Any new on-chain business boom is a bullish signal for BTC. Why? Because new businesses always attract some off-chain money onto the chain, and those who make money will always allocate a portion to BTC. Think back to the days of ICOs, DeFi, NFTs, and now the stock RWA trend being pushed by major CEXs. However, how big the stock RWA market can get depends on whether the on-chain ecosystem can seize pricing power. For example, the recent IPO opening price of Cerebras was set by Hyperliquid, not by Wall Street's prediction agencies. As for already circulating stocks, a 24/7 trading market with leverage and derivative tools has a strong chance of taking over pricing power. This could very well be the starting point for the next crypto bull run.