Digital assets monthly market digest: August 2026

The emergence of digital assets continues to drive significant developments in finance and technology. Here, we provide key updates and resources to keep you informed about the latest developments in this rapidly evolving space.

By Giselle Lai, Director, Digital Assets Strategist, APAC 

Market update

• Bitcoin traded within a relatively narrow range in July. After rising above $60,000 during the first few days of the month, it traded largely between approximately $61,500 and $67,000 for the remainder of the period, ending the month at around $63,000. The subdued price action suggests that some investors remained on the sidelines ahead of the Federal Reserve’s late-July meeting, amid uncertainty over the prospect of its first interest-rate hike since July 2023, which could place further pressure on risk assets. Sentiment was also shaped by fluctuating geopolitical conditions, as renewed tensions between the US and Iran were followed by pauses in military activity and further efforts to revive ceasefire negotiations. Total crypto market capitalisation stood at approximately $2.3 trillion.
• US spot Bitcoin and Ethereum ETFs returned to modest net inflows in July, reversing the substantial outflows recorded over the previous two months. US spot Bitcoin ETFs had attracted approximately $180 million in net inflows, while US spot Ethereum ETFs recorded around $345 million in net inflows.
• Global digital asset regulation continued to evolve in July. In the US, the CLARITY Act remained under Senate consideration, with government ethics emerging as the principal sticking point in negotiations, particularly proposed restrictions on crypto-related financial interests held by senior public officials and how those restrictions would be enforced. In parallel, the UK and US also published a joint statement on stablecoins, supporting greater regulatory alignment, fully backed reserves and pathways for cross-border use. Meanwhile, in Asia, South Korea advanced the second phase of its CBDC pilot, Project Hangang, by integrating Won-pegged deposit tokens with the existing systems of nine commercial banks, further testing how tokenised deposits can support real-world payments, settlement and policy-related transfers while preserving the role of banks within the financial system.

Past performance is not a reliable indicator of future returns.

Source: Bloomberg, DefiLlama and CoinGecko, 31 July 2026.

Chart room

Tokenised real-world asset market capitalisation by network ex stablecoins

Past performance is not a reliable indicator of future returns.

Source: RWA.xyz, as of 28 July 2026.

Tokenised real-world assets (RWAs) are traditional financial assets, such as bonds, funds, equities and commodities, whose ownership or economic rights are represented digitally on a blockchain. The tokenised real-world asset (RWA) market has expanded rapidly, rising from just over $1 billion at the beginning of 2023 to almost $37 billion in only three and a half years. Much of this growth has been driven by tokenised US Treasuries and liquidity funds, representing almost 44% of the tokenised RWA market. Adoption of tokenisation is now broadening as a growing number of institutions, including large traditional asset managers, embrace the new technology and look to bring established financial products on-chain.

Ethereum remains the leading network for tokenised RWAs, accounting for ~46% of the market shown, followed by BNB Chain at ~14% and Solana at ~9%. Ethereum’s leading market share has declined materially from close to 90% in early 2023 as issuance of RWA tokens has expanded across a broader range of networks. Ethereum’s established infrastructure, strong decentralisation and extensive developer ecosystem have made it a natural starting point for many issuers. Over time, issuers have adopted multichain strategies to broaden distribution, reach different investor groups and take advantage of the cost, speed and functionality offered by alternative networks. As a result, these networks have captured a growing share of the tokenised RWA market over the past two years.

Beyond US Treasury and liquidity funds, the composition of tokenised RWA activity varies meaningfully across the leading networks. Ethereum has developed a relatively balanced and diversified ecosystem, with market value distributed across commodities, active investment strategies and asset-backed credit. Solana also supports a broad range of RWA activity, spanning private equity, corporate credit, specialty finance and asset-backed credit. By contrast, BNB Chain is considerably more concentrated, with US Treasury and liquidity funds accounting for more than 90% of its tokenised RWA market value. Overall, Ethereum and Solana have become important destinations for a wider range of tokenised assets, reflecting the breadth of their respective RWA ecosystems.

Looking ahead, the tokenised RWA market is expected to continue expanding in both market size and breadth across asset classes and blockchain networks. Tokenised Treasuries and liquidity products are likely to remain an important foundation for the market. One asset class to watch is tokenised equities, a relatively small segment today with a market value of ~$1.9 billion, but one that could grow rapidly, supported by US regulatory clarification and the potential to broaden access to equities for investors in markets where traditional access remains limited. As interoperability and market standards mature, tokenisation could increasingly complement traditional fund and securities markets rather than operate as a separate digital-native segment.

Cryptolingo: What are Tokenised Securities?

• Tokenised securities are traditional financial instruments, such as equities, bonds or fund units, whose ownership rights are represented digitally using distributed ledger technology.
• The token can support the issuance, transfer, settlement, and administration of the security on-chain.
• Tokenised securities bring the potential for investors to trade beyond traditional market hours.

12-month rolling returns

Past performance is not a reliable indicator of future returns.

Source: Bloomberg, as of 31 July 2026. BTC (BTC Index), ETH (ETH Index). % changes shown relate to calendar days. Spot Price and index performance is for illustrative purposes only. Investment comparisons are for illustrative purposes only.

Important information

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Digital assets are speculative and highly volatile, can become illiquid at any time, and are for investors with high-risk tolerance. Investors in digital assets could lose the entire value of their investment.

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