ChainThink reports that on September 2, Wintermute posted on X that the crypto market has shown signs of recovery over the past two weeks, with ETF fund flows turning positive and stablecoin issuance stabilizing; however, a new entry point for capital is still needed to initiate a full new cycle.
RWA (Real-World Assets) could become the next major liquidity channel. Data shows that stablecoins saw a net issuance of over $120 billion in one year, ETFs accumulated net inflows of $63 billion, and digital asset treasury companies collectively increased holdings by over $115 billion.
In comparison, RWA attracted approximately $16 billion in funding over the past 12 months, just one-tenth of the peak size during the previous cycle for ETFs and treasury firms.
However, the value of on-chain tokenized assets has nearly tripled over the past year, reaching over $30 billion, and has continued to grow even during periods of stablecoin supply contraction.
Wintermute believes that RWA funds initially purchase traditional assets such as Apple stocks and U.S. Treasury funds, rather than directly buying crypto assets, but once these funds enter the blockchain, the friction in shifting toward BTC, altcoins, and DeFi will be significantly reduced.
As regulatory frameworks become clearer and tokenized Treasuries and funds begin to be accepted as collateral by trading platforms and DeFi, RWA could drive a slower-paced, longer-lasting market cycle.