• bitcoinBitcoin (BTC) $ 108,517.00
  • ethereumEthereum (ETH) $ 2,545.65
  • tetherTether (USDT) $ 1.00
  • xrpXRP (XRP) $ 2.34
  • bnbBNB (BNB) $ 663.24
  • solanaSolana (SOL) $ 176.90
  • usd-coinUSDC (USDC) $ 0.999795
  • dogecoinDogecoin (DOGE) $ 0.233163
  • cardanoCardano (ADA) $ 0.774317
  • tronTRON (TRX) $ 0.265974
  • staked-etherLido Staked Ether (STETH) $ 2,548.01
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 108,376.00
  • suiSui (SUI) $ 3.65
  • hyperliquidHyperliquid (HYPE) $ 35.39
  • wrapped-stethWrapped stETH (WSTETH) $ 3,065.40
  • chainlinkChainlink (LINK) $ 16.13
  • avalanche-2Avalanche (AVAX) $ 24.23
  • stellarStellar (XLM) $ 0.290478
  • shiba-inuShiba Inu (SHIB) $ 0.000015
  • bitcoin-cashBitcoin Cash (BCH) $ 431.02
  • hedera-hashgraphHedera (HBAR) $ 0.196542
  • leo-tokenLEO Token (LEO) $ 8.78
  • the-open-networkToncoin (TON) $ 3.02
  • litecoinLitecoin (LTC) $ 97.00
  • moneroMonero (XMR) $ 390.83
  • wethWETH (WETH) $ 2,550.21
  • polkadotPolkadot (DOT) $ 4.69
  • usdsUSDS (USDS) $ 0.999664
  • bitget-tokenBitget Token (BGB) $ 5.57
  • wrapped-eethWrapped eETH (WEETH) $ 2,717.56
  • pepePepe (PEPE) $ 0.000015
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.01
  • pi-networkPi Network (PI) $ 0.755710
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • whitebitWhiteBIT Coin (WBT) $ 31.93
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 108,615.00
  • bittensorBittensor (TAO) $ 444.06
  • daiDai (DAI) $ 0.999923
  • aaveAave (AAVE) $ 245.10
  • uniswapUniswap (UNI) $ 6.09
  • nearNEAR Protocol (NEAR) $ 2.89
  • aptosAptos (APT) $ 5.56
  • jito-staked-solJito Staked SOL (JITOSOL) $ 213.23
  • okbOKB (OKB) $ 52.13
  • ondo-financeOndo (ONDO) $ 0.966183
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • internet-computerInternet Computer (ICP) $ 5.44
  • kaspaKaspa (KAS) $ 0.109924
  • crypto-com-chainCronos (CRO) $ 0.096418
  • ethereum-classicEthereum Classic (ETC) $ 18.84
  • tokenize-xchangeTokenize Xchange (TKX) $ 34.91
  • official-trumpOfficial Trump (TRUMP) $ 13.36
  • gatechain-tokenGate (GT) $ 21.45
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.17
  • render-tokenRender (RENDER) $ 4.93
  • vechainVeChain (VET) $ 0.029049
  • mantleMantle (MNT) $ 0.737827
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.915902
  • ethenaEthena (ENA) $ 0.398596
  • cosmosCosmos Hub (ATOM) $ 5.05
  • worldcoin-wldWorldcoin (WLD) $ 1.47
  • usd1-wlfiUSD1 (USD1) $ 1.01
  • susdssUSDS (SUSDS) $ 1.05
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.241724
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 107,674.00
  • algorandAlgorand (ALGO) $ 0.231644
  • arbitrumArbitrum (ARB) $ 0.405991
  • filecoinFilecoin (FIL) $ 2.94
  • fasttokenFasttoken (FTN) $ 4.40
  • celestiaCelestia (TIA) $ 2.82
  • bonkBonk (BONK) $ 0.000023
  • jupiter-exchange-solanaJupiter (JUP) $ 0.588334
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.993352
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.65
  • sonic-3Sonic (prev. FTM) (S) $ 0.505075
  • fartcoinFartcoin (FARTCOIN) $ 1.55
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,561.12
  • binance-staked-solBinance Staked SOL (BNSOL) $ 186.40
  • blockstackStacks (STX) $ 0.943190
  • kucoin-sharesKuCoin (KCS) $ 11.41
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,660.52
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 2.06
  • optimismOptimism (OP) $ 0.768659
  • injective-protocolInjective (INJ) $ 13.44
  • nexoNEXO (NEXO) $ 1.26
  • story-2Story (IP) $ 4.47
  • sei-networkSei (SEI) $ 0.234415
  • flare-networksFlare (FLR) $ 0.018940
  • immutable-xImmutable (IMX) $ 0.671694
  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,894.10
  • usdt0USDT0 (USDT0) $ 1.00
  • dogwifcoindogwifhat (WIF) $ 1.15
  • eosEOS (EOS) $ 0.751946
  • xdce-crowd-saleXDC Network (XDC) $ 0.070208
  • the-graphThe Graph (GRT) $ 0.114171
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 108,530.00
  • curve-dao-tokenCurve DAO (CRV) $ 0.796545
  • makerMaker (MKR) $ 1,662.27
  • flokiFLOKI (FLOKI) $ 0.000105
  • msolMarinade Staked SOL (MSOL) $ 228.85
  • raydiumRaydium (RAY) $ 3.29
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,719.72
  • theta-tokenTheta Network (THETA) $ 0.916608
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 196.50
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 1.01
  • paypal-usdPayPal USD (PYUSD) $ 0.999270
  • jasmycoinJasmyCoin (JASMY) $ 0.018232
  • galaGALA (GALA) $ 0.019801
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 108,602.00
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,674.56
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.013347
  • clbtcclBTC (CLBTC) $ 107,842.00
  • spx6900SPX6900 (SPX) $ 0.911879
  • iotaIOTA (IOTA) $ 0.219346
  • tether-goldTether Gold (XAUT) $ 3,353.67
  • wbnbWrapped BNB (WBNB) $ 668.96
  • coredaoorgCore (CORE) $ 0.821217
  • lido-daoLido DAO (LDO) $ 0.898056
  • pax-goldPAX Gold (PAXG) $ 3,359.09
  • pyth-networkPyth Network (PYTH) $ 0.137431
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 2,657.05
  • the-sandboxThe Sandbox (SAND) $ 0.319122
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.39
  • zcashZcash (ZEC) $ 47.89
  • heliumHelium (HNT) $ 4.09
  • bitcoin-svBitcoin SV (BSV) $ 37.60
  • ethereum-name-serviceEthereum Name Service (ENS) $ 22.45
  • walrus-2Walrus (WAL) $ 0.565778
  • bittorrentBitTorrent (BTT) $ 0.00000074
  • pendlePendle (PENDLE) $ 4.41
  • dexeDeXe (DEXE) $ 12.50
  • thorchainTHORChain (RUNE) $ 2.00
  • kaiaKaia (KAIA) $ 0.118103
  • solv-protocol-solvbtc-bbnSolv Protocol Staked BTC (XSOLVBTC) $ 107,902.00
  • based-brettBrett (BRETT) $ 0.069539
  • jito-governance-tokenJito (JTO) $ 2.07
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.999607
  • flowFlow (FLOW) $ 0.418326
  • tezosTezos (XTZ) $ 0.632238
  • chain-2Onyxcoin (XCN) $ 0.019455
  • usual-usdUsual USD (USD0) $ 0.997773
  • grassGrass (GRASS) $ 2.29
  • polyhedra-networkPolyhedra Network (ZKJ) $ 2.04
  • ousgOUSG (OUSG) $ 111.15
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.234666
  • decentralandDecentraland (MANA) $ 0.321617
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.09
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,549.54
  • super-oethSuper OETH (SUPEROETH) $ 2,539.28
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 108,516.00
  • ketKet (KET) $ 0.550997
  • apecoinApeCoin (APE) $ 0.668721
  • aerodrome-financeAerodrome Finance (AERO) $ 0.651460
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 2,638.44
  • popcatPopcat (POPCAT) $ 0.540863
  • elrond-erd-2MultiversX (EGLD) $ 18.60
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 2,713.29
  • dydx-chaindYdX (DYDX) $ 0.667525
  • starknetStarknet (STRK) $ 0.166480
  • reserve-rights-tokenReserve Rights (RSR) $ 0.008969
  • sonic-bridged-usdc-e-sonicSonic Bridged USDC.e (Sonic) (USDC.E) $ 0.999754
  • aioz-networkAIOZ Network (AIOZ) $ 0.437625
  • mog-coinMog Coin (MOG) $ 0.000001
  • true-usdTrueUSD (TUSD) $ 0.999880
  • dog-go-to-the-moon-runeDog (Bitcoin) (DOG) $ 0.005018
  • arweaveArweave (AR) $ 7.53
  • tbtctBTC (TBTC) $ 108,338.00
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,550.17
  • wormholeWormhole (W) $ 0.103895
  • axie-infinityAxie Infinity (AXS) $ 2.95
  • movementMovement (MOVE) $ 0.186581
  • kaitoKAITO (KAITO) $ 1.96
  • conflux-tokenConflux (CFX) $ 0.092788
  • neoNEO (NEO) $ 6.65
  • pumpbtcpumpBTC (PUMPBTC) $ 103,834.00
  • ecasheCash (XEC) $ 0.000023
  • deepDeepBook (DEEP) $ 0.182804
  • beldexBeldex (BDX) $ 0.063547
  • roninRonin (RON) $ 0.692593
  • kavaKava (KAVA) $ 0.418046
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999780
  • telcoinTelcoin (TEL) $ 0.004919
  • aethirAethir (ATH) $ 0.048735
  • saros-financeSaros (SAROS) $ 0.168653
  • eigenlayerEigenlayer (EIGEN) $ 1.46
  • wrapped-hypeWrapped HYPE (WHYPE) $ 35.42
  • akash-networkAkash Network (AKT) $ 1.60
  • apenftAPENFT (NFT) $ 0.00000043
  • chilizChiliz (CHZ) $ 0.044785
  • morphoMorpho (MORPHO) $ 1.57
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.10
  • plumePlume (PLUME) $ 0.171825
  • beam-2Beam (BEAM) $ 0.008035
  • ether-fiEther.fi (ETHFI) $ 1.30
  • mimblewimblecoinMimbleWimbleCoin (MWC) $ 37.68
  • hashnote-usycCircle USYC (USYC) $ 1.10
  • usdbUSDB (USDB) $ 1.01
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 2,533.79
  • syrupMaple Finance (SYRUP) $ 0.368579

Crypto industry a ‘tale of two cities’ as institutions opt in: DAS

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Crypto industry a ‘tale of two cities’ as institutions opt in: DAS

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

Casey, Felix and I are at the Digital Asset Summit (as promised). We hope you’ve been following along via the livestream, or our X accounts.

But if not, here’s the updates. We got mixed vibes from the event’s first few speakers, with some forecasts to boot.

Blockworks co-founder Michael Ippolito shared an observation to kick off the New York event— noting it’s “a tale of two cities” in the crypto space.

He was referring to new institutions jumping into the segment (or getting ready to). Yet some coins haven’t surpassed previous all-time highs, and there’s a general feeling there hasn’t been much “zero-to-one innovation” of late.

Crucible founder Meltem Demirors took the stage next, highlighting the US government’s planned strategic bitcoin reserve, the president’s memecoin, and the fact that every major financial institution has a crypto strategy.

“Yet here we are, and we have no idea what to believe in,” she said.

Demirors showed a chart with crypto market cap and trading volumes over the last five years (sans BTC and ETH). Growing bitcoin dominance, she argued, is “a sign of stagnation.”

She described institutions buying MSTR and bitcoin ETFs as mercenaries, not missionaries.

“They don’t have the same mission as us,” Demirors said. “They’re here to make money.”

LMAX Group CEO David Mercer gave a different perspective in the next session, trying to lift spirits with some bullish predictions.

Among these was his prediction that digital assets would grow to between $20 trillion or $30 trillion by the end of the decade — roughly 15% of all assets. By 2040, he added, they will represent 80% of assets.

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Mercer believes that half of the 40 large global banks he deals with — none of which directly trade spot bitcoin with LMAX today — will “touch” digital assets by the end of 2026.

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