• Digital assets produced a mixed performance this week as institutional positioning shifted following July’s strong inflows, while underlying market infrastructure continued to develop.
• Bitcoin traded within a relatively narrow range, briefly falling below $63,000 before recovering to be broadly unchanged as of writing.
• Ether underperformed Bitcoin, declining by approximately -2% over the week as July’s momentum eased.
• Overall market capitalisation remained broadly unchanged at approximately $2.18tn, while Bitcoin dominance held at 58.6%, as record activity across tokenised assets and decentralised trading contrasted with weaker ETF flows.

BNY launches blockchain transfer agency for tokenised funds

• BNY launched a new digital transfer agency capability to support tokenised investment funds, extending blockchain infrastructure into the maintenance of fund ownership records and transaction processing. Baillie Gifford is the first client through the UK’s first fully native regulated tokenised fund, while institutions like BlackRock are expected to adopt the platform in due course.
• The launch represents one of the clearest examples of blockchain moving beyond asset issuance and into core post-trade market infrastructure. By incorporating distributed ledger technology into an established transfer agency, BNY has expanded the practical application of tokenisation within traditional fund servicing.

US spot crypto ETFs record $964m of daily outflows

• US spot Bitcoin and Ether ETFs recorded combined net outflows of approximately $964m on Friday, with Bitcoin ETFs accounting for around $812m and Ether ETFs a further $152m. The reversal followed July’s record inflows and marked one of the weakest sessions for US spot crypto ETFs since launch.
• The withdrawals highlighted a sharp shift in institutional positioning as investors reduced exposure following July’s rally. Despite the scale of the outflows, Bitcoin remained comparatively resilient over the week, suggesting ETF flows and underlying market performance did not move entirely in tandem.

Mastercard completes BVNK acquisition to expand stablecoin infrastructure

• Mastercard completed its acquisition of stablecoin infrastructure provider BVNK this week, following the agreement announced earlier this year. The transaction brings BVNK’s infrastructure for stablecoin payments, tokenised deposits and digital asset settlement directly into Mastercard’s global payments network.
• The completion moves Mastercard beyond partnerships with digital asset firms towards direct ownership of core stablecoin infrastructure. As financial institutions continue to develop blockchain-based payment capabilities, the acquisition further integrates stablecoin settlement into one of the world’s largest payments networks.

Tokenised real-world assets reach record $32.1bn market capitalisation

• The tokenised real-world asset market reached a record capitalisation of $32.1bn during July, continuing its expansion across government securities, investment funds, commodities and other traditional financial instruments.
• The latest growth reflected continued deployment of tokenised products by asset managers and financial institutions, with the sector increasingly characterised by regulated production deployments rather than pilot programmes. The milestone further reinforced tokenisation’s growing role within conventional capital markets.

Decentralised exchanges capture record 24% of spot trading

• Decentralised exchanges accounted for a record 24% of global cryptocurrency spot trading volume during July, representing the highest share recorded for on-chain trading venues.
• The increase reflects continued improvements in decentralised market infrastructure, including liquidity, execution and trading efficiency. Rather than replacing centralised exchanges, on-chain trading is becoming an increasingly established component of the wider digital asset market, illustrating the continued development of decentralised financial infrastructure.

This weekly financial roundup is for informational purposes only and is not financial, investment, or legal advice. Information is taken from public sources and Nickel takes no responsibility for its veracity. The information was sourced around the time of publication but may become out of date, even over short periods of time. Consult a professional before acting.