Wall Street Builds 24/7 Crypto Infrastructure as Bitcoin Slides
Traditional finance expands digital asset plans as crypto prices retreat
Global cryptocurrency prices retreated amid international trade policy concerns as Wall Street financial institutions and sovereign jurisdictions advanced plans to integrate digital asset infrastructure into traditional markets. Broader macroeconomic volatility followed tariff announcements from U.S. President Donald Trump.
The New York Stock Exchange (NYSE) has initiated structural preparations to facilitate 24-hour, seven-day-a-week trading for tokenized equities and exchange-traded funds (ETFs). Owned by Atlanta-based Intercontinental Exchange Inc. (NYSE: ICE), the exchange currently operates under traditional U.S. market hours from 9:30 a.m. to 4:00 p.m. Eastern Time. The initiative aims to align equities trading infrastructure with the continuous operational models standard across global digital asset markets.
Spot cryptocurrency ETFs recorded mixed flows during the downturn. U.S. spot Bitcoin ETFs registered $394 million in net daily outflows on Friday, snapping a four-day streak of positive net institutional inflows, while spot Ethereum ETFs recorded net inflows of $4.7 million over the same period. The U.S. Securities and Exchange Commission approved spot crypto ETFs in 2024, providing traditional investors regulated access to underlying digital assets.
Major cryptocurrencies moved lower. Bitcoin (BTC) fell 2% to trade at $91,100, Ethereum (ETH) dropped 4% to $3,105, Solana (SOL) declined 3% to $129, and XRP slid 2% to $1.93.
Bermuda’s government announced plans to develop a fully onchain national economy. The Atlantic territory is collaborating with U.S.-based crypto exchange operator Coinbase Global Inc. and stablecoin issuer Circle Internet Financial Ltd. to build decentralized infrastructure for identity verification, payments, and tokenized financial services.
Corporate digital reserves continued to receive capital. Restaurant chain Steak ’n Shake disclosed approximately $10 million in direct Bitcoin exposure alongside the creation of a formal corporate strategic reserve. Steak ’n Shake is owned by San Antonio-based parent company Biglari Holdings Inc. (NYSE: BH).
Bermuda regulated digital asset businesses under its Digital Asset Business Act (DABA) in 2018 under the oversight of the Bermuda Monetary Authority. The territory previously issued a Class F license to Coinbase’s international derivatives exchange. Circle operates USD Coin (USDC), the second-largest U.S. dollar-pegged stablecoin by market capitalization.
Steak ’n Shake joins a growing list of non-tech corporations adding cryptocurrency to balance sheets, a trend initially popularized by enterprise software firm MicroStrategy Inc., which began accumulating Bitcoin as a primary treasury asset in August 2020. Among mid-to-large capitalization tokens, CC gained 12%, MYX advanced 5%, and SYRUP rose 4%, bucking the wider market drop.
At the protocol level, Ethereum co-founder Vitalik Buterin called for decentralized autonomous organizations (DAOs) to reform their structural governance frameworks. He advocated advanced voting architectures designed to enhance organizational accountability, long-term treasury sustainability, and cross-chain coordination.
The proposed DAO changes address systemic issues related to token-weighted voting voter apathy that have affected DAOs since the launch of early structures like The DAO in 2016. Meanwhile, micro-cap and decentralized finance token markets recorded sharp price moves and heightened volatility.
The newly launched token $Trove declined 90% during its Token Generation Event (TGE). Following the sharp drop in market capitalization, project organizers announced the establishment of a dedicated “Pump Fund” intended to support market liquidity.
Meme-based cryptocurrencies also tracked the broader market lower. Dogecoin (DOGE) declined 1%, Shiba Inu (SHIB) fell 1%, Pepe (PEPE) decreased 2%, Official Mascot of the Official Trump Coin (TRUMP) dropped 1%, and Bonk (BONK) fell 1%.
Pudgy Penguins (Pengu) dropped 4%, SPX6900 (SPX) dropped 12%, dogwifhat (WIF) declined 1%, and Fartcoin dropped 8%.
Onchain trading across decentralized exchanges recorded isolated gains in speculative micro-cap assets. Eliza Town surged 800%, alongside USOR, up 70%, and GSD, which gained 50%.
