The crypto market is holding its breath: gold tokenization, Grayscale's ETF withdrawal, and NYSE ambitions
While the market showed minimal volatility, serious infrastructure changes were brewing behind the scenes. The British regulator is discussing rules for tokenized gold, Grayscale has withdrawn applications for three ETFs, and NYSE is building its own platform for settlements on tokenized securities.
Market in a sideways trend: bitcoin and ether stable
The trading session on August 10 turned out to be surprisingly calm. Bitcoin (BTC) held near the $65,027 mark by 08:45 Moscow time. After noon, quotes of the flagship coin briefly rose to $65,400, but then pulled back to $64,800, after which the asset stabilized around $65,000. This dynamic suggests that the market is in a consolidation phase, awaiting a new driver for directional movement.
Ether (ETH) also did not delight traders with surges. The price of the second-largest cryptocurrency by market cap fluctuated in a narrow range of $1905–$1935, settling near $1919. Altcoins from the top 10 by market cap showed a similar picture: Solana (SOL) gained only 1.19%, while Hyperliquid (HYPE) fell by 0.68%.
However, on a weekly horizon, the situation looks more interesting. The leader in growth among the top 100 was Pump.fun (PUMP) with an impressive gain of 38.64%. Solid dynamics were also shown by LayerZero (ZRO) and Curve DAO Token (CRV), which rose by 20.36% and 19.37%, respectively.
Tokenization of gold: London prepares the groundwork
The UK Financial Conduct Authority (FCA) is actively negotiating with major banks and industry participants to create a regulatory framework for tokenized gold. According to my information, the new rules may allow the use of digital tokens backed by gold as collateral in wholesale markets. Standards are expected to be published in the coming months.
This is an extremely significant step. London currently accounts for about 70% of global gold trading volume, and British authorities clearly intend to maintain leadership through the adoption of tokenization. Essentially, this is about modernizing one of the most conservative markets, which could open new opportunities for institutional investors.
Grayscale winds down altcoin initiatives
American investment company Grayscale Investments has withdrawn registration applications for three exchange-traded funds (ETFs). According to SEC documents, Form RW filings, which withdraw S-1 registrations, were submitted for the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF, and Grayscale Polkadot Trust ETF. The reasons for this decision are not disclosed in the documents.
This is not the first time the company has wound down altcoin projects, focusing on core products, including the spot bitcoin ETF. Obviously, Grayscale is reassessing priorities amid fierce competition for institutional capital.
NYSE builds a bridge between TradFi and DeFi
President of the New York Stock Exchange (NYSE) Lynn Martin announced the development of an online platform for settlements on tokenized securities. In July, NYSE already participated in a tokenization pilot project organized by the Depository Trust & Clearing Corporation (DTC).
According to Martin, the exchange continues to explore how distributed ledger technology can serve as foundational infrastructure for global financial markets and become a bridge between traditional finance and DeFi. The creation of its own platform confirms NYSE's commitment to modernizing post-trading processes.
My view: Grayscale's withdrawal of applications is not a negative signal, but rather a pragmatic decision amid uncertainty with the SEC. Meanwhile, the parallel efforts of the FCA and NYSE on tokenization indicate that institutional infrastructure for digital assets is being built much faster than many expect. This is a long-term bullish factor for the entire market that is not yet reflected in prices.