BlockBeats News, September 2nd, Wintermute stated in a post that the cryptocurrency market has seen a rebound in the past two weeks, ETF inflows have turned positive, and stablecoin issuance has stabilized. However, to initiate a full new market cycle, the market still needs new capital inflows. Historically, the periods of VC and ICOs from 2017 to 2018, stablecoins from 2020 to 2021, and ETFs and digital asset treasuries from 2024 to 2025 have all accelerated the bull market. RWAs may become the next significant liquidity channel.

The data shows that stablecoins have had a net issuance of over $120 billion in one year; ETFs have seen a cumulative net inflow of $63 billion, and digital asset treasuries have accumulated over $115 billion. In comparison, RWAs have attracted around $16 billion in the past 12 months, representing only about a tenth of the peak value of ETFs and treasuries in the previous cycle. However, the on-chain tokenized asset value has doubled in one year, reaching over $300 billion, and continues to expand even during stablecoin supply contractions.

Wintermute believes that the funds initially used to purchase RWAs were in traditional assets such as Apple stock and US Treasury bonds, not in direct cryptocurrency investments. However, once these funds enter the blockchain, the friction towards BTC, altcoins, and DeFi will significantly decrease. With regulatory frameworks gradually becoming clearer, and tokenized government bonds and funds starting to be accepted by trading platforms and DeFi as collateral, RWAs may drive a market cycle with a slower pace and longer duration.