Crypto news

While the market digested the weekend news, bitcoin (BTC) demonstrated exemplary restraint. At the start of the Asian session, the flagship was trading near $65,027, making limited moves within the $64,800–$65,400 range. This dynamic points to a temporary equilibrium between buyers and sellers, as the market awaits a new catalyst for directional movement. Ethereum (ETH) also showed no volatility, holding positions near $1,919 and fluctuating within a narrow corridor of $1,905–$1,935.

Outsiders and leaders among the top-10 cryptocurrencies by market capitalization showed minimal changes over the day. Solana (SOL) gained a symbolic 1.19%, while Hyperliquid (HYPE) lost 0.68%. Such stability suggests that large investors have taken a wait-and-see stance, unwilling to open significant new positions until the macroeconomic backdrop becomes clearer.

A completely different picture emerges on the weekly horizon. In the top-100, the clear favorite was the Pump.fun ecosystem token (PUMP), which soared by an impressive 38.64%. LayerZero (ZRO) and Curve DAO Token (CRV) also demonstrated solid growth, rising by 20.36% and 19.37%, respectively. Such spikes against a sideways market often signal speculative interest in specific projects rather than a systemic trend.

Regulatory breakthrough in London

The most significant event is unfolding in the United Kingdom. The Financial Conduct Authority (FCA) is actively negotiating with major banks and industry participants to establish a regulatory framework for tokenized gold. The new rules are expected to allow digital assets backed by the precious metal to be used as collateral in wholesale markets. Standards could be unveiled within the coming months. Given that London handles about 70% of global gold trading volume, this move could radically enhance market efficiency and transparency, integrating it with blockchain infrastructure.

Grayscale abandons altcoin ambitions

American investment giant Grayscale Investments has made the unexpected decision to withdraw registration applications for three exchange-traded funds (ETFs). According to documents filed with the SEC, the company is removing Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF, and Grayscale Polkadot Trust ETF from the S-1 registration process. The reasons for this move have not been disclosed, but it is a clear signal of shifting priorities. Grayscale has previously wound down some altcoin fund initiatives, focusing on flagship products, including the spot bitcoin ETF. The company likely decided not to spread resources thin amid intense competition and regulatory approval uncertainty.

NYSE builds a bridge to the future

The New York Stock Exchange (NYSE) is actively preparing for the era of tokenized securities. Exchange President Lynn Martin confirmed the development of its own online platform for settling such assets. In July, the NYSE already participated in a pilot project organized by the Depository Trust & Clearing Corporation (DTC). Martin emphasizes that distributed ledger technology could become the foundational infrastructure for global financial markets and a bridge between traditional finance and DeFi. This step is not merely an experiment but a strategic bet on the full modernization of post-trade processes.

My view: Grayscale's withdrawal of altcoin ETF applications looks like a pragmatic but troubling signal. It may indicate that institutional players do not see sufficient demand for diversified crypto products in the current cycle. However, the parallel development of gold tokenization in London and NYSE infrastructure suggests that market institutionalization is proceeding not through spot altcoin ETFs, but through the tokenization of real-world assets. In my opinion, it is precisely this direction that will become the main driver of the industry's next phase of growth.