Cryptocurrency market maker Wintermute predicted that while the cryptocurrency market has recently rebounded, additional funds are needed for a new bull market to fully materialize, and real-world assets (RWA) can play that role. Regarding this, they stated, "In the past, venture capital and ICOs (2017-2018), stablecoins (2020-2021), and ETFs and crypto-holding companies (2024-2025) all accelerated bull markets. Real-world asset tokenization (RWA) has the potential to be the next major liquidity channel. The value of on-chain asset tokens doubled in one year, exceeding $300 billion, and continued to expand even during periods of declining stablecoin supply. The funds initially used for RWA purchases were those that had been invested in traditional assets such as Apple stocks or US Treasury bonds. However, once these funds enter the blockchain, the barriers to moving them into BTC, altcoins, and DeFi can be significantly lowered. As the regulatory framework gradually becomes clearer and Treasury tokens and funds begin to be used as collateral across various platforms and in DeFi, RWA could lead to a slower but more sustained market cycle."
