                                    <img src=3D"https://braze-images.com/ap=
pboy/communication/assets/image_assets/images/65c09d6a21f15c004d382064/orig=
inal.png?1707122025" width=3D"100%" height=3D"auto" style=3D"margin:0; padd=
ing:0; border:none; display:block;" border=3D"0" alt=3D"logo">
                          =20
                             =20

                              =20


                             =20
                               =20
                            </td>
                        </tr>
                    =20
                      <tr bgcolor=3D"#E9F6FF">
                            <td align=3D"center" style=3D"font-size:16px;co=
lor:white;padding-bottom:15px;" valign=3D"top">
                           =20
                                <table align=3D"center" border=3D"0" cellpa=
dding=3D"0" cellspacing=3D"0" margin=3D"0 auto" padding=3D"0" style=3D"padd=
ing:0px 24px;display:table-cell" width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td align=3D"center" class=3D"b=
tn" style=3D"font-size:16px;color:#818181;padding:0px;width: 374px;" valign=
=3D"top">
                                               =20
                                                <a href=3D"http://ablink.ne=
ws.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKgCqEn9atdaEmwyYW7xhxA8iI4=
inzBIJzfczvAGRZKUleZuxy4Qc5JHLa-2BfmFqn3JFjAIGScO-2BCo-2FzNzQCg-2FYv8-3DqZE=
q_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-=
2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSj=
D-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJ=
k0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtV=
eBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5=
YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM=
1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDv=
p0l7bOQOunfHEgHPHPZsS-2FeJCoiPnXx4C8I9diOUkrew37XqILr-2FaDJw3roVcfIl0nBRaik=
G7cTIh08A6zBwEnCQ7-2FwF9S9HdYGlymCOgJgdpgm1SIaYW8aqOEa9uVqSgBeEydjrawZSNH4X=
JcMfEutvb-2F-2FwTQSKHHrwR31nISGqdL-2F6uYMHSHih2bpw-2BBzejk-3D" target=3D"_b=
lank" style=3D"width:fit-content;display:block;text-decoration: none;">
                                                    <div class=3D"btn-gap" =
style=3D"background: #E9F6FF; margin: 12px auto 12px;border-radius: 200px; =
outline-style: solid; outline-width: 1.5px; outline-color: #129DFF; max-wid=
th: 400px;line-height:2; text-align:center; padding: 12px; vertical-align: =
middle; color: #002D74; padding: 5px 15px">
                                                        <span style=3D"padd=
ing:10px 20px;color:002D74;font-weight:bold;margin: 0 auto;">Check out the =
latest Market Pulse</span>
                                                    </div>
                                                </a>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                            </td>
                        </tr>
                      =20
                       =20
                     =20
                               =20
                     =20
                       =20
                        =20
                       =20
                       =20
                       =20
                       =20
                  =20
                     =20
                       =20
                       =20
                        =20
                       =20
                       =20

                     =20
                       =20
                      =20
                    =20
                     =20
                      =20
                        <tr style=3D"background-color: #021E3F;">
                            <td class=3D"artic" align=3D"left" valign=3D"to=
p" style=3D"color:#818181;padding:20px 36px; ">

                                <h2><b>Thank you for supporting Crypto.=E2=
=80=8Ccom</b></h2>
                                <p align=3D"left" style=3D"color: #FFF; fon=
t-size:16px;">
                                    Looking for more? Check out our most re=
cent reports and trending market updates:<br> <a style=3D"text-decoration: =
underline;color:#129DFF" href=3D"http://ablink.news.crypto.com/ls/click?upn=
=3Dh3xW1fHX5LrofpDruvFgKqdaPYjqON4l7S6mTy4bqDVTp32lKRGpcxwcGwGGN1Meif2P9Kyy=
Ffwi2xgBALq4cg-3D-3DVhMg_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au314=
8fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZ=
DpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj=
6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0=
RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9=
BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf=
4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0=
MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2Fe-2BY5JrKroJjQSUSbbrt7Oel6-2=
FQ3Ay-2FEQoo2s0hBswy0eA5eiDBaloSi8BH83nio3U-2BR7EcvfTKf4KYOV-2Fim2R9ggg-2FS=
zjcukQk0tbtIdAYFPL2ZHMvc3fepNjhiZaCySbyIiIsWws3uHo2IpRa8NMDPNbWhLB6YkLkgLCM=
uE4atY-3D" target=3D"_blank">Read more from our website =E2=86=92</a><br><b=
r>Get fresh market updates delivered straight to your inbox:<br> <a style=
=3D"text-decoration: underline;color:#129DFF" href=3D"http://ablink.news.cr=
ypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKtM8b5kQC87zts3Zozc82d0wP66Kx57=
Iay8yW-2BKNU6qoXyCgul25lJ-2FZ6S2W1HUvVvVWYTUWUcoQD2-2BZ0Tfp53o-3DZvDn_OBO3I=
QuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L=
8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-=
2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9=
-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7E=
OOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgj=
ysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8X=
qO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQ=
OunfHEgHPHPZsS-2Fe7-2BqqHN5-2Fc5eN3ORUeThCcNgIi817Dq9jhEDNdP2rMBe1nwBTYeXNE=
0FkqIwWnkAg9K1AcTHNQL-2FWXUBP-2FzdnDmjTnww2-2FJQ3vQPzGxu9N2EEkVIOvJ-2FXShK4=
6-2BvsVe6USemsLIqsYL660g-2BBvN7avgfKUpsfYZoksQ7fefVZtoo-3D" target=3D"_blan=
k">Subscribe to newsletters =E2=86=92</a>
                                    <br><br>Best regards,<br><b>Research &a=
mp; Insights
                                        Team<br>Crypto.=E2=80=8Ccom</b>
                                </p>


                            </td>
                        </tr>
                    </table>
                </td>
            </tr>
            <tr bgcolor=3D"#111C37">
                <td align=3D"center" valign=3D"middle" width=3D"100%">
                    <!--[if (gte mso 9)|(IE)]> <table align=3D"center" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"600"> <tr> <td align=
=3D"center" valign=3D"middle" width=3D"600"><![endif]-->
                    <table align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" width=3D"100%" style=3D"max-width:464px;line-height: 20px=
;">
                        <tr>
                            <td height=3D"32" style=3D"font-size:10px; line=
-height:10px;">&nbsp;</td>
                        </tr>
                        <tr>
                            <td align=3D"center" valign=3D"middle" style=3D=
"line-height:10px;width:130px;font-size:0;border-right:1px solid white"> <a=
 href=3D"http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgK=
qfRSYHOK8svHZrCSEiaQcBuA1WUWQHxnFx4KXd-2BBQSJ58qFosWFwG8ve-2FBxVYEWIw-3D-3D=
PdkZ_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0=
lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0al=
LSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7C=
ODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgY=
YtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLusc=
QJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTc=
LlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fH=
wDvp0l7bOQOunfHEgHPHPZsS-2FeOUh-2BiOHOt3Zbut32a76g0t852wW8dV7WYMzN-2BZ9BtBV=
3iTWurwkcscAOadodROxScjrAiSc4NMljfA2dXnrCvPwUHKKkWlMumepC8Sg-2FGM7DWVqitg5C=
rbzk53E4wxOHL54ptCl0JxZD1T1Yck4MlfxDJmfLDItpNfge01hRNAA-3D" class=3D"footer=
-url" style=3D"line-height:10px;color:white;font-size:15px;text-decoration:=
 none;">
                                    Crypto.=E2=80=8Ccom</a> </td>
                            <td align=3D"center" valign=3D"middle" style=3D=
"line-height:10px;width:100px;font-size:0;border-right:1px solid white"> <a=
 href=3D"http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgK=
modm4Q6tTpDVA3op05TzkKetDTB9bGD4zrXwFSO77WJHVCkdRNfnPpnImsRDccwng-3D-3DZlQH=
_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2=
B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD=
-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk=
0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVe=
BEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5Y=
J1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1=
889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp=
0l7bOQOunfHEgHPHPZsS-2FeujR6l5POJ70awPpeY4T8IFfEBINUzWlVYqjJ30FLFaXfajGWWJV=
J-2Fyj8-2FeyJZ2JK72xppJR8GGFpkba0aLM2S-2FPvafLiH0Oocrc-2B9vg8hu-2F3ihy0t9wb=
Rbu8jMMdBoVTCsoOsuE2pvC5uGjJKe2xTyTkqrcEgqFhClK8MskWcJE-3D" class=3D"footer=
-url" style=3D"line-height:10px;color:white;font-size:15px;text-decoration:=
 none;">Blog</a>
                            </td>
                            <td align=3D"center" valign=3D"middle" style=3D=
"line-height:10px;width:100px;font-size:0;border-right:1px solid white"> <a=
 href=3D"http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgK=
nuOPR253EGlXpCU4pSzLNyz-2FYFvsY2pHxzgRFyyU8tS3CTpudfs6etk3Ay1mq621EcVusheTR=
nS03aXESBnmAI-3D2rpC_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9=
J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoi=
IUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA=
4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhM=
HJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEO=
uD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYs=
abe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsI=
rDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeuvTv9A6rihiPNYNvAaG6hP9FAKedHb5=
XLhFe1i0bC2-2BmMF4ZD7QvG2JNj2C3sEspFJPZPcTDRktb2KWKZpQZjkga689nqyOsjrh87sGT=
679S9pjMXY4Uaq0wzb8-2FrDOHQhZgkH-2FN6b7Je7Sr-2F20TFcC636gl0ewNPJXO3rcPenI-3=
D" class=3D"footer-url" style=3D"line-height:10px;color:white;font-size:15p=
x;text-decoration: none;">App</a>
                            </td>
                            <td align=3D"center" valign=3D"middle" style=3D=
"line-height:10px;width:130px;font-size:0;"> <a href=3D"http://ablink.news.=
crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKhz-2FsdaeX95a6FAmqscALNqBvyT=
6Oz6mTJnr-2Fm6BIFnPiAENZhh7lTVQrfvq-2FBn2pg-3D-3DAafX_OBO3IQuqUsPJ6kEUWjpje=
Aqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN=
5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDc=
Rs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbH=
T0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0=
G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6Dl=
ZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMdu=
DzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2=
FenIGnLiTACvrZqU5k4VuyEH2rQIshEs72gsTu-2BJnAajEZ08VwU1ilNpTRvbWRd1KlQxw-2Fk=
78NwI5uj3bagtrmt-2FPJfilujBJtCnn1fENqYJFIk21PtDNAFrZJAeYqN0dfCf2Np1cHJu66TJ=
TvZiyfGYYGYau6px5vRHAlCiEeKPs-3D" class=3D"footer-url" style=3D"line-height=
:10px;color:white;font-size:15px;text-decoration: none;">
                                    Exchange</a> </td>
                        </tr>
                        <tr>
                            <td height=3D"16" style=3D"font-size:10px; line=
-height:10px;">&nbsp;</td>
                        </tr>
                    </table>
                    <!--[if (gte mso 9)|(IE)]> </td></tr></table><![endif]-=
->
                </td>
            </tr>

            <tr bgcolor=3D"#111C37">
                <td align=3D"center" valign=3D"top" width=3D"100%">
                    <!--[if (gte mso 9)|(IE)]> <table align=3D"center" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"600"> <tr> <td align=
=3D"center" valign=3D"top" width=3D"600"><![endif]-->
                    <table align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" width=3D"100%" style=3D"max-width:464px;">
                        <tr>
                            <td align=3D"center" valign=3D"top" style=3D"fo=
nt-size:0;">
                                <!--[if (gte mso 9)|(IE)]> <table align=3D"=
center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td align=3D=
"left" valign=3D"top" width=3D"70"><![endif]-->
                                <div style=3D"display:inline-block; max-wid=
th:70px; vertical-align:middle; width:100%;">
                                    <a href=3D"http://ablink.news.crypto.co=
m/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKvZUVjRlhP5-2BFAJgT0L-2BI-2Bc-2F0ILSP0=
reOE8kFnXI4uxoEeNpdgG9GpKShfwtjrCAFg-3D-3DVpCu_OBO3IQuqUsPJ6kEUWjpjeAqs616A=
-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk=
3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAG=
ExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0Bjnng=
SKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxe=
e55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSx=
UJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732S=
CpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeXY2WV=
64G-2FN2OtxRvmlmZLvlaz1PPZ9FAI-2BWQdnqPDkvPPX03nqjy0zeZbWAagTxmm3K6d2yjfIdw=
Kvxt6SNhjsAt-2FfIqfaMF1SR7iTlK9frO-2BUM3GrDAU8OZjk3brBJqxvTUDfR-2B3HjL38pal=
Vu8HRd-2Bhtdm-2FyA9nbLQ0lOJQCE-3D" target=3D"_blank"> <img class=3D"footer-=
icn" height=3D"24" width=3D"24" src=3D"https://braze-images.com/appboy/comm=
unication/assets/image_assets/images/62733839e8e16e5af24db498/original.png?=
1651718201">
                                    </a>
                                </div>
                                <!--[if (gte mso 9)|(IE)]> </td></tr></tabl=
e><![endif]-->
                            </td>
                            <td align=3D"center" valign=3D"top" style=3D"fo=
nt-size:0;">
                                <!--[if (gte mso 9)|(IE)]> <table align=3D"=
center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td align=3D=
"left" valign=3D"top" width=3D"70"><![endif]-->
                                <div style=3D"display:inline-block; max-wid=
th:70px; vertical-align:middle; width:100%;">
                                    <a href=3D"http://ablink.news.crypto.co=
m/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKg54z-2Bu-2B3NYpZxS3unVnTJ0urmN4DoIrJJ=
ea2PXfnlIJpTnOJ46EHztLEfqgFQRenpGhBTLJ1heMF6-2F8IPCTmqE-3Did0P_OBO3IQuqUsPJ=
6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuO=
ex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8H=
eEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq=
1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589=
-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeR=
JVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7H=
gj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEg=
HPHPZsS-2Fe7nWoOJaLjawrIq6uX3n5U3pVx96LUEr5CGOW14WKSzhkBhinzpXTEBybUu64bgV-=
2BjZ8nNLqXjVlVBEfQqRVxNpMa8BlKVGZPqj0TozEkrrHnI6Ba-2BmO9Vocdgm6qOR5V-2BKjI0=
uFMTjFW9iLCBudfeOyRLV7-2BfS2u7-2FCyZpzxK-2Bc-3D" target=3D"_blank"> <img cl=
ass=3D"footer-icn" height=3D"24" width=3D"24" src=3D"https://braze-images.c=
om/appboy/communication/assets/image_assets/images/6273385ece878c30ff43ee8c=
/original.png?1651718238">
                                    </a>
                                </div>
                                <!--[if (gte mso 9)|(IE)]> </td></tr></tabl=
e><![endif]-->
                            </td>
                            <td align=3D"center" valign=3D"top" style=3D"fo=
nt-size:0;">
                                <!--[if (gte mso 9)|(IE)]> <table align=3D"=
center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td align=3D=
"left" valign=3D"top" width=3D"70"><![endif]-->
                                <div style=3D"display:inline-block; max-wid=
th:70px; vertical-align:middle; width:100%;">
                                    <a href=3D"http://ablink.news.crypto.co=
m/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrm-2F1cKDJne6TzmeR-2Fr-2BEDc2QRxhVCKw=
w1Rin-2FZGb6XGagORR-2FADSCyTvAXJ4eMuG2YMQ8-2BUtODXPkimnMoEnMA-3DC2X__OBO3IQ=
uqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8=
S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2=
FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-=
2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EO=
Ow4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjy=
sJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8Xq=
O84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQO=
unfHEgHPHPZsS-2Fes14-2F2D7eAaFTKbZrao9zbjLd785fc43bP4FGdqp2-2FNveSUtImILElx=
HP8gy5Z3Z2d70ww3xr-2B9-2FlAd1iUShxF3ms2RYEkos-2B07CCKb533Tg0upswLKRkm19vaRy=
y8okPkub9ygScT2akK5JaqYvH5HjhfKs5WVpvGqEHnxQMVv4-3D" target=3D"_blank"> <im=
g class=3D"footer-icn" height=3D"24" width=3D"24" src=3D"https://braze-imag=
es.com/appboy/communication/assets/image_assets/images/627338830e4bfb66f454=
769a/original.png?1651718275">
                                    </a>
                                </div>
                                <!--[if (gte mso 9)|(IE)]> </td></tr></tabl=
e><![endif]-->
                            </td>
                            <td align=3D"center" valign=3D"top" style=3D"fo=
nt-size:0;">
                                <!--[if (gte mso 9)|(IE)]> <table align=3D"=
center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td align=3D=
"left" valign=3D"top" width=3D"70"><![endif]-->
                                <div style=3D"display:inline-block; max-wid=
th:70px; vertical-align:middle; width:100%;">
                                    <a href=3D"http://ablink.news.crypto.co=
m/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKoalAdetd8HQ8x80Eas2uiN4BB-2BTg74rn9wT=
0k4L40YpH09K6URV9r4GNxR5SDZC4b6RvrREvx0Xp142nBTIkY4-3DCXMu_OBO3IQuqUsPJ6kEU=
WjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7v=
HB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZk=
ByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8=
ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FR=
rhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVki=
sZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3U=
uEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHP=
ZsS-2FeqN9szmuA6Bf4Gqv3fTXe56z0pBApPjDSmQuGd1G3lTVHKOOaM-2Fe8I-2F46MQT8UuB3=
FAijXlgw-2FPoDonEBBJmfrHVRs4BpI-2Ff5-2BvLt-2FAK7mv3Cmm2IKZx2UXSUf1lvoorzGpT=
kFNy9tx796eQbzEJR3I-2B2nGN8KoCvXBzD-2BrwcDSc-3D" target=3D"_blank"> <img cl=
ass=3D"footer-icn" height=3D"24" width=3D"24" src=3D"https://braze-images.c=
om/appboy/communication/assets/image_assets/images/627338a5ed2cc4126d6ef297=
/original.png?1651718309">
                                    </a>
                                </div>
                                <!--[if (gte mso 9)|(IE)]> </td></tr></tabl=
e><![endif]-->
                            </td>
                            <td align=3D"center" valign=3D"top" style=3D"fo=
nt-size:0;">
                                <!--[if (gte mso 9)|(IE)]> <table align=3D"=
center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td align=3D=
"left" valign=3D"top" width=3D"70"><![endif]-->
                                <div style=3D"display:inline-block; max-wid=
th:70px; vertical-align:middle; width:100%;">
                                    <a href=3D"http://ablink.news.crypto.co=
m/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKkBQUQXY7CzuT5XCmlUAxG6g6TlrW3KJDkCTqU=
qktRn49ckNRyxvYgi3ccAs5IWvZweBoVdeXi-2Ba6Uk-2FJRe9emj4F2B5qYf6rm4vAWUGUFeRN=
idF_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0l=
K-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alL=
SjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CO=
DJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYY=
tVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQ=
J5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcL=
lM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHw=
Dvp0l7bOQOunfHEgHPHPZsS-2FecQkhpYReqaD6-2FGBF01-2BgVASqxYWnG7iOTZn1-2Bl0Lo7=
K5K8Cp9ze1cg9lRjXmaZaFccdLqdG4PB-2FiuvBGB5sZ5CtPPO6vRochgNWRr-2Flydg2Hfr8DK=
yJLVFUI542tiSY5ILP2HC65KieKBVl7igQCXHyspvbks5wiaCLXVXwNfso-3D" target=3D"_b=
lank">
                                        <img class=3D"footer-icn" height=3D=
"24" width=3D"24" src=3D"https://braze-images.com/appboy/communication/asse=
ts/image_assets/images/627338ca9c37ab4f1dfa14e5/original.png?1651718346">
                                    </a>
                                </div>
                                <!--[if (gte mso 9)|(IE)]> </td></tr></tabl=
e><![endif]-->
                            </td>
                            <td align=3D"center" valign=3D"top" style=3D"fo=
nt-size:0;">
                                <!--[if (gte mso 9)|(IE)]> <table align=3D"=
center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td align=3D=
"left" valign=3D"top" width=3D"70"><![endif]-->
                                <div style=3D"display:inline-block; max-wid=
th:70px; vertical-align:middle; width:100%;">
                                    <a href=3D"http://ablink.news.crypto.co=
m/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKjwHpitIeN-2F5k9CSeVSobURtqCcXR4AltS9s=
bfaZa3P6YPr4Y54eIogQG7P6Ln8-2BkA-3D-3Diw84_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BY=
awst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2=
BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnc=
lJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKCl=
r1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K=
-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJuc=
QtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzF=
cV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FetN-2Fz8gl=
ZS7NjfXb4aym-2FFXlqFH7Jb9myA4Cj3sWvLNNNmye6Vn4E4dRjpSpU3wpnkojE1tWNBatTQmzX=
1nnTfR70ZK7pv2vGnCOX6lAzTBy4B8mhFbTXhAN5t18BWSah6pYrRweMb23-2BoUQC7Yv72nKsg=
Jtrb6ZkxyPiKPYjOBo-3D" target=3D"_blank"> <img class=3D"footer-icn" height=
=3D"24" width=3D"24" src=3D"https://braze-images.com/appboy/communication/a=
ssets/image_assets/images/627338e89c37ab0e96fa1ed6/original.png?1651718376"=
>
                                    </a>
                                </div>
                                <!--[if (gte mso 9)|(IE)]> </td></tr></tabl=
e><![endif]-->
                            </td>
                            <td align=3D"center" valign=3D"top" style=3D"fo=
nt-size:0;">
                                <!--[if (gte mso 9)|(IE)]> <table align=3D"=
center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td align=3D=
"left" valign=3D"top" width=3D"70"><![endif]-->
                                <div style=3D"display:inline-block; max-wid=
th:70px; vertical-align:middle; width:100%;">
                                    <a href=3D"http://ablink.news.crypto.co=
m/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKtGGmU9gF0my-2BQqOneM99nwvmocEzoKPAfcm=
r1G5Q8NbJFlQNr5KbHb2qaA4FNGIjg-3D-3Djey4_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYaw=
st5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG=
-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJ=
C25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1=
HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2=
FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQt=
MLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV=
25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeEIjYv-2Fgyf=
7sJktH3r8oAdhoiIX8pHOXgxzynftBdh7aoREAZCX09-2BbeCqoi4V1MzTLRKQTuVeCfSxlthdz=
dbzr4duxc49r86rb3CW0BCTLil-2B-2Bdb5Jy11dqlOqL5S0sZ0OM6IUn-2Fs9ScUg1mceBgqdV=
5l-2Bsgu52FrNDrMeTOUm0-3D" target=3D"_blank"> <img class=3D"footer-icn" hei=
ght=3D"24" width=3D"24" src=3D"https://braze-images.com/appboy/communicatio=
n/assets/image_assets/images/62733907c1c863739df8e4d8/original.png?16517184=
07">
                                    </a>
                                </div>
                                <!--[if (gte mso 9)|(IE)]> </td></tr></tabl=
e><![endif]-->
                            </td>
                            <td align=3D"center" valign=3D"top" style=3D"fo=
nt-size:0;">
                                <!--[if (gte mso 9)|(IE)]> <table align=3D"=
center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td align=3D=
"left" valign=3D"top" width=3D"70"><![endif]-->
                                <div style=3D"display:inline-block; max-wid=
th:70px; vertical-align:middle; width:100%;">
                                    <a href=3D"http://ablink.news.crypto.co=
m/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKs2Uy4b-2BmbPZ05FVqNlqQuy2iYMt8-2B-2F1=
BD2Gw9IS44Za7cZ30g4cdssBpZmsyl1Ggg-3D-3DkRS8_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2=
BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J=
-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGEx=
nclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSK=
Clr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee5=
5K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJ=
ucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCp=
zFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FetiX3VFe=
1MegOf3ao3Gp60zUqh-2Fb7fzX2x5n-2BOOEl6zrNXsso6POvPX25FcSOAFOKi-2Fo2ooheALvQ=
BGe-2B9TEMJUXHzhYPqHXU9c5rmkAsvliARkkmpxkdON8-2Fbvkno128CAuy71oe-2FyJoiyra5=
dcSdhfaIRpDnTZ6A7-2Fr6MZa-2FDA-3D" target=3D"_blank"> <img class=3D"footer-=
icn" height=3D"24" width=3D"24" src=3D"https://braze-images.com/appboy/comm=
unication/assets/image_assets/images/62733935e8e16e378b4db528/original.png?=
1651718453">
                                    </a>
                                </div>
                                <!--[if (gte mso 9)|(IE)]> </td></tr></tabl=
e><![endif]-->
                            </td>
                        </tr>
                    </table>
                    <!--[if (gte mso 9)|(IE)]> </td></tr></table><![endif]-=
->
                </td>
            </tr>

            <tr bgcolor=3D"#111C37">
                <td align=3D"center" height=3D"100%" valign=3D"top" width=
=3D"100%">
                    <!--[if (gte mso 9)|(IE)]> <table align=3D"center" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"600"> <tr> <td align=
=3D"center" valign=3D"top" width=3D"600"><![endif]-->
                    <table align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" width=3D"100%" style=3D"max-width:600px;">
                        <tr>
                            <td align=3D"center" valign=3D"top" style=3D"li=
ne-height:21px;font-size:12px;color:#fff;padding:0px 10px">
                                <p><b>Contact us
                                        at:</b><br>
                                    <a href=3D"mailto:contact@crypto.com" t=
arget=3D"_blank" style=3D"color:#FFF;margin:0;text-decoration: underline">c=
ontact@crypto.=E2=80=8Ccom</a>
                                </p>
<br><i> Copyright =C2=A9 2023 Crypto.=E2=80=8Ccom, All Rights Reserved.</i>
                            </td>
                        </tr>
                        <tr>
                            <td height=3D"32" style=3D"font-size:10px; line=
-height:10px;">&nbsp;</td>
                        </tr>
                    </table>
                    <!--[if (gte mso 9)|(IE)]> </td></tr></table><![endif]-=
->
                </td>
            </tr>

             <tr bgcolor=3D"#fff">
                <td align=3D"center" height=3D"100%" valign=3D"top" width=
=3D"100%">
                    <!--[if (gte mso 9)|(IE)]> <table align=3D"center" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"600"> <tr> <td align=
=3D"center" valign=3D"top" width=3D"600"><![endif]-->
                    <table align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" width=3D"100%" style=3D"max-width:600px;">
                        <tr>
                            <td height=3D"24" style=3D"font-size:10px; line=
-height:10px;">&nbsp;</td>
                        </tr>
                        <tr>
                            <td align=3D"center" valign=3D"top" style=3D"fo=
nt-family:Helvetica-Light,Helvetica;font-weight:normal;line-height:16px;fon=
t-size:11px;color:#7a7a7a;padding:0px 10px">
                                <b>Crypto.=E2=80=8Ccom</b>
</td>
                        </tr>
                        <tr>
                            <td align=3D"center" valign=3D"top" style=3D"fo=
nt-family:Helvetica-Light,Helvetica;font-weight:100;line-height:21px;font-s=
ize:11px;color:#7a7a7a;padding:8px 10px">
                           =20
                          =20
                            1111 Br=E2=80=8Cickell Av=E2=80=8Cen=E2=80=8Cue=
 Su=E2=80=8Cite 2=E2=80=8C725=E2=80=8C, Saba=E2=80=8Cdell Fi=E2=80=8Cnan=E2=
=80=8Ccial Ce=E2=80=8Cnte=E2=80=8Cr Bui=E2=80=8Cldi=E2=80=8Cng, M=E2=80=8Ci=
a=E2=80=8Cmi, =E2=80=8CF=E2=80=8CL 3=E2=80=8C31=E2=80=8C31 <br><br>
                            By using our services, you accept the <a href=
=3D"http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKlqGoP=
iKFxcdq8LcwiF-2FaNy49-2BU97dagNHeyq7nafAFH4veRE-2FuhyGcxSGSR73FrYw-3D-3DbQG=
O_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-=
2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZDpoiIUwTvP182hPtk0alLSj=
D-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6uhA4GsGdLoNMTGoUu7CODJ=
k0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0RQhMHJn-2BSetC4S6xgYYtV=
eBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9BlEOuD7VKbBZRaFdLuscQJ5=
YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4wYsabe8kxVVgsRldjTcLlM=
1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0MXsIrDJto46nzpGz17fHwDv=
p0l7bOQOunfHEgHPHPZsS-2FebQVYsKiSFCnZ7fCEuOaXdmu9jPCcN0oBrWbObJ8l6jcjuHDtix=
yBoJaGb4jy33kRlNQy3S-2Bz0FshwXJqGHKoDASPqYwVsoq5PDByk7YCGIQVmHqe6xzsBxAm9RE=
FIxekYpJmrh0jjIhJi77DNHXRVplMxu3AaakZ-2FDYrQWhsQE0-3D" target=3D"_blank" st=
yle=3D"color:#129DFF;text-decoration: none;">Crypto.=E2=80=8Ccom Terms and =
Conditions</a>
                           =20
                        </tr>
                        <tr>
                            <td align=3D"center" valign=3D"top" style=3D"fo=
nt-family:Helvetica-Light,Helvetica;line-height:14px;font-size:11px;color:#=
898A8D;padding:0px 10px">
                                You are receiving this message because you'=
ve agreed to receive marketing communications from Crypto.=E2=80=8Ccom.<br>=
If you would like to stop receiving promotional emails from Crypto.=E2=80=
=8Ccom, click <a style=3D"color:#129DFF;text-decoration: none;" href=3D"htt=
p://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKhMuAa4XooxzP=
-2FcOb2wx3WuKLhGMb-2BMOGnmIYbSrZwvFbYqRInmBqPu9I-2F0O6DFX6ME0rwXVBg2vmrt-2F=
aBT7Nt2Oa8LC7MsANlfqZv60UtxEJy3nxnB40DvyRmsuKai2BPggTPiEcI-2BBJOx9By9x63RtF=
qBqZNq1hp-2FaVCPUCRiuWzqmGt1HNaEFANjE9x2vh7XdjjVa7PHEGOS24zTBn7t0N4pgH9lrm9=
KbdArNW1zhi5amMGX4WTYBDKnKLU5YMTbrSjN7pl2suiYNQL91jPemzwRL3e-2BU7QYSfWczDUI=
-2BEEt66aj424ldYLOU4MISf11bejiBPTymEv4Z5g0PTB5c4z7QXo4xRcivbn-2Bm-2B2ERSmu-=
2FaQuM7t4lM1qKwbmAIe0gJ0mgkSkFFbm-2BzOzwRMsc3YELcnR4z2xm0UR6rHqwIuztvXEeJsj=
ZvwRJt0cShNxKBhzha-2FyK9axGglAbZVAWWXjwJqfCdPFxWWwA9i5rIzYS7QB2n-2Bs2vYiFYB=
y1VSdPNE0vOtkfJTVWXinbuu4DfKgGw5hgg9Wpp-2BxgoazmC1g5QgbNXN6t5YyeBYsjHsq2MTc=
723Dji0cjpNsEoqY-3DAd2K_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148=
fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6fN5MsExvk3J-2BG-2B4nZ-2BNK1eApZD=
poiIUwTvP182hPtk0alLSjD-2FU2-2FOlo8HeEZkByCDcRs-2BAGExnclJC25WICE5v52LIjFj6=
uhA4GsGdLoNMTGoUu7CODJk0Kz9E9-2Fjxbq1Zw8ZFKbHT0BjnngSKClr1HA1TU9hQ4-2B3dX0R=
QhMHJn-2BSetC4S6xgYYtVeBEcB7EOOw4589-2FRrhwe0G22UOxee55K-2FiGIDC7BE-2FYtO9B=
lEOuD7VKbBZRaFdLuscQJ5YJ1sxgjysJQLeRJVkisZ6DlZiweRSxUJucQtMLnq-2FdoKGpkBhf4=
wYsabe8kxVVgsRldjTcLlM1889P8XqO84R7Hgj3UuEMduDzT732SCpzFcV25DvNhVQMFhHUQw0M=
XsIrDJto46nzpGz17fHwDvp0l7bOQOunfHEgHPHPZsS-2FeGcWP5640lIn4kCj6aSOnstbwWXuq=
p5F4nxL4Ao67z7T15-2Fl-2FDg604WTq45LEZ0weiN68fUnZK5AWwXUZZ7mfspstlZW14iIHSff=
YVLPR2iKHykKy37Iv7q-2FruTLnUjOXEUrrBQvyVFFDrLFbaKaqGB-2F6-2BdnOMMAU1AG3L9Ne=
L4w-3D">here</a>. <br>(you will stop receiving emails about exclusive offer=
s and benefits)</td>
                        </tr>
                    </table>
                    <!--[if (gte mso 9)|(IE)]> </td></tr></table><![endif]-=
->
                </td>
            </tr>
        </table>
    </center>
<img src=3D"http://ablink.news.crypto.com/wf/open?upn=3DVxlAuX98jGTImtRfy8q=
SMvFeU3812kjwMemWAB7tTXsEyxEy5400H6cYHosHKluV-2BRSNOxD7qFLuZZv3xsTPO8fgB-2F=
q0yPcAK1srkZXDoTI13Ar9yZfFpwmmckL56GXTy5VKKMfIoCI-2BBFHgH-2BWvXcwhYhAMQ90wC=
ddo4gutDcgHPGMgeNZltiZ0g12C7RS1qPwroCJr4IoNjvlPc46d30oV-2FdjNOFAl81GM64Hb73=
BmwJLM76KBRlQnleXOoRF6sYvOUK0MYkelY5krTkNTgt4KbsvuqvIjKshagFRcQz9lbDi3ZaOhK=
GhXiXylINzGn0u1f9hlniDW9bEHyLR-2BqIwrMtlqi-2FHvdv7Od7lofB6Lrq2SPNrqCN4NF-2F=
ifZ8UMJ39dQk4xBIsFr-2FrAtgbghTCvMDBQimxS9tAX5q4-2B8ALfm8AGTsKbHOfZOpWEFuc8X=
huYJTsfJTRg0ynnzC7gjpYlBW3EXtYWLfWnV-2B4SbzG3vWysjhECAIz4FgL-2F54YOBo7YSH0W=
rNBApa-2B4JyakgkQEt2zUKZC4ujLhwJUAF3WU6ZYv-2FBM8wAdjs12nmjcyqt33cAULB-2BrN2=
4Bu9ytpTiEIWaWZclneD8r4vTfKeEyKup4mISE5dXVadomr6AVq1QPYDcpXiBX3gDHRl-2FNuBc=
mvXmTbTceM1Dkjldm0jSQ-3D" alt=3D"" width=3D"1" height=3D"1" border=3D"0" st=
yle=3D"height:1px !important;width:1px !important;border-width:0 !important=
;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !importa=
nt;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !impo=
rtant;padding-right:0 !important;padding-left:0 !important;"/></body>

</html>

--175faa78f42f4d4149007ae6d7f807181ae2585fb80f1a1def976c555146--