In 2025, crypto tokens listed on major exchanges largely struggled to maintain positive price performance, with weakness observed regardless of the listing venue. This performance has fueled debate over whether the traditional buy-and-hold strategy still works in today’s crypto environment. Binance, Coinbase, or DEXs: 2025 Listings Struggled Across the Board According to data from CryptoRank, between January 1 and December 31, 2025, Binance listed 100 tokens, with 93 of them trading in the red. The media ...

Core Insights - Tokenization is emerging as a significant trend in the crypto space, acting as a bridge between traditional finance and decentralized finance [1] - The International Monetary Fund (IMF) has highlighted both the opportunities and risks associated with tokenized assets [5] Group 1: Definition and Process of Tokenization - Tokenization involves converting real-world assets like cash, treasuries, or equities into blockchain-based tokens that can be globally transferred and settled instantly [2] - The tokenization process consists of three steps: immobilizing the underlying asset with a custodian, issuing a smart contract-driven token on a blockchain, and allowing the token to circulate freely while maintaining digital claims on the reserve [3] Group 2: Benefits of Tokenization - Tokenized assets can potentially make markets faster and cheaper by minimizing the need for intermediaries such as clearinghouses and registrars [5] - Early research indicates significant cost savings in tokenized financial markets, with programmable settlement rails enabling near-instant clearing and more efficient collateral use [6] Group 3: Risks Associated with Tokenization - The IMF warns that the speed and automation of tokenized platforms may increase volatility, potentially leading to market instability [6] - Automated trading systems have previously caused sudden market declines, known as flash crashes, suggesting that tokenized platforms could be more volatile than traditional trading systems [7]

Core Insights - OpenSea has transformed from a leading NFT marketplace to a multi-chain crypto trading aggregator as NFT trading volumes have plummeted over 90% from 2021 highs [1][2] - The platform now supports 22 blockchains and aims to become a "trade-any-crypto" platform, reflecting a strategic pivot in response to market trends [1][2] Market Performance - The NFT market capitalization fell from $20 billion in early 2022 to approximately $4.87 billion by October 2025 [2] - OpenSea's monthly revenue dropped from $125 million in January 2022 to just $3 million by late 2023 [4] - In October 2025, OpenSea processed $1.6 billion in crypto trades and $230 million in NFT transactions, marking its highest trading volume in over three years [6] Business Strategy - The new business model aggregates buy and sell orders from decentralized exchanges, generating around $16 million in revenue through a 0.9% transaction fee [2] - OpenSea does not conduct know-your-customer checks, aligning with its non-custodial model while using blockchain analytics to monitor transactions [3] - The company has relocated its headquarters to Miami and reduced its workforce from about 175 employees to around 60 [5] Competitive Landscape - The decline in OpenSea's market share was exacerbated by competition from Blur, which attracted traders with zero fees and no royalties for creators [5] - OpenSea's attempt to adjust its royalty structure in response to competition led to backlash from artists and collectors [5]

Core Viewpoint - The UK's financial regulator is promoting the tokenisation of funds on public blockchains to attract younger investors and enhance the competitiveness of the asset management industry [1][4]. Group 1: Tokenisation and Its Implications - Tokenisation, the creation of blockchain-based versions of financial assets, is gaining traction due to rising crypto prices and support from influential figures [2]. - The Financial Conduct Authority (FCA) believes tokenisation could fundamentally change asset management, benefiting both the industry and consumers [3]. - The FCA's proposal allows UK asset managers to issue crypto tokens representing shares in their funds on public blockchains like Ethereum, marking a significant shift from previous restrictions [1][4]. Group 2: Regulatory Considerations and Risks - The FCA acknowledges that public blockchains have technological limitations that may pose risks to consumer protection, market integrity, and market stability [5]. - Firms are required to continue meeting their regulatory obligations despite the new proposals [5]. Group 3: Targeting Younger Investors - The FCA is seeking feedback on the use of stablecoins for fund settlements, recognizing that benefits from these changes may take time to materialize as firms upgrade their technology [6]. - Nearly half (47%) of trading app users are aged 18-34, indicating a shift in consumer expectations around investing, with these platforms typically offering low-cost investments [7]. - The FCA plans to explore the possibility of allowing regulated funds to invest directly in cryptocurrencies in future reviews [7].