Wintermute sees tokenized RWAs as next major crypto liquidity channel after on-chain assets triple to $30B+

Wintermute argues each crypto bull run has been driven by a new liquidity channel—ICOs, stablecoins, ETFs/DATs—and sees tokenized RWAs as the next one. On-chain tokenized value roughly tripled in a year to the low-$30 billions, with about $16 billion in RWA inflows over twelve months, or 0.9% of market cap, ahead of DATs at the same stage. The firm notes prior channels peaked 20–60 months after scaling, and says RWA capital, held by balance sheets rather than traders, could produce a cooler, longer cycle. It is watching whether tokenized assets leave permissioned wrappers and circulate as DeFi collateral, aided by regulatory and infrastructure changes.

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