Crypto market cap up 8% in Q3; tokenized gold demand rises with BlackRock BUIDL at $3.42B TVL. XRP Ledger XAUa volume hit $1M. On-chain capital rotation accelerates.
Crypto's total market capitalization has risen more than 8% in the third quarter, outpacing U.S. equities and spot gold over the same period. The S&P 500 is down 2.68% in July, the Nasdaq has lost 2.1%, and spot gold is up just 0.74%, according to market data.
Fed rate hike odds fell to 4% after June PPI posted its steepest monthly decline since April 2025, CME FedWatch data show. The BTC/XAU ratio climbed 8.5% in Q3, its best quarterly performance against gold since Q2 2025, when the ratio gained more than 22%.
Tokenized gold demand has risen even as spot gold prices eased. BlackRock's BUIDL fund holds $3.42 billion in total value locked, leading the real-world asset sector. Circle's USYC ranks second at $3 billion. Tether Gold (XAUT) sits third at $2.87 billion in TVL, data from DefiLlama show.
On the XRP Ledger, tokenized gold XAUa surpassed $1 million in cumulative trading volume, according to XRPL data. The move suggests capital is shifting from spot gold onto blockchain rails rather than leaving the asset class entirely.
The divergence between falling spot gold and rising on-chain gold activity puts tokenized gold flows in focus. XAUa volume on XRPL will be a metric to track alongside traditional precious metals flows in the weeks ahead.
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