According to CoinMeta, Wintermute indicates that the crypto market needs new sources of capital to initiate a new cycle. RWA (real assets) may become an important liquidity channel following ETF and stablecoins. Data shows that stablecoins saw a net issuance of $120 billion, with ETF experiencing a net inflow of $63 billion, and digital asset treasury companies increased their holdings by $115 billion. Over the past 12 months, RWA has attracted $16 billion in funds, and the value of tokenized assets on the chain has grown to over $30 billion. Wintermute believes that as regulatory frameworks become clearer and tokenized assets are accepted as collateral by DEFI, RWA could potentially drive a new market cycle.