Crypto market enthusiasm cools, yet tokenized stock trading continues to heat up, with on-chain trading volume exceeding $37 billion in the third quarter.

Zhitong Finance APP has learned that although overall trading enthusiasm in the cryptocurrency market has cooled somewhat, the tokenized stocks, exchange-traded fund (ETF), and new derivatives markets are showing rapid growth. Driven by gradually improving regulatory frameworks, accelerating deployment by Wall Street institutions, and rising investor demand for highly speculative trading products, asset tokenization is becoming a new growth hotspot in the cryptocurrency industry.