Odaily Planet Daily reports: Wintermute posted on X that over the past two weeks, the crypto market has shown signs of recovery, with ETF fund inflows turning positive and stablecoin issuance stabilizing. However, to initiate a full new cycle, the market still requires new sources of capital. Historically, VC and ICO funding from 2017 to 2018, stablecoins from 2020 to 2021, and ETFs and digital asset treasury companies from 2024 to 2025 have all accelerated bull markets; RWA may become the next major liquidity channel. Data shows that stablecoins saw net issuance exceeding $120 billion in one year; ETFs have accumulated net inflows of $63 billion, and digital asset treasury companies have collectively increased holdings by over $115 billion.
In comparison, RWA attracted approximately $16 billion in funding over the past 12 months, just about one-tenth the size of the peak during the previous cycle for ETFs and treasury firms. However, the value of on-chain tokenized assets has nearly tripled within a year, reaching over $30 billion, and continues to expand even during periods of stablecoin supply contraction.
Wintermute believes that RWA funds initially invest in traditional assets such as Apple stocks and U.S. Treasury funds, rather than directly purchasing crypto assets; however, once these funds enter the blockchain, the friction in shifting toward Bitcoin, altcoins, and DeFi will be significantly reduced. As regulatory frameworks become clearer and tokenized Treasuries and funds begin to be accepted as collateral by exchanges and DeFi protocols, RWA could drive a market cycle that is slower-paced and longer-lasting.