Bitcoin reclaims $92K as tokenization momentum builds: BlackRock’s signal, Kraken–Backed deal, Chainlink stack, BoA’s 1–4% crypto tilt

Bitcoin’s rebound above $92K feels less like a simple relief rally and more like the market starting to price in a tokenization-led second act for crypto. Prices are up on the day, but the institutional architecture forming around real-world assets onchain is the more durable tell.

Prices first. Majors are bid after Vanguard’s crypto debut and supportive commentary from Bank of America. BTC is up roughly 6% to $92,900; ETH +9% to $3,070; BNB +7% to $899; SOL +10% to $142. Among standout movers: SUI +24%, PENGU +19%, LINK +18%. That last one tracks with the week’s big theme.

Tokenization is getting coordinated sponsorship across the stack: - BlackRock is openly bullish on tokenized assets, which, in practice, signals to treasurers and allocators that settlement, auditability, and distribution can migrate onchain without abandoning compliance. - Kraken agreed to acquire Backed Finance, a tokenization platform for stocks, to accelerate listed-equity representations onchain. An exchange owning issuance rails is a vertical bet: origination, secondary trading, and custody under one roof could compress spreads and improve liquidity discovery. - Chainlink rolled out “LINK Everything,” a full-stack tokenization toolkit combining CCIP for cross-chain messaging, compliance modules, and expanded data/compute. If RWA tokenization scales, neutral middleware that satisfies both regulators and developers often becomes the default.

Ethereum’s Fusaka upgrade, scheduled today, complements this shift. By improving mainnet ingestion of L2 data and lowering rollup costs, it reduces friction where tokenized flows likely land first: on rollups that need cheaper data availability. Lower structural costs compound liquidity; they also reduce the “basis” that has historically kept RWAs from being economical on public rails.

On the buy-side, Bank of America is now recommending a 1–4% crypto allocation for Merrill and Private Bank clients. That modest range matters. It gives wealth platforms permission to operationalize crypto exposure policies without triggering mandate creep, and it nudges advisors to learn the tooling—custody, reporting, and, eventually, tokenized securities wrappers. The psychology is subtle: once advisers allocate even 1%, they start asking for product depth and compliant yield, which points back to tokenized T-bills, credit, and equities.

Regulatory and leadership markers continue to clear roadblocks. The UK’s newly passed Property Act formally creates a property category for crypto and NFTs, which helps courts and insurers treat tokens as recoverable, enforceable assets rather than novelties. In the U.S., prediction markets put crypto-friendly Kevin Hassett at an 85% chance to succeed Jerome Powell as Fed Chair; that odds shift doesn’t set policy, but rate-path expectations and a less hostile stance toward digital assets could keep volatility asymmetric to the upside. Binance’s appointment of cofounder He Yi as Co-CEO suggests a governance reset designed to stabilize operations through the next compliance and listing cycle.

Two additional signals round out the day. Kalshi raised $11B, a figure that underscores the growing demand for tradable event risk—exactly the kind of payoff surface that benefits from onchain resolution and transparent collateral handling. And Vanguard’s entrance adds brand cover that many RIAs were waiting for; even if flows ramp gradually, the distribution footprint is enormous.

Where does this go? If tokenization continues to compound, the winners likely sit at three junctions: issuers who can tokenize with clean cap tables and disclosure; middleware that solves cross-chain, KYC, and data integrity without trapping users; and exchanges or banks that can package compliance-first RWA exposure alongside BTC and ETH. That’s why LINK outperformed and why Kraken’s Backed deal matters. The market is assigning value to the pipes, not just the coins riding through them.

Today’s price action is the headline. The re-plumbing of market infrastructure is the story. As rails harden and legal definitions sharpen, a 1–4% allocation becomes easier to justify—and tokenized instruments start to look less like a demo and more like the default.