Last year, when everyone was talking about RWA, there really wasn’t any consensus. A lot of people didn’t understand how RWA works, what its significance is, or if it was just another hyped-up concept. To people in the crypto space, the idea didn’t feel fresh, and the traditional finance crowd was completely baffled. It wasn’t until this year, with the gradual passing of the Stablecoin Act, the Beautiful America Act, and then seeing a series of moves from Trump and FinCEN, followed by players like JD.com and Ant Group entering the stablecoin cross-border payment space, and then the emergence of crypto-equity hybrids… That’s when the big players finally figured out what RWA is and how to create bubbles to make money. Then TOM LEE jumped in, Cathie Wood started hyping it, and even Jia Yueting wants to set up a treasury to hoard BNB… At its core, this bull market came about exactly like this. Ample liquidity is the foundation, big players entering the game is a necessary factor, and with the right vibes, there’s no way the bull market wouldn’t happen.