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As referenced in Hashdex’s latest article, Ethereum’s recent Pectra upgrade has aligned with a stellar performance for its native asset, ether (ETH), which achieved its strongest weekly gain since 2021. While the broader crypto market has benefited from a temporarily calmer geopolitical environment amid global trade tensions, ETH’s outperformance relative to overall crypto markets is particularly notable.

Such a rally can be mainly attributed to two factors: first, a recovery from prolonged price suppression and negative market sentiment; second, the Pectra upgrade’s significant enhancements to Ethereum’s scalability. These improvements position the network to support growing adoption, resonating with Eric Trump’s observation at TOKEN2049 that crypto is entering its “dial up phase” of mainstream integration.

For investors, it’s important to underscore that despite ETH’s recent gains suggesting a potential reversal in its USD and BTC pairs, sustained momentum, possibly with consolidation and a further move in weeks, is needed to confirm a lasting recovery.

Market Highlights

Ethereum Pectra upgrade adds new features

Ethereum has successfully implemented the Pectra upgrade, marking its most significant network enhancement since the 2022 Merge, aiming to improve transaction efficiency, wallet usability, and staking mechanisms.

This marks another step in Ethereum’s roadmap toward becoming a blockchain capable of supporting global adoption with strong security.

First state to sign Bitcoin Reserve Bill into law

New Hampshire has signed a bill requiring the state treasury to explore holding Bitcoin as a reserve asset.

This legislative step reflects growing state-level interest in Bitcoin’s role as a financial hedge and could set a precedent for broader adoption in public finance.

Stripe to launch stablecoin financial accounts

Stripe had already introduced an AI model to enhance payment processing and fraud detection, while deepening its crypto footprint through broader USDC support.

Now, with a stablecoin balance on Stripe, clients get dollar access and can send and receive funds globally in both US dollars and stablecoins in over 100 countries.

Market Metrics

This week, all NCITM constituents delivered strong performances, with most gaining near or above double digits. The standout performers were UNI (+37.2%), which reached a major milestone of $3 trillion in all-time swap volume, and ETH (+37.5%), following its significant Pectra upgrade. This stellar performance contributed to NCITM’s overall gain of 12.4%, marking the first time in months it outperformed its largest constituent, Bitcoin (+9.4%).

This week, the NCITM delivered a stellar 12.4% return, significantly outperforming traditional indices like the Nasdaq 100 (-0.2%) and the S&P 500 (-0.5%), which posted negative results. As a result, NCITM has now surpassed both indices on a year-to-date basis and returned to positive territory, up 4.7%. This upward move may be attributed to an improving macroeconomic environment, aided by tamer US inflation and less noise coming from Trump’s tariff wars, as well as renewed institutional interest for regulated crypto products and key developments in crypto fundamentals, such as Ethereum’s recent Pectra upgrade and New Hampshire’s Bitcoin reserve initiative.

In a historic step for US crypto policy, New Hampshire and Arizona have passed laws establishing a Strategic Bitcoin Reserve, officially allowing the states to buy and hold Bitcoin as part of their financial reserves. This move has sparked speculation about when other states, and especially the Trump-led federal government, will begin purchasing Bitcoin and other crypto assets.

Michael Saylor started it, but now everyone wants a slice of Bitcoin

Bitcoin advocate and Strategy founder, Michael Saylor, sparked the trend of adding Bitcoin to corporate balance sheets in 2020, and now it’s gaining momentum. In just the first five months of 2025, companies have invested an estimated $25 billion in Bitcoin. Find out why and how businesses are betting big on Bitcoin.

Inside TOKEN2049 Dubai: What it means for crypto exchange-traded products

TOKEN2049 Dubai brought together the brightest minds in crypto, from developers and founders to top-tier investors and asset managers. Amid the excitement, one clear trend emerged: crypto exchange-traded products (ETPs) are rapidly becoming the preferred entry point for both institutional and retail investors. Dive into the key takeaways.

Research Newsletter

Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.