[Wintermute: RWA Could Become the Next Liquidity Channel in the Upcoming Crypto Bull Market] Odaily Planet Daily News – Wintermute posted on the X platform, stating that the crypto market has rebounded over the past two weeks, with ETF inflows turning positive and stablecoin issuance stabilizing. However, to kick off a full new cycle, the market still needs new capital inflows. Historically, venture capital (VC) and initial coin offerings (ICO) from 2017 to 2018, stablecoins from 2020 to 2021, and ETFs and digital asset treasury companies from 2024 to 2025 have all accelerated bull market processes. RWA (Real-World Assets) could potentially become the next major liquidity channel. Data shows that stablecoins experienced a net issuance increase of over $120 billion within a year; ETFs saw cumulative net inflows of $63 billion, and digital asset treasury companies cumulatively increased holdings by over $115 billion. In comparison, RWA attracted approximately $16 billion in the past 12 months, which is only about one-tenth of the peak scale of ETFs and treasury companies in the previous cycle. However, the value of on-chain tokenized assets has grown nearly twofold within a year, reaching over $30 billion, and continued to expand even during the contraction of stablecoin supply. Wintermute believes that RWA funds initially purchase traditional assets such as Apple stocks and U.S. Treasury funds, rather than directly buying crypto assets. However, once these funds enter the blockchain, the friction for transitioning into 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 trading platforms and DeFi, RWA could drive a slower-paced, longer-lasting market cycle.