Nasdaq expands market data distribution through Pyth blockchain network

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Nasdaq expands data via Pyth

Highlights

Nasdaq will distribute its TotalView full depth-of-book equity market data via the Pyth Data Marketplace, enabling blockchain and cloud-based access.
The partnership supports the financial sector's move toward tokenized market infrastructure, as Nasdaq joins Tradeweb, SGX, OTC Markets, Kalshi, and the U.S. Department of Commerce on Pyth.
Developers and institutional users can now leverage Nasdaq's TotalView data for market depth analysis, improved trade execution, and quantitative model development on blockchain platforms.

TotalView rollout through Pyth marketplace

As reported by CoinDesk, Nasdaq said Tuesday that it will publish its TotalView market data through the Pyth Data Marketplace, a platform that distributes institutional datasets to blockchain networks, financial applications and software developers.

TotalView provides full depth-of-book equity market data, showing buy and sell orders at every price level for securities trading on Nasdaq, including Nasdaq-, NYSE- and regional-listed stocks. The product also includes Nasdaq's Net Order Imbalance Indicator, which gives a real-time view of buy and sell imbalances ahead of the opening and closing auctions.

For Nasdaq, the partnership broadens how its market data reaches customers as financial infrastructure shifts beyond trading terminals and dedicated feeds toward cloud-based software and blockchain-enabled applications.

Push toward tokenized market infrastructure

The distribution agreement reflects a wider effort by traditional financial institutions to make market infrastructure compatible with tokenized assets and onchain financial services. Nasdaq joins other organizations contributing data through the Pyth Data Marketplace, including Tradeweb, SGX, OTC Markets, Kalshi and the U.S. Department of Commerce.

Pyth said developers and institutional users will be able to use TotalView data to analyze market depth, improve trade execution and build quantitative trading models. The arrangement also signals that established exchange operators are testing new ways to deliver core financial data as blockchain-based market infrastructure gains traction.

In our earlier coverage of bubble-risk signals in U.S. tech and semiconductor stocks, we noted that multiple valuation gauges were flashing elevated risk after sharp swings and selloffs in mega-cap names. We also highlighted how investor sentiment has remained supportive but more cautious, with strategists warning that optimistic earnings assumptions and concentration in leading tech shares could leave the broader rally more fragile.

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