Wintermute: RWA Could Become a New Liquidity Channel for the Next Crypto Bull Run

Odaily News: Wintermute posted on X that the crypto market has rebounded over the past two weeks, with ETF inflows turning positive and stablecoin issuance stabilizing. However, to usher in a full new cycle, the market still needs new sources of capital. Historically, VC and ICO funding in 2017-2018, stablecoins in 2020-2021, and ETFs and digital asset treasury companies in 2024-2025 have all accelerated bull market cycles. RWA could become the next major liquidity channel. Data shows that stablecoin supply grew by over $120 billion within a single year; ETFs recorded cumulative net inflows of $63 billion, while digital asset treasury companies accumulated over $115 billion in holdings.

In comparison, RWA attracted approximately $16 billion in capital over the past 12 months—only about one-tenth of the peak scale seen from ETFs and treasury companies in the previous cycle. However, the value of on-chain tokenized assets has roughly doubled within a year to over $30 billion, and this growth continued even during periods of stablecoin supply contraction.

Wintermute believes that RWA capital initially flows into traditional assets such as Apple stock and U.S. Treasury funds, rather than directly into crypto assets. But once these funds enter the blockchain, the friction involved in rotating toward Bitcoin, altcoins, and DeFi is expected to decrease significantly. As the regulatory framework gradually becomes clearer and tokenized Treasuries and funds begin gaining acceptance as collateral on trading platforms and within DeFi, RWA could drive a market cycle that unfolds at a more moderate pace and lasts longer.