Geopolitics Keep Crypto in a Risk-Off Market

Crypto traded in a tougher macro backdrop this week as the conflict involving Iran kept oil prices elevated, pushed global equities lower, and lifted bond yields. Investors were cutting risk as uncertainty around the duration of the conflict and disruption near the Strait of Hormuz fed inflation concerns across markets. The Nasdaq entered correction territory during the week, showing how quickly risk appetite weakened even outside crypto. For Metal Pay readers, the bigger story is that digital assets are still moving with the broader macro tape, where geopolitics and energy markets are shaping sentiment as much as crypto-native headlines.

BMO Pushes Tokenized Cash Into Markets

BMO (Bank of Montreal, the eighth largest bank in North America by assets) said it plans to launch tokenized cash capabilities with CME Group and Google Cloud, giving clients a way to convert U.S. dollars into a tokenized instrument for use in margined products at the exchange. The goal is near-instant settlement, continuous funding, and less operational friction as markets move toward 24/7 trading. BMO also said it is launching tokenized deposits so bank-held money can be used digitally for payments, treasury movements and programmable cash applications. For the Metal Pay audience, this is another strong signal that bank-issued digital money is moving closer to live institutional use.

NYSE Taps Securitize for Tokenized Securities

NYSE said it will work with Securitize to create tokenized versions of traditional securities, with Securitize becoming the first digital transfer agent eligible to create blockchain-based stocks and ETFs on an upcoming NYSE-affiliated platform. The two companies will also help shape regulatory, operational and technology standards for institutional-grade tokenization infrastructure. That matters because the conversation has moved beyond pilots and into market structure: issuance, transfer, settlement and investor protections. For Metal Pay readers, it is another sign that onchain capital markets are being built by the same institutions that already run core financial plumbing.

Bitcoin ETF Flows

Bitcoin ETFs opened the week with $167.2 million in net inflows on Monday, led by BlackRock's IBIT at $160.8 million and Fidelity's FBTC at $41.7 million, partly offset by $25.9 million of outflows from Grayscale's GBTC. Flows flipped back to outflows on Tuesday, with $74.5 million leaving the group, driven by Fidelity's $45.3 million withdrawal, Bitwise's $16.6 million and VanEck's $7.9 million. The strongest midweek day was Wednesday, when the complex still managed a modest $7.8 million net inflow as Fidelity added $83.3 million and outweighed BlackRock's $70.7 million outflow, while the weakest day came Thursday with $171.3 million in net outflows led by BlackRock, Fidelity, Bitwise and ARK. Overall, bitcoin ETF demand stayed fragile this week, with Monday's rebound unable to offset renewed selling later in the week.

Ethereum ETF Flows

Ethereum ETFs started the week with $16.2 million in net outflows on Monday, led by BlackRock's ETHA at $15.7 million and Fidelity's FETH at $1.6 million, while BlackRock's ETHB added $1.1 million. Outflows deepened on Tuesday, with $40.7 million leaving the group as ETHA shed $25.0 million, FETH lost $5.8 million and Grayscale's mini ETH fund saw $10.0 million redeemed. The strongest midweek day was Wednesday, when total outflows narrowed to $8.5 million as Fidelity's FETH brought in $23.8 million against a $33.4 million withdrawal from ETHA, while the weakest day came Thursday with $92.5 million in net outflows led by ETHA's $140.2 million loss despite a $96.8 million inflow into ETHB. Overall, ethereum ETF flows remained decisively weaker than bitcoin this week, with persistent redemptions showing demand is still under pressure.

Top Movers (Coins Available on Metal Pay - 7 Day Chart)

This week’s move list was entirely negative, with these names representing the weakest 7-day performers among tracked tokens on Metal Pay rather than the strongest gainers. XRP posted the largest decline at -7.2%, followed closely by ADA at -7.1%, LOAN at -7.0%, ETH at -6.9%, and SOL at -6.6%. The tight spread across the group suggests broad market weakness rather than a single token-specific breakdown. These were also the tokens with the biggest dips on the tracked list this week, which some buyers may view as a signal to start watching for potential rebound entries.