The crypto market is holding its breath: gold tokenization, Grayscale's ETF withdrawal, and NYSE ambitions
While most market participants were resting, several landmark events occurred in the crypto industry that could determine the sector's development trajectory for the coming months. From regulatory initiatives in the UK to unexpected moves by major players, we break down the key moments that cannot be ignored.
Market in numbers: Bitcoin and altcoins
The flagship cryptocurrency demonstrated classic sideways dynamics. At the time of analysis, around 08:45 Moscow time, BTC was trading near the $65,027 mark. Within half an hour, quotes made a short-term surge to $65,400, followed by a pullback to $64,800 and subsequent stabilization around $65,000. Such consolidation indicates the absence of clear dominance by buyers or sellers, which often precedes a significant move.
Ethereum also showed no volatility, holding in a narrow range of $1905–$1935, with a base price of around $1919. The top-10 coins by market capitalization showed minimal changes over the day: Solana (SOL) gained only 1.19%, while Hyperliquid (HYPE) lost 0.68%. This confirms a phase of "compression," when the market accumulates energy for a breakout.
A more interesting picture emerged among the outsiders and weekly leaders. In the top-100 by market capitalization, the Pump.fun (PUMP) token stood out, surging an impressive 38.64%. It was followed by LayerZero (ZRO) with a gain of 20.36% and Curve DAO Token (CRV), which rose by 19.37%. Such spikes are often linked to local news drivers, but in this case, they look like speculative interest against a backdrop of general calm.
Regulatory developments: tokenized gold
The most significant event was the start of negotiations by the UK's Financial Conduct Authority (FCA) with major banks and industry players on creating a regulatory framework for tokenized gold. This step is not just a formality. London already controls about 70% of global gold trading volume, and the introduction of tokenization could radically improve market efficiency, making it more transparent and accessible.
New standards, which could be published as early as the coming months, will likely allow tokenized gold to be used as collateral in wholesale markets. This would become a bridge between traditional finance and digital assets, opening new horizons for institutional investors. I view this as one of the most important signals for the market: regulators are beginning not just to observe but to actively integrate blockchain into classical financial instruments.
Strategic pivot by Grayscale
American investment giant Grayscale Investments has decided to withdraw registration applications for the launch of three exchange-traded funds (ETFs) for altcoins. According to SEC documents, the company filed Form RW, terminating the registration of the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF, and Grayscale Polkadot Trust ETF. The reasons for this move have not been disclosed, but this is not the first such initiative.
Previously, Grayscale had already wound down some altcoin products, focusing efforts on flagship directions, including the spot Bitcoin ETF. This could indicate a reassessment of priorities amid intense competition and regulatory uncertainty. For the market, this is rather a negative signal, as it delays the arrival of institutional capital into these assets.
NYSE prepares the infrastructure of the future
President of the New York Stock Exchange (NYSE) Lynn Martin announced the development of its own online platform for settlements of tokenized securities. This is a logical continuation of the exchange's participation in the Depository Trust & Clearing Corporation (DTC) pilot project in July. Martin emphasizes that distributed ledger technology could become the foundational infrastructure for global financial markets and a bridge between traditional finance and DeFi.
Creating its own platform is not just an experiment but a strategic bet on modernizing post-trading processes. The NYSE clearly intends to take a leading position in the new financial ecosystem where blockchain plays a key role.
My view: The market is at a bifurcation point. On one hand, we see a clear cooling of institutional interest in altcoins from Grayscale; on the other, active construction of regulatory and infrastructure bridges in the UK and the US. Tokenization of gold and the NYSE's efforts are long-term drivers that could lead to a massive influx of capital. However, in the short term, the lack of volatility in BTC and ETH suggests that players are waiting for a clearer signal. Watch the $64,800 and $65,400 levels — a breakout of either will set the direction for the coming weeks.