Crypto market on the morning of August 10: Bitcoin consolidation, gold tokenization, and ETF withdrawal by Grayscale
Saturday morning, August 10, brought no surprises for the digital asset market: investors are observing a stabilization phase after recent volatility. Key events are unfolding on the institutional front—from regulatory initiatives in the UK to decisions by major players like Grayscale and NYSE. Let's break down what matters right now.
Top coin dynamics: calm before the storm?
Bitcoin (BTC) held near the $65,027 mark as of 08:45 Moscow time. In the afternoon, the flagship cryptocurrency's quotes rose to $65,400, but then corrected to $64,800 before returning to the $65,000 level. This picture points to a battle between bulls and bears over a key psychological threshold.
Ethereum (ETH) is showing similar consolidation: the price fluctuated in a narrow range of $1905–$1935, stabilizing near $1919. Buyer activity is not yet sufficient for a confident breakout to the upside.
Altcoins from the top 10 by market cap also showed low volatility over the past day. Solana (SOL) gained only 1.19%, while Hyperliquid (HYPE) lost 0.68%. This is a typical "sideways" movement that often precedes a significant impulse.
Over the week, the situation looks more interesting. The growth leader among the top 100 was Pump.fun (PUMP), surging by 38.64%. Impressive dynamics were also shown by LayerZero (ZRO)—up 20.36%—and Curve DAO Token (CRV)—up 19.37%. Such spikes are often linked to news triggers or activity from large holders, so I recommend caution when chasing such assets.
Regulatory news: gold and tokenization
The UK's Financial Conduct Authority (FCA) is holding active talks with major banks and industry participants to create a regulatory framework for tokenized gold. New rules are expected to potentially allow the use of such assets as collateral in wholesale markets, with standards set to be published in the coming months. London, which controls about 70% of global gold trading volume, is clearly seeking to strengthen its position by integrating blockchain technology into traditional finance.
Meanwhile, US investment firm Grayscale Investments has withdrawn registration applications for launching three exchange-traded funds (ETFs) for altcoins. According to SEC documents, Form RW filings remove the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF, and Grayscale Polkadot Trust ETF from registration. The reasons for this decision have not been disclosed, but this is not the first time the company has scaled back altcoin initiatives, focusing instead on flagship products, including the spot Bitcoin ETF.
NYSE President Lynn Martin reported the development of its own online platform for settlements of tokenized securities. In July, the exchange already participated in a tokenization pilot project organized by the Depository Trust & Clearing Corporation (DTC). According to Martin, NYSE continues to explore how distributed ledger technology could become foundational infrastructure for global financial markets and a bridge between traditional finance and DeFi.
These events confirm a steady trend toward the institutionalization of the crypto industry. However, the withdrawal of Grayscale's applications is a signal that even major players are revising their strategies amid regulatory uncertainty. For the market, this means that rapid launches of new altcoin ETFs should not be expected, and investors' main attention will likely remain focused on Bitcoin and Ethereum.
My forecast: in the short term, the market will remain in a consolidation phase, and any significant moves will be driven by macroeconomic data and news about regulatory decisions. Watch the $64,800 and $65,400 levels for Bitcoin—their breakout will set the direction for next week.