Tokenized Equities Hit Solana and Arbitrum as TradFi Experiments On-Chain
Weekly Market Update #77
In partnership with Elementus
Happy start to the week! Welcome back to the Reflexivity Weekly Market Update — your concise rundown of the biggest moves in crypto. If someone forwarded you this, you can Sign up here for free to get it straight to your inbox!
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Before jumping into last week’s action, check out some of the research published last week by the Reflexivity team:
Major Market Developments:
🏦 Figma reveals $70 M BTC stash, seeks $30 M more as IPO nears
💵 DeFi Dev Corp files for $100 M convertible‑note raise
🪙 Tokenized stocks go live: Kraken × xStocks on Solana; Robinhood to follow on Arbitrum
🏛 Ripple and Circle each apply for US banking licences
🏰 Thiel & Luckey unveil “Erebor” digital bank venture
🔶 Nano Labs tops up treasury with another $50 M in BNB
🏗 Sen. Lummis proposes miner‑friendly Bitcoin tax bill
🤝 TON × UAE launch 10‑year crypto “Golden Visa” programme
👩⚖️ Judge lets $4 B Celsius vs Tether lawsuit proceed
🌐 Mantle X and Sonic CS 2.0 promise faster cross‑chain infra
📱 Grass rolls out Android app for on‑chain data earnings
💹 World Liberty vote opens to unlock transferable $WLFI
Fear & Greed Index:
The gauge climbed to 65, edging firmly into the greed band. Historically, mid‑60s prints coincide with short momentum pushes yet stop shy of the froth that precedes sharp pull‑backs. Translation: optimism rules the tape for now, but markets remain one adverse headline away from profit‑taking.
Note: The index ranges from 0 (extreme fear during capitulations and sell-offs) to 100 (extreme greed during euphoric, overbought conditions).
ETF Flows:
Between 30 June and 3 July, spot-Bitcoin ETFs drew a net ≈ $770 million. BlackRock’s IBIT led with $337 million, followed by Fidelity’s FBTC $248 million and ARK/21Shares’ ARKB $160 million; Grayscale’s GBTC bled $85 million. The only setback came on 1 July, when sizable withdrawals from FBTC (-$173 million) and GBTC (-$120 million) produced a -$342 million day, but inflows of $408 million on 2 July and $602 million on 3 July more than erased that dip.
Spot-Ethereum products gathered a more modest ≈ $219 million. BlackRock’s ETHA added $99 million and Fidelity’s FETH $92 million, while smaller gains in ETHW, ETHV and the Grayscale trust outweighed a $5 million outflow from Bitwise’s ETHE. A brief -$2 million lull on 2 July, driven by a -$47 million redemption from ETHA, was quickly reversed by a $149 million surge the next day. The pattern shows investors still favoring Bitcoin vehicles but continuing to increase Ether exposure.
Spotlight 🔦
Telegram’s Open Network (TON) has struck a first-of-its-kind deal with the United Arab Emirates: stake $100 000 in Toncoin for three years, pay a one-off $35 000 fee, and secure a 10-year UAE Golden Visa in as little as seven weeks. The minimum outlay is roughly 80 % below the country’s usual residency-by-investment threshold, instantly broadening the pool of potential applicants. The announcement sent TON up ~10 % on the day as investors priced in fresh Middle-East demand and a multi-year token lock-up sink. Beyond price action, the programme positions the UAE as a crypto-forward hub competing with Portugal and Singapore for high-net-worth migrants, while giving TON a marquee real-world utility that could spur further governmental partnerships.
Rapid Reflexivity: Quick Market Takes ⚡
Corporate crypto treasuries deepen – Figma’s prospectus discloses a $70 M Bitcoin reserve with board approval for another $30 M; Nano Labs adds $50 M in BNB, signalling Binance‑ecosystem conviction.
Tokenized‑equity race heats up – Kraken’s xStocks launches stock tokens on Solana the same week Robinhood announces an Arbitrum rollout, bringing TradFi tickers to two of the most liquid L2/L1 venues.
Bank charters in demand – Ripple files for a US banking licence as it angles for global payments credibility; Circle follows its blockbuster IPO by seeking a federal trust‑bank charter, aiming to cement USDC’s regulatory footing.
Regulatory cross‑currents – Senator Lummis’ new bill would give miners favourable tax treatment, while a New Jersey judge allows Celsius’ $4 B suit against Tether to proceed, keeping legal risk front‑of‑mind.
Prediction & derivatives boom – Polymarket’s looming $1 B valuation (reported last week) now pairs with DeFi Development Corp’s $100 M note plan, underscoring capital markets’ appetite for on‑chain wagering and leverage.
Layer‑2 & infra upgrades – Aave DAO green‑lights a V3 deployment on Aptos; Mantle unveils “MantleX” cross‑chain layer, and SonicLabs’ SonicCS 2.0 claims 2× throughput with 68 % lower memory, evidence of relentless DeFi scaling.
Digital‑bank momentum – Billionaires Peter Thiel and Palmer Luckey announce Erebor, a crypto‑native bank aimed at bridging stablecoins and fiat rails; Bakkt’s $1 B shelf prospectus hints at similar ambitions with a BTC‑backed balance sheet.
The Solana ecosystem surged this week, with BONK rising more than 50 % in just seven days. The move appears driven by a proxy bid following the launch of SOL‑ETF staking, as investors chase right‑tail returns.
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky, and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose, and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.