Crypto falls as NYSE prepares for tokenized stock trading

Crypto prices slipped as tariff turmoil tied to Trump weighed on risk assets, with Bitcoin down 2% at $91,100 and Ether down 4% at $3,105, according to market data cited in the latest trading update. For everyday investors, the move shows how quickly macro headlines can hit crypto, even as large financial players keep building new market infrastructure.

Solana fell 3% to $129, while XRP declined 2% to $1.93. Among the top movers, CC rose 12%, MYX gained 5% and SYRUP added 4%.

NYSE moves toward tokenized markets

The New York Stock Exchange has started preparing for 24/7 trading in tokenized stocks and exchange-traded funds, according to the update. An exchange-traded fund, or ETF, is a fund that trades on an exchange like a stock and typically gives investors exposure to a basket of assets, an index, or a specific strategy.

Tokenized trading means a financial asset is represented by a digital token that can move on blockchain-style infrastructure. In plain terms, the stock or ETF exposure gets wrapped into a digital format that can potentially settle and trade outside the usual weekday market schedule.

The preparation does not mean round-the-clock stock trading is already available on the NYSE. It does show that one of the most recognized names in traditional markets is working on a structure that could make stock and ETF trading look more like crypto markets, which already operate continuously.

Bitcoin ETFs see outflows, Ether ETFs stay positive

Spot Bitcoin ETFs recorded $394 million in net outflows on Friday, breaking a four-day streak of inflows, according to the update. Net outflows mean more money left the funds than entered them during the trading day.

Ether ETFs remained in positive territory, with $4.7 million in inflows. ETF flows are watched closely because they can show how much demand is coming through regulated brokerage products rather than crypto exchanges or direct wallet activity.

Steak ’n Shake disclosed roughly $10 million in Bitcoin exposure and said it had created a corporate Bitcoin strategic reserve, according to the update. Corporate Bitcoin reserves are company-held crypto positions, typically treated as treasury assets rather than operating inventory.

Governance and national crypto infrastructure

Ethereum co-founder Vitalik Buterin called for more advanced governance models for decentralized autonomous organizations, or DAOs, according to the update. A DAO is an internet-native organization where token holders or members often vote on decisions using blockchain-based systems.

Buterin said stronger DAO structures are needed to improve accountability, coordination and long-term sustainability, according to the update. The point is practical: as DAOs control larger pools of capital and more complex projects, weak voting systems can create confusion over who is responsible for decisions.

Bermuda also laid out plans for a fully onchain national economy, working with Coinbase and Circle on payments, identity and tokenized financial infrastructure, according to the update. Coinbase is a major crypto exchange, while Circle is the issuer of the USDC stablecoin.

Meme tokens trade lower

Meme-linked crypto assets also declined with the broader market. Dogecoin fell 1%, Shiba Inu dropped 1%, PEPE lost 2%, TRUMP declined 1%, Bonk fell 1%, Pengu dropped 4%, SPX slid 12%, WIF fell 1% and Fartcoin lost 8%, according to market data in the update.

Onchain movers were mixed at the top end. USOR gained 70%, GSD rose 50% and Eliza Town jumped 800%, according to the update. Onchain movers are tokens tracked through blockchain activity and decentralized trading venues, where prices can move sharply because liquidity is often thinner than in larger crypto markets.

This story draws on original reporting from Decrypt.