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Crypto Trends

Bitcoin HODLer Selling Cooling Off As ETF Inflows Return

by admin October 3, 2025

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On-chain analytics firm Glassnode has revealed in a report that Bitcoin long-term holder have slowed down distribution after months of selling.

Bitcoin Long-Term Holder Net Position Change Is Now Neutral

In its latest weekly report, Glassnode has talked about how the behavior of the Bitcoin long-term holders has changed recently. The “long-term holders” (LTHs) refer to the BTC investors who have been holding onto their coins since more than 155 days ago.

Statistically, the longer a holder keeps their coins dormant on the blockchain, the less likely they become to sell them at any point. As such, the LTHs with their relatively long holding time are considered to be the diamond hands of the network.

This can make the behavior of this cohort worth keeping an eye on, as shifts in it can have consequences for the cryptocurrency as a whole, considering their standing.

There are many ways to keep track of LTH behavior, with one method being through the Net Position Change metric. This indicator measures, as its name implies, the monthly net change in the Bitcoin supply held by the LTHs as a whole.

Below is the chart for the metric shared by Glassnode that shows the trend in its value over the past year.

Looks like the value of the metric has been negative in recent months | Source: Glassnode’s The Week Onchain – Week 39, 2025

From the graph, it’s visible that the Bitcoin LTH Net Position Change was positive during the first half of 2025, but a shift occurred in July as the indicator flipped into the negative. This implies supply started exiting the cohort.

Something to keep in mind is that while selling from the group can instantly register on the chart, the same isn’t true for buying. When LTH supply rises, it doesn’t mean accumulation is happening in the present, but rather that some buying occurred 155 days ago and those coins have now been held for long enough to become a part of the group.

The LTH distribution continued through August and September, but with the start of October, the Net Position Change has returned back to a neutral value, indicating coins being sold by the group are now being balanced out by tokens maturing past the 155-day cutoff. In other words, their net profit-taking has calmed down.

As the report explains:

This cooling supply pressure suggests that the recent phase of long-term holder profit-taking may be easing, potentially leaving ETFs and new inflows as more decisive drivers of market direction.

The spot exchange-traded funds (ETFs) have also seen a shift recently, as another chart cited by Glassnode shows.

How the netflow related to the US BTC spot ETFs has changed over the last twelve months | Source: Glassnode’s The Week Onchain – Week 39, 2025

As displayed in the graph, the US Bitcoin spot ETFs switched to outflows in late September, but the netflow has once again turned green for these investment vehicles. The analytics firm notes:

Should this renewed demand align with reduced LTH selling, ETFs could provide a stabilizing force, offering a more constructive foundation for price resilience and supporting the conditions needed for a sustainable advance.

BTC Price

At the time of writing, Bitcoin is floating around $119,700, up almost 8% over the last seven days.

The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView

Featured image from Dall-E, Glassnode.com, chart from TradingView.com

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October 3, 2025 0 comments

Crypto Trends

Donald Trump Jr. Calls Media Treatment a ‘Disaster’, Likens Deplatforming to Crypto Debanking

by admin October 3, 2025

In brief

Trump Jr. described his experience with mainstream media as “a disaster,” likening their exclusion from coverage to being debanked.
He said independent outlets, podcasts, and long-form formats fill gaps left by traditional press.
Observers told Decrypt that credibility depends on transparency and accountability, regardless of the outlet.

Donald Trump Jr. told a jam-packed conference room at Token 2049 in Singapore how the media’s unfair treatment of his family had spurred them to create alternative forms of channeling attention and engagement.

Trump, the son of U.S. President Donald Trump and co-founder of World Liberty Financial, said that the crypto project resulted from the First Family’s efforts to foster friendlier coverage.

“I think my overall experience with the media has been, let’s call it, a disaster,” Trump Jr. said. “Where we’re starting to get a fair shake is that the media has discredited themselves so often and so much that the media, like finance, is shifting to alternate forms.”

Trump Jr. and his family have been increasingly active in the digital asset space through multiple projects that seem to have generated massive gains for them, but also drawn blowback from critics who believe the Trumps have been advancing their own interests.

Trump Jr. called “the independent journalism route, the podcasts, people who are talking long-form,” as part of a trend where communication can be construed as “not just delivering a sound bite for whatever corporate powers would have them be doing.”

He said these formats would enable “real” conversations, and offered an opportunity for people outside traditional media to fill a “void.” including his family.

“We got into crypto because—out of necessity—we were debanked, so we came up with a solution,” Trump Jr. said, pointing to how, in the same manner as the media, they were deplatformed, shut down, and thrown off “every platform imaginable.”

Trump Jr. and his brother, Eric Trump, have frequently spoken about facing challenges in the banking industry, with Eric saying earlier this year that “some of the biggest banks in the world” canceled their accounts after President Trump’s first term. Eric Trump further blamed “woke cancel culture” for the trend.

Trump’s comments drew largely favorable reviews from crypto industry observers.

In an interview with Decrypt, Tory Green, co-founder and chairman of decentralized GPU platform io.net, highlighted the importance of “transparency and accountability,” and said that mainstream media often overlooks important details about crypto, for example, which is “why independent outlets matter.”

Alluding to the president’s removal from social media platforms following the January 6 U.S. Capitol attack in 2021, Coin Bureau founder and CEO Nic Puckrin told Decrypt that “deplatforming” was wrong.

“You should have an opinion. You should be able to share it, right?” Puckrin said. “No matter what people think about it, you should be able to [opine], so deplatforming is bad,” although he added that Trump Jr.’s story was “a bit of a spin, of course.”

Cecilia Hsueh, chief strategy officer at MEXC, said that alternative media often did a better job of covering the crypto industry itself than mainstream outlets that miss the industry’s culture and pace.

“Crypto is very unique,” she said. “The way we do things, degen culture—it’s fast, it switches rapidly.”

She added: “Traditional media has “this perception [on crypto] that it’s a speculation first, and then they use that perception to look into what we are doing: all the initiatives, the creative ideas,” although she noted positive changes as “Bitcoin has become a mainstream asset.”

Decrypt reached out to World Liberty Finance and Donald Trump Jr. for additional comment, but did not immediately receive a response.

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October 3, 2025 0 comments

Pepe Coin price nears breakout despite aggressive whale dumping

Crypto Trends

Here’s why Pepe Coin price may miss the Uptober rally

by admin October 3, 2025

Pepe Coin price remains in a deep bear market, and on-chain data and its weak technicals point to a crash in the coming weeks or months.

Summary

Pepe Coin price may not participate in the ongoing Uptober rally.
The token has formed a descending triangle pattern on the daily chart.
Whale and smart money investors have continued dumping the token.

Pepe Coin (PEPE) token was trading at $0.000010 on Thursday, Oct. 2, down by 40% from the highest point in May this year. Its market capitalization has dropped to over $4.2 billion, down from the all-time high of over $10 billion.

Pepe Coin price has technical points to more downsides

The daily timeframe shows that the Pepe price topped at $0.00001645 on May 23 as the crypto market rallied.

Since then, the coin has formed a series of lower lows, with its attempts to rebound facing substantial resistance.

The coin has formed a descending triangle pattern, which consists of a descending trendline and a horizontal support at $0.0000091. The support coincided with the ultimate support level of the Murrey Math Lines tool.

This pattern often leads to a strong bearish breakout, which is normally confirmed when it moves below the support level. If this happens, the next key level to watch will be at $0.00000759, its lowest level in May last year, and the extreme oversold level.

The bearish Pepe price forecast will become invalid if it moves above the descending trendline of the triangle pattern. If this happens, it may rally to the psychological level at $0.000015.

Pepe price chart | Source: crypto.news

On-chain data shows that whales are dumping Pepe tokens

Another reason why the Pepe Coin may not participate in the Uptober rally is that whale investors continue to dumb it, a sign that they expect it to keep falling.

Nansen data shows that whale holdings have dropped by 22% in the last 30 days. These investors now hold 6.11 trillion tokens, down from 7.5 trillion on the same day last month. Historically, whale selling is usually a bearish sign.

The same trend is happening among smart money investors and public figures. Smart money investors have reduced their holdings by 65% in the last 30 days to 912 billion tokens, while public figures have cut their holdings by 65%.

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October 3, 2025 0 comments

Crypto Trends

BTC Breaks $120K With Traders Eyeing Bullish October Rally

by admin October 3, 2025

Bitcoin BTC$120,075.16 broke above $120,000, a level not seen since mid-August, as traders position for a bullish October for risk assets.

The token has been climbing steadily over the past five days, recovering from a late September pullback. Analysts point to renewed optimism around macroeconomic tailwinds that could boost risk assets in the final quarter of the year.

In the derivatives market, BTC futures are flashing bullish signals with open interest reaching a record high of $32.6 billion, suggesting traders are positioning for further upside. On-chain analyst Skew noted that short positions are also piling up, which could create an opportunity for a short squeeze.

Traders will be particularly focused on the next Fed meeting at the end of this month, which could happen without access to a fresh jobs report amid the government shutdown. Treasury Secretary Scott Bessent told CNBC on Thursday that the shutdown could further weaken the economy

“We could see a hit to the GDP, a hit to growth and a hit to working America,” he said.

Though historically the impact of a government shutdown on the economy has been minor, President Donald Trump’s threat to fire roughly 750,000 federal workers could have an effect in the current climate.

Appetite for crypto could also be fueled by hopes for an incoming altcoin season as several applications for altcoin-related spot exchange-traded funds (ETFs) will likely see approval once the government reopens.

Canary Capital’s Litecoin ETF is due for a response today with others facing deadlines between Oct. 10 and 24. The Securities and Exchange Commission (SEC), however, confirmed on Wednesday that it will not review any applications during the shutdown.

Similar to bitcoin, altcoins were trading higher over the past 24 hours, led by DOGE$0.2576 which was up nearly 3%. The CoinDesk 20 Index, which tracks the performance of the 20 largest crypto assets, is 1.5% higher over the same period.

Paul Howard, senior director of crypto trading firm Wincent, was skeptical earlier this week about bitcoin’s rebound, but he flipped bullish seeing the strength of the past days’ advance.

“With $BTC trading back at levels last seen in mid-July, the total market cap is once again above $4 trillion,” he noted. “We have seen a slow grind higher breaking above $115,000, indicating we are now more likely to stay above this level, with a CME gap to lock in the floor at $110,000.”

“I believe we are now set to see a sustained rally above $120,000 in the coming weeks,” he added.

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October 3, 2025 0 comments

Crypto Trends

SEC silent on Canary Litecoin ETF Amid Uncertainties

by admin October 3, 2025

Canary Capital’s spot Litecoin exchange-traded fund is in limbo after the US Securities and Exchange Commission took no action on Thursday, the original deadline for it to make a decision.

The SEC’s silence has left the crypto community uncertain about how the regulator will function amid a federal government shutdown and how its new generic listing standards would affect the timelines of dozens of crypto ETF applications awaiting approval.

Bloomberg ETF analyst James Seyffart and FOX News reporter Eleanor Terrett noted that the old 19b-4 deadlines for crypto ETF applications may no longer be relevant, as the SEC has asked applicants to withdraw them, leaving the S-1 registration statement as the sole document requiring regulatory approval.

Source: Eleanor Terrett

However, overshadowing that is another layer of uncertainty surrounding the government shutdown.

In August, the SEC posted an “Operation Plan” in the event of a government shutdown, stating it would “not review and approve applications for registration.” This includes new financial products, self-regulatory organization rule changes, and reviewing or accelerating the effectiveness of registration statements.

It is unclear whether the SEC’s silence on Canary’s spot Litecoin ETF is solely due to the government shutdown or whether it is also a result of the new generic listing standards, which would render the 19b-4 deadline irrelevant.

Canary withdrew its 19b-4 last week, complicating the matter

Canary withdrew its 19b-4 application on Sept. 25 at the SEC’s request, which may have been a contributing factor to the SEC not deciding on Thursday. It is unclear what impact the 19b-4s will have on applicants who haven’t withdrawn that document.

pic.twitter.com/FmbMfWWaqe

— Litecoin (@litecoin) October 2, 2025

Cointelegraph reached out to the SEC and Canary for comment, but didn’t receive an immediate response.

SEC still open, but in limited capacity

In light of the government shutdown on Wednesday, the SEC stated that it would continue to operate, but with a “very limited” number of staff members available.

The SEC said its Electronic Data Gathering, Analysis and Retrieval (EDGAR) database would remain operational.

Altcoins look to add to $75 billion spot crypto ETF market in US

The market has been bracing for potential approval of several new spot crypto ETFs — including LTC and Solana (SOL) to XRP (XRP), Avalanche (AVAX), Cardano (ADA), Chainlink (LINK) and Dogecoin (DOGE).

Related: House Republicans to probe Gary Gensler’s deleted texts

Any approval would add to the US spot Bitcoin (BTC) and Ether (ETH) ETFs currently available, which have attracted $61.3 billion and $13.4 billion in inflows since their launch last year.

Despite the setbacks, Bloomberg ETF analyst Eric Balchunas said on Monday that the SEC’s new listing standards have bumped the odds of some spot crypto ETF approvals to 100%.

The listing standards are expected to streamline the process under Rule 6c-11, significantly reducing approval timelines, which typically take up to 240 days.

SEC Chair Paul Atkins said the new listing standards will reduce barriers to accessing digital asset products and offer investors more choice.

Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?

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October 3, 2025 0 comments

Crypto Trends

Binance Founder Meets Kazakhstan President, Highlights Crypto Moves

by admin October 3, 2025

Binance founder Changpeng Zhao (CZ) met with Kazakhstan President Kassym-Jomart Tokayev this week, highlighting recent developments in the country’s digital asset policy.

In a post, CZ pointed to three areas: Binance’s local regulatory license, the rollout of the KZTx stablecoin, and the addition of BNB to Kazakhstan’s reserve holdings.These moves reflect broader steps the country has taken to formalize its digital asset framework, which will be examined in more detail below.

New photo, from today. Honored to meet with President Kassym-Jomart Tokayev again 3 year laters. Lots of progress in Astana, Kazakhstan🇰🇿

Binance Licensed
Stablecoin KZTx stablecoin
Crypto Reserve includes #BNB
And much more…

Great city name, too.😆 https://t.co/SdlFqtF8ZK pic.twitter.com/sHHVo7k9XW

— CZ 🔶 BNB (@cz_binance) October 2, 2025

Binance license formalizes operations in Kazakhstan

Binance received regulatory approval to operate locally earlier, allowing it to provide crypto services under Kazakhstan’s digital asset framework.

The license followed the government’s idea to set up rules aimed at attracting global exchanges while maintaining oversight. Meanwhile, the country was a pioneer to launch Central Asia’s First Bitcoin ETF.

KZTx stablecoin launch links to payments and reserves

The KZTx stablecoin was launched as part of Kazakhstan’s broader initiative to integrate digital assets into its financial system.

Authorities had already taken steps in this direction by authorizing USD-backed stablecoins for paying certain regulatory fees, a measure aimed at testing the practical use of digital currencies in state processes

The Alem Crypto Fund, Kazakhstan’s state-backed vehicle for managing digital asset reserves, which recently announced the purchase of BNB for long-term holding.

CZ’s remarks after meeting President Tokayev highlighted steps already underway in Kazakhstan’s digital asset strategy: the licensing of Binance, the launch of the KZTx stablecoin, and the addition of BNB to state reserves.

These developments illustrate how the country is beginning to implement previously announced policies about the digital asset world, with further outcomes depending on how regulatory and market structures evolve.

Also read: Kazakhstan’s RAKS Exchange Dismantled Over Money Laundering

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October 3, 2025 0 comments

Crypto Trends

Ripple Funds UC Berkeley’s New Crypto Research Center

by admin October 2, 2025

Expanding partnership
Main research goals

Enterprise blockchain firm Ripple has allocated $1.3 million to fund a new Center for Digital Assets (CDA) within the engineering school of the University of California, Berkeley.

Notably, the funding has been provided in Ripple’s own Ripple USD (RLUSD) stablecoin.

Expanding partnership

Ripple’s support for UC Berkeley is not new. The San Francisco-headquartered company has been providing financial assistance for one of California’s top universities since 2018 as part of its University Blockchain Research Initiative (UBRI).

Earlier, however, the company was mainly focused on sponsoring research and student programs, but it is now bringing its support to a whole new level with the new center.

Notably, Ripple’s engineers will be working directly with CDA, meaning that this can be viewed as a strategic R&D partnership.

Main research goals

The center’s research will involve advancing the development of blockchain-based assets of the likes of NFTs, creating digital “twins” of physical assets, and coming up with new practical applications of blockchian technology. For instance, blockchain could lead to more efficient inventory management.

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October 2, 2025 0 comments

Crypto Trends

Filecoin (FIL) Rises More Than 4% Amid Wider Crypto Market Rally

by admin October 2, 2025

FIL$2.3890 performed strongly over the last 24 hours with a 4% gain, according to CoinDesk Research’s technical analysis model.

The model showed that the token advanced from a low of $2.25 to a high of $2.38.

Sustained buying pressure persisted despite mid-session volatility around $2.31 support, according to the model.

The recovery pattern reinforced the broader bullish trajectory established throughout the 24-hour period.

On the news front, IoTeX has launched the Real World AI Foundry, a global alliance to create shared standards for AI trained on live data, which Filecoin has joined as an alignment partner, according to a post on X.

The wider crypto market also rose, with the broad market gauge, the CoinDesk 20, up 3%.

Technical Analysis:

FIL posts strong bullish momentum during the 24-hour period advancing from $2.25 to $2.38.
The token established clear support around the $2.31 level with high-volume confirmation during early morning hours.
Resistance emerged near $2.36 with multiple rejections earlier in the day.
Recent price action shows a compelling recovery pattern, as the token broke through resistance at the $2.36 level.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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October 2, 2025 0 comments

Crypto Trends

XRP Reclaims Crucial Price Support: Can Bulls Hold the Line?

by admin October 2, 2025

In brief

XRP surged above $3 today after weeks of sideways actions and bearish sentiment.
Prediction market users on Myriad say there’s a 55% chance XRP hits $4 before dumping back to $2.
The charts suggest caution. Here’s why.

After weeks of sideways chop, XRP—the cryptocurrency created by the founders of Ripple—is making another run at the ever important $3.00 per coin mark.

XRP is up 4% today trading just above $3.00, climbing more than 9% over the last 30 days. It’s enough to claim a top 3 spot in the crypto market, with a market cap above $182 billion.

The move comes as the broader crypto market shows signs of life, with Bitcoin holding steady above $110,000—just above $120K right now—and institutional interest in XRP derivatives reaching new highs with CME’s upcoming 24/7 futures launch.

So are the good times back again for the XRP Army as we march into ‘Uptober’?

On Myriad, a prediction market built by Decrypt’s parent company Dastan, traders are leaning slightly bullish on the Ripple-linked token at the moment. Traders have set the line at 55% that XRP sooner pumps to $4 than dives all the way back down to $2. Those odds have completely flipped relative to where they were just last week, when traders had placed a 56% chance of XRP plummeting.

In other words, the market now appears to see stronger potential for upside on XRP but Myriad traders aren’t yet willing to bet the farm on it. What do the charts have to say about it?

XRP price: Mixed signals beneath the surface

Today’s candlestick shows XRP climbing from an opening price of $2.9485 to test intraday highs of $3.0599—a 3.8% spike from the daily low of $2.9424. This is basically a continuation of a price bounce that started on September 26 when XRP was trading at around $2.70.

While the price action looks encouraging on the surface, a deeper dive into the technicals reveals a more nuanced picture that should give bulls pause before declaring victory.

The charts reveal XRP trapped in a horizontal channel following a descending triangle pattern that was in place since the July highs near $3.80. Today’s move brings the token right to the upper boundary of this channel, creating a critical inflection point that could determine the next major move.

XRP price data. Image: Tradingview

The Average Directional Index, or ADX, for XRP sits at a concerning 14, well below the 25 threshold that confirms trend strength. ADX measures trend strength regardless of direction, with scores above 25 signalling to traders that an actual trend is in place.

This weak reading for XRP suggests the market lacks conviction despite today’s gains—traders typically view ADX below 20 as a sign of directionless, choppy price action where false breakouts are common. Think of it as a car engine running but not in gear; there’s energy but no clear direction.

Meanwhile, the exponential moving averages tell a more optimistic story. Exponential moving averages, or EMAs, give traders an idea of where the price supports and resistances are based on average prices over the short, medium, and longer term.

The 50-day EMA for XRP is hovering around the $3.00 zone, and that’s providing dynamic resistance that coincides perfectly with the psychological round number. This confluence creates a formidable barrier that bulls must decisively conquer. The good news? The 200-day EMA sits comfortably lower at around $2.70, offering a solid safety net well above the bearish threshold. When the 50-day EMA trades above the 200-day, as it does here, it typically signals the longer-term uptrend remains intact even if short-term momentum wavers.

Things are so trendless that both EMAs are running in parallel right now.

The Relative Strength Index, or RSI, is at 57, which places XRP in neutral territory—not overbought enough to trigger profit-taking, but not oversold enough to attract bargain hunters.

All things considered, traders would largely consider this to be an obvious compression scenario. Some may opt to do small trades with supports and resistances acting as triggers for stop loss and take-profit orders, so that this “boring” phrase can be somewhat profitable.

The Squeeze Momentum Indicator showing “on” status would also support this thesis. Combined with all the other neural indicators, this could suggest we’re approaching a decisive moment—but the weak ADX warns the breakout attempt could fail.

To 3 or not to 3, that is the question

Here’s the reality check: $3.00 might be asking too much from XRP right now based on current conditions. The convergence of the 50-day EMA with this psychological level creates a double whammy of resistance that’s proven stubborn in recent attempts. If the coin continues trading sideways, this barrier could hold firm, potentially sending XRP slightly lower to test support.

However, experienced traders would likely avoid opening overly leveraged positions that trigger liquidation near this priceline. This support is weak, and the coin may trade below it without turning bearish in the short term.

The silver lining? The $2.70 zone offers much more solid footing. Not only does this level sit comfortably above the 200-day EMA (maintaining the bullish structure), but it also aligns with previous consolidation areas that have acted as springboards for rallies. This means even if bulls can’t hold $3.00, the correction should find buyers before turning truly bearish.

XRP’s 3% pop today is likely encouraging for bulls, but the technical picture suggests a more cautious approach may be prudent. The ADX at 14 shows this isn’t a trending market yet so neither bulls nor bears have control. The Squeeze indicator warns a big move is coming, but weak momentum metrics suggest it might not be the bullish breakout holders are hoping for.

Smart money should watch for a few daily closes above $3.10 with rising ADX as confirmation of a legitimate breakout. Otherwise, expect more sideways grind with $2.70 as the line in the sand bulls must defend.

Key levels to watch:

Resistance: $3.06 (immediate), $3.14 (channel top), $3.31 (breakout target)
Support: $2.95 (EMA50), $2.70 (strong support), $2.60 (200-EMA zone)

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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October 2, 2025 0 comments

Tokenized stocks dominated by only two firms

Crypto Trends

Tokenized stock market dominated by only two players, study reveals

by admin October 2, 2025

The tokenized stock market is expanding fast, yet nearly all activity is concentrated in Backed and Ondo Global Markets, which dominate trading with popular U.S. tech shares and ETFs. While most offerings are synthetic, platforms exploring true ownership are emerging.

Summary

Tokenized stocks are growing quickly, but the market is almost entirely dominated by Backed and Ondo Global Markets.
Most of these tokenized stocks are synthetic, tracking popular U.S. tech shares and ETFs on Ethereum and Solana, while only a few platforms, like Superstate Opening Bell, are experimenting with giving investors true ownership.
The rapid growth shows blockchain can attract investors fast, but the market remains highly concentrated, and questions about legal status, custody, and pricing persist.

The market for tokenized stocks is growing rapidly, yet almost all of it is dominated by just two companies, with Animoca Brands Research reporting that Backed and Ondo Global Markets together account for 95% of the total market value as of September, a level of concentration that is hard to ignore.

Tokenized stocks are digital versions of regular company shares. They let people trade stocks anytime on blockchain platforms like Ethereum and Solana. It makes investing more flexible and accessible.

Tokenized stocks on-chain | Source: Animoca Brands Research

According to Animoca Brands’ research called “State of Tokenized Stocks,” the on-chain market value of tokenized stocks, excluding EXOD, is about $127 million, which is 14 times higher than earlier this year. Including EXOD, which represents tokenized shares of Exodus Movement Inc., the total rises to $342 million.

The growth, according to the report, mostly comes from Backed’s xStocks and Ondo Global Markets.

Backed and Ondo Global Markets have focused on a handful of popular U.S. tech stocks and broad market ETFs like the S&P 500 and Nasdaq 100. By sticking to well-known assets, they make it easy for investors to understand and trade these tokens, the analysts explain, noting that most tokenized stocks are currently traded on Ethereum and Solana. As of press time, there are two main ways to create tokenized stocks:

Synthetic structure: This model tracks the price of a stock but doesn’t give the investor actual ownership rights. Backed and Ondo Global Markets use this approach, allowing investors to see the stock move in value without handling the underlying share directly.
Native issuance: This type gives investors true ownership rights, similar to holding the actual stock. Superstate Opening Bell is trying this model, starting with Galaxy Digital’s GLXY stock. As Animoca Brands Research explains, Backed and Ondo Global Markets are “key tokenization platforms/issuers using synthetic structures, while Superstate Opening Bell is exploring native issuance, starting with Galaxy stock.”

Backed and Ondo Global Markets have stayed ahead because they were first to launch, Animoca says, adding that they picked popular assets and built platforms that are simple to use. But their dominance also shows that the market is still very concentrated. As Animoca notes, together both Backed and Ondo “account for 95% of the market value.” While other platforms are trying to enter, right now, they make up only a small part of the market.

Tokenized stocks on-chain | Source: Animoca Brands Research

The growth of tokenized stocks also shows how new blockchain products can attract investors quickly. Backed’s xStocks and Ondo Global Markets provide exposure to widely recognized companies, which makes it easier for investors to try blockchain trading without taking on too much risk. But it’s not the same thing as native issuance.

Superstate Opening Bell is experimenting with giving investors actual ownership rights, with the report saying this approach might eventually unlock investors ‘true ownership rights.’

Pre-IPO stocks on Solana

Animoca Brands’ report mainly focuses on public stocks, leaving out private companies or other financial products. That matters because other projects are pushing private shares into retail rails. For example, decentralized trading platform Jupiter recently integrated tokenized pre-IPO stocks to its platform through a tie-up with PreStocksFi, allowing users to trade tokens tied to names like SpaceX, OpenAI, and Anthropic on Solana.

Those tokens are issuer-created tradable claims rather than literal company certificates, and some large holders can request redemption for (USDC) under certain conditions. Redemptions usually require KYC and are handled off-chain through the issuer or an SPV, and liquidity is provided on DEXes like Jupiter and Raydium, so retail traders can buy and sell around the clock.

While that setup works in practice, it also raises concrete questions about legal status, custody, and how prices are set when there is no public market for the underlying shares.

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October 2, 2025 0 comments