[Speculation in the Crypto Market Shifts to Traditional Assets: RWA Perpetual Contract Open Interest Rises to $9 Billion] According to Bloomberg, data shows that over the past year, the total open interest of perpetual contracts on mainstream trading platforms has decreased from $81 billion to approximately $67 billion. However, the open interest of contracts linked to Real-World Assets (RWA) has risen from almost zero to $9 billion, accounting for 14% of the total. This indicates that leverage trading activity in the crypto market has not yet returned to previous levels, while related trading infrastructure is gradually expanding to traditional assets such as stocks and commodities. During the same period, Bitcoin perpetual contract open interest decreased by approximately $8 billion, Ethereum by about $5 billion, and other tokens collectively by around $10 billion. The growth in traditional asset contracts has only partially offset these declines.