Why is crypto up today: Bitcoin (BTC) tops $81,500 as tokenization push lifts BLSH, GLXY

Bitcoin extends gains to $81,500 as tokenization push lifts Bullish, Galaxy, Centrifuge

Crypto market momentum could extend further unless geopolitical risks flare up again, one analyst said.

Bitcoin BTC$80,592.79 pushed higher Tuesday, climbing to $81,500 to its strongest level since January as the latest leg of the rally spread beyond major tokens into tokenization-focused plays.

The largest cryptocurrency rose another 2% over the past 24 hours and is now up more than 35% from its early February lows. Ether (ETH), XRP (XRP) and Solana (SOL) also advanced, though they lagged bitcoin’s pace.

Feeding that momentum is strong demand for spot bitcoin ETFs, according to Paul Howard, senior director at Wincent. More than $500 million has flowed into spot BTC funds led by BlackRock's and Fidelity's products on the Monday session, reflecting continued interest from large investors, he said.

The positive sentiment is likely to stay constructive unless geopolitical conditions deteriorate materially, he said.

Tokenization theme gains traction

The move coincided with renewed momentum in tokenization — the effort to bring traditional financial assets onchain.

In equities, Bullish (BLSH) surged 12% after announcing the $4.2 billion acquisition of transfer agent Equiniti, a move that positions the company deeper into capital markets infrastructure. Bullish is CoinDesk's owner.

The deal marks a shift beyond trading, said Owen Lau, analyst at Clear Street.

"Strategically we see this acquisition as a big push to transform Bullish from a crypto exchange to a capital market infrastructure provider capturing the tokenization trend," said Lau. He added that the move could drive more recurring revenue and stronger margins over time, with the key question being timing rather than viability.

Galaxy Digital (GLXY), which just unveiled with State Street a tokenized cash-management fund for large investors, climbed 3.6%. Other digital asset infrastructure-linked stocks also moved higher.

Among tokens, tokenized real-world asset protocol Centrifuge’s native crypto (CFG) jumped 15% after Coinbase (COIN) tapped the protocol as a partner to help bring ETFs, credit and structured products onto blockchain rails, signaling growing institutional interest in the space. Coinbase also took an equity stake in Centrifuge.

What makes tokenization compelling to investors that it's one of the fastest-growing sector at the intersection of blockchain tech and traditional finance. The market of tokenized assets, including stablecoins, is projected to reach $18.9 trillion by 2033, according to Ripple and BCG.

Not all crypto stocks participated in the rally. Circle (CRCL) and Coinbase (COIN) slipped 3-4%%, respectively, paring some of their Monday gains, suggesting some rotation within the sector.

Meanwhile, the broader equity market also pushed higher: the tech-heavy Nasdaq 100 climbed 1.2% to a fresh record and the S&P 500 advanced 0.8% during the session.