Welcome to another edition of our RWA Digest for fresh updates on the crypto markets. It’s been Red everywhere for the past few weeks, and it doesn’t look like it will stop soon! In this edition, we take a look at why the market is dumping hard and if this is the start of the bear market.

We’ve also highlighted fresh news in the RWA space, showing how tokenization is bridging traditional finance with blockchain innovation.

RWA Market Snapshot

The total market cap excluding Stablecoin is over $35.69B this week, with the total stablecoin value up to $296B.

The most interesting category to watch out for this month is tokenized commodities, up

Tether Gold (XAUT) and Paxos (PAXG) combined are at almost $3B, accounting for over 80% of the market share.

👉You can buy Paxos Gold (PAXG) on INX.one here.

The Market Keeps Bleeding: What’s Going On?

Crypto has shed $1.2T in eight weeks, with Bitcoin dipping below $100K for the first time since June while ETH is down between 15% and 20%. It started with the huge crash on Oct 10 that saw $19B in liquidations, making it crypto’s largest single-day wipeout ever. The trigger for that event was President Trump’s 100% tariffs on Chinese imports plus new tech-export curbs, reigniting trade-war fears.

Since that event, the total market capitalization had dropped from $4.6 trillion to $3.4 trillion and is back at 3.64 trillion currently, with sentiment still in “extreme fear.” Although the renewed U.S.-China trade tensions are a major reason for the market dip, there are a couple of other reasons:

• Macroeconomic Uncertainty: At the last FOMC meeting, the Federal Reserve hinted at slower rate cuts in 2026, which, in turn, stabilized the dollar. Let’s not forget stretched valuations in AI/tech stocks, and waning bullishness post-election hype.

• High Leverage and Low liquidity: Crypto’s high-leverage environment (up to 100x on some platforms) turned a 5-10% dip into a serious liquidation disaster.

Although the market has been recovering slowly this week, all these beg the question: are we in the bear market yet?

Are We in a Bear Market Yet?

Although the sentiment is at extreme fear right and Bitcoin is down 20%, it’s too early to declare a full bear market.

Beneath the noise, on-chain fundamentals are stronger than ever. Global adoption hit 560M users (+40M in six months), stablecoin volume tripled since 2022, and institutions like BlackRock have added over 1M+ BTC this year.

As for the RWA market, tokenized assets on INX are fully backed 1:1, away from exchange leverage, so they remain unaffected by spot-market liquidations. Your positions remain safe, audited, and yield-bearing even as spot prices correct.

Macro Watch: The Federal Reserve Signals Slower Rate Cuts in 2026

The Federal Reserve meeting this month hinted that rate cuts could slow in 2026, citing persistent inflation pressures and stronger-than-expected growth in consumer spending. Markets had been pricing in multiple cuts into 2026, but those odds have sharply diminished. Futures contracts now reflect only about a 65–70% chance of another cut next year—down significantly from earlier projections.

This put a more cautious stance, which has strengthened the U.S. dollar and put temporary pressure on high-risk assets like crypto and tech stocks. At the same time, slower easing raises the appeal of regulated yielding products and tokenized real-world assets (RWAs) that offer income and lower volatility.

The good news is that you can take advantage of both scenarios on INX since you get the best opportunity to buy both cryptocurrencies and RWA assets. Check out our list of available

Institutional RWAs Surge: JPMorgan, IBM, and Maybank Lead Tokenization Efforts

Institutional adoption of RWA and tokenization is not slowing down soon if the latest developments are anything to go by.

Over the last weeks, JPMorgan completed its first interbank tokenized repo transaction using its Onyx platform; IBM launched an enterprise-grade tokenization toolkit for corporate treasuries; and Maybank introduced a pilot for tokenized trade finance instruments in Southeast Asia.

The big banks are going all in on attracting billions in inflow and building compliance frameworks.

Standard Chartered Forecasts $2 Trillion Tokenized RWA Market by 2028

According to a new report from Standard Chartered, the tokenized real-world asset market could reach $2 trillion by 2028, driven primarily by tokenized Treasuries, funds, and private credit. The bank predicts that as institutional infrastructure matures, the majority of private credit issuance will migrate on-chain.

This, of course, reinforces what we know before: the tokenized RWA will transform how the capital market operates. INX’s regulated platform positioned INX investors at the center of this by providing compliant access to tokenized RWA that bridges traditional finance and blockchain.

Other News

• Polymarket Eyes US Launch by Late November: Prediction market platform Polymarket plans to enter the US market by late November, leveraging tokenized outcomes for sports betting and RWAs as a key growth area.

• Block Square Partners for $1B in US Real Estate Tokenization: Block Square tokenized $200M in real estate and inked a deal with Vera Capital for another $1B in US assets, boosting fractional ownership liquidity.

How to Take Advantage of These Opportunities

INX is fully positioned to offer you easy access to leverage the RWA market within a regulated environment. Don’t forget to check the listing on https://www.inx.co/trade/markets/.

Welcome to the first issue of our RWA Digest, and wow, did we pick the perfect time to launch!

This week, we’re diving into the heated debate between gold and Bitcoin as premier stores of value, a topic that’s buzzing in crypto circles, especially after recent bold predictions.

We’ll also highlight fresh news in the RWA space, showing how tokenization is bridging traditional finance with blockchain innovation.

The RWA Market this Week

The RWA market is up 10.28% this month, with a total RWA market value of over $34.17B (excluding Stablecoin) and over $330B market value including stablecoin.

Another interesting thing to note is that the volume of stablecoin issued monthly is up almost 3x (200%) this month:

“Bitcoin will Flip Gold” – CZ

The Gold and Bitcoin debate is one of the longest-standing debates in crypto, with both of the assets vying for the “safe haven.” CZ, founder of Binance, made a bold claim on X this week, though:

“Prediction: Bitcoin will flip gold. I don’t know exactly when. Might take some time, but it will happen.

”

That may sound out of place since Gold is having its longest run since 1979, and well, Bitcoin has experienced two liquidation events this month alone.

For Bitcoin to “flip” gold’s estimated $30 trillion market cap, it would need to reach around $1.3–$1.5 million per BTC — a 13x increase from today’s ~$110K. Ambitious, yes, but not impossible. If you zoom out and look at the market, the conditions are aligning for Bitcoin to make that run:

• The US Strategic Bitcoin Reserve, the GENIUS Act, Project Crypto, and the other laws are a sign that there is growing policy confidence in digital assets. Clearer policies equal better market conditions

• There will only ever be 21 million BTC, a capped supply that has been programmed to push up demand and maintain value

• Liquidity is returning as global monetary tightening slows, creating the same environment that powered Bitcoin’s 2020–2021 breakout.

Although Gold is seeing more growth right now, this setup is familiar; historically, BTC outperforms Gold when it is at its top. It happened in 2020, when gold doubled and Bitcoin climbed from $12K to $69K within a year.

You may be late to take advantage of Gold’s trade, but the great news is you’re still early to Bitcoin; the market is telling us what will happen soon. Take advantage of this and stack up Bitcoin on INX, balance your portfolio. Gold’s run may not be over. The asset is having a run it hasn’t seen in over 40 years, so it is may be a good idea to hold some tokenized Gold.

UK’s FCA Greenlights Blockchain-based Fund Tokenization

The UK’s Financial Conduct Authority (FCA) announced its new framework to allow investment funds to issue and manage their shares directly on a public blockchain. The framework, titled UK Blueprint, enables tokenized fund registers and hybrid on/off-chain trading models under existing regulation. The FCA is also exploring allowing public blockchains like Ethereum for end-to-end settlement.

This is a big deal because it opens the access for the over £14 trillion managed by UK firms to come on-chain to leverage blockchain to maximize efficiency. According to FCA’s Executive Director of Markets, “Tokenization has the potential to drive fundamental changes in asset management… The UK has the opportunity to be a world-leader here.”

For the wider market, this reinforces the step towards a fully tokenized financial world. The best part is that INX investors are getting front row to the tokenization world. Republic’s upcoming acquisition of INX offers INX investors access to the Republic private credit platform, securing the bridge between traditional finance and on-chain investing.

Other News

• Eric Trump to Tokenize Real Estate with WLIF: Eric Trump announced plans to tokenize portions of his family’s real estate portfolio through World Liberty Financial (WLIF). The initiative aims to fractionalize property ownership for global investors under U.S. securities oversight.

• Federal Reserve hosted a Conference on Bitcoin and Crypto Payments, October 21: The Federal Reserve hosted its first major event dedicated to Bitcoin and digital payment systems this month. The conference explored the future of programmable money, central bank policy, and blockchain-based settlement infrastructure.

How to Take Advantage of These Opportunities

INX is fully positioned to offer you easy access to leverage the RWA market within a regulated environment. Don’t forget to check the listing on https://www.inx.co/trade/markets/.

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