If price isn’t moving, what is? 👀

If crypto sentiment feels a bit all over the place lately, you’re not imagining it. The Crypto Fear & Greed Index has swung from extreme fear, through neutral, and even into greed for a brief moment. Now we’re back at fear again. All while gold and silver are printing new all-time highs (classic risk-off behaviour).

It’s understandable to feel disheartened by it all, and I’ll address the growing frustration from investors in an upcoming email; but today, I want to shift the focus slightly and ask a different question:

If price action isn’t positive right now, what is?

The answer is – quite a lot, if you know where to look!

In this email, I’m going to share a quick snapshot of a few things I’ve noticed over the last week. I see this as further confirmation that crypto and blockchain adoption are moving forward in the background, even if it’s not making its way onto your feed. This isn’t about hopium or short-term predictions; it’s simply about sharing what I’m seeing on the ground, so you have a balanced view of what’s happening beneath the surface.

Let’s start with tokenisation.

If you’re unfamiliar with the concept of tokenisation, it’s taking real-world assets and representing them as digital tokens on a blockchain. When you hold that token, you hold a verifiable claim to the underlying asset. This lowers barriers to entry, opens up 24/7 markets, makes fractional ownership possible and makes liquidity far easier to access.

In short, it takes everything we know about traditional investing and flips it on its head.

DWG have been talking about tokenisation since 2017, but based on recent news, data and institutional conversations, it looks to be moving into the spotlight and could be one of the more promising crypto sectors in 2026.

We know that tokenisation featured heavily in discussions at the recent World Economic Forum in Davos. Which means big players are definitely interested. But here’s the important part: It’s not being framed as a future idea or experimental tech, it’s being discussed in the context of necessary financial infrastructure.

So that alone is huge.

But in addition to that, the New York Stock Exchange – the most established and conservative financial market in the world – has announced plans to bring tokenised stocks and ETFs onto blockchain rails.

So what does this tell us? Well, TradFi giants don’t like to speculate; they make moves when a shift is unavoidable. For them to explore blockchain infrastructure is almost like an admission that the old ways are truly outdated and blockchain is a better solution.

At the same time, Token Terminal has revealed that the market value of tokenised euro assets has reached a historic high of $1.1 billion. That’s double the high of the previous year. All that growth needs reliable, battle-tested blockchain infrastructure underneath it.

Which brings us to Ethereum.

According to recent data, around 65% of tokenised assets currently live on the Ethereum blockchain. Global financial institutions increasingly choose it as their base layer, and BlackRock’s BUIDL fund (tokenised US Treasuries that started Ethereum-native and now runs multi-chain) still primarily operates on Ethereum. In fact, Larry Fink, BlackRock’s CEO, publicly hinted at needing “one common blockchain” when it comes to digitised assets.

So why isn’t it being reflected in the price?

Because, as frustrating as it is for investors, price doesn’t always lead. Often, infrastructure, usage and positioning move first – and price catches up later.

It brings to mind a saying: Price is what you pay – value is what you get.

The truth is, if we look beyond price and focus on recent Ethereum network activity, a very different picture emerges. Over the past week, Ethereum hit three new all-time highs:

• Highest number of transactions in a single day

• Highest number of new wallets over a 30-day period

• Highest amount of ETH ever staked

These metrics point to people building, transacting, and locking value into Ethereum – even while market sentiment remains cautious.

So while it can be frustrating waiting for price to catch up, important things continue to happen beneath the surface. Remember, this is just a snapshot of one sector and one blockchain – not the whole story. I share these updates to remind you that even in periods of fear or impatience, progress keeps moving forward.

And as world-class investor Charlie Munger would say 
“The big money is not in the buying or the selling, but in the waiting”.