CoinEx News: Wintermute said on September 2 that renewed ETF inflows and stabilizing stablecoin issuance support a recovery, but a full bull cycle likely needs a new channel for fresh capital. Its leading candidate is real-world asset tokenization (RWA), which brings assets such as stocks and government bond funds onto blockchains. In 2024–2025, ETFs and corporate crypto treasuries mainly directed buying toward BTC, ETH and selected large altcoins, leaving much of the wider market without sustained demand.

Tokenization brings institutional capital onto the same networks where crypto assets trade, making later allocations to BTC or altcoins easier. However, money entering tokenized stocks or Treasury funds does not automatically become crypto buying. Wintermute’s key test is whether those assets move beyond restricted investment products, become collateral for borrowing and enter decentralized finance (DeFi). The focus is on which settlement networks, collateral platforms and lending protocols capture that activity. For holders of BTC, ETH and altcoins, actual capital movement matters more than rising RWA valuations alone. Wintermute expects an RWA-driven cycle, if it develops, to be less speculative and potentially longer-lasting.