Crypto Long & Short: Infrastructure is the prevailing currency in digital assets

Welcome to our institutional newsletter, Crypto Long & Short. This week:

• Regardless of which coin wins, infrastructure is the prevailing currency in digital assets, writes Caue Teixeira, CTO of Nonco.
• Using CoinDesk's liquidation feed, Alen Pavlović of Liquibit Capital shows how early-June forced selling burned out near $68,000, days and nearly $9,000 above the actual low.
• Top headlines institutions should pay attention to by Helene Braun.
• “Backpack: Tokenized Equity DEX Volume Spikes, BP Price Responds in Step” in Chart of the Week.

-Alexandra Levis

Expert Insights

Prevailing Currency in Digital Assets: Infrastructure

- By Caue Teixeira, CTO, Nonco

For years, the digital assets industry has been dominated by debates over which cryptocurrency would emerge as the prevailing medium of exchange. Bitcoin, Ethereum, stablecoins, central bank digital currencies, and countless other innovations have each taken turns at the center of attention. Yet, as the market matures, a more important reality is becoming evident: regardless of which digital asset ultimately facilitates transactions, infrastructure is the true winner.

Unlike traditional financial markets, the digital assets ecosystem was built from the ground up to operate continuously. Twenty-four hours a day, seven days a week, markets remain open, liquidity flows across borders, and blockchain networks settle transactions in real time. This always-on environment is not simply a technological achievement—it is the foundation of a new financial architecture that demands resilience, reliability, and trust.

Technology may be the enabler, but technology alone does not sustain a market. Over the past decade, a new generation of companies has emerged to support digital assets at scale. Exchanges, custodians, payment providers, liquidity venues, compliance specialists, market makers, and settlement networks have adapted to the unique demands of a market that never sleeps. Through continuous innovation and operational excellence, these organizations have become fundamental components of the ecosystem.

As a result, infrastructure today represents far more than software and connectivity. It encompasses processes, people, governance, agents, and trusted relationships. It is the invisible framework that allows participants to transact with confidence regardless of the underlying asset being used. The value of the ecosystem increasingly lies not in any single token, but in the ability to move value efficiently, securely, and seamlessly across networks and jurisdictions.

Chart of the Week

Backpack: tokenized equity DEX volume spikes, BP price responds in step

Backpack's tokenized equity spot DEX volume ramped sharply through mid-June, peaking near ~$150 million on 16 June before cooling into the back half of the week. Rather than lagging the activity, BP tracked it - and arguably led - climbing from ~$0.27 to ~$0.67 over the window (roughly 2.5x), and grinding higher even as daily volumes faded toward June 20–21.

Listen. Read. Watch. Engage.

• Listen: “We’re still in ‘early innings’ of bitcoin-related ETPs.” David LaValle spoke with Dominic Chu on CNBC's ETF Edge to discuss the current crypto environment and the factors driving investor interest.
• Read: In “Crypto for Advisors”, Markus Thielen from 10x Research explains why a cycle-smart strategy outperforms traditional Dollar-Cost Averaging for bitcoin. Then, Eric Tomaszewski from Verde Capital Management, shares why advisors should look past surface-level numbers to find where real value is actually growing.
• Watch: “The Convergence Is Coming: David LaValle on Crypto’s Next Chapter for Advisors.” Dave LaValle, President of CoinDesk Data & Indices, sat down with The Wealth Advisor to walk through the digital asset landscape and what advisors need to know.
• Engage: Are you attending TokenizeThis in NYC this week? Connect with us onsite!

Looking for more? Receive the latest crypto news from coindesk.com and market updates from coindesk.com/institutions.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc., CoinDesk Indices or its owners and affiliates.