Wintermute: RWA or a new source of mobility for the next round of encrypted cattle markets

On 2 September, Wintermute sent a letter indicating that, while the past two weeks had seen a rebound in the encryption market, the ETF funds had turned positive and the issuance of stable currencies had stabilized, the market would still need new financial access if it was to start a full new cycle. Historically, VC and ICO from 2017 to 2018, the stable currency from 2020 to 2021, and ETF and Digital Assets Treasury from 2024 to 2025 have accelerated the cattle market process, and RWA could be the next important source of liquidity. The data show that in one year there was a net increase of more than $120 billion in the currency; the cumulative net inflow of ETF was $63 billion, and the cumulative increase of Digital Asset Treasury was more than $115 billion. By contrast, RWA has attracted about $16 billion in funding over the past 12 months, which is only about one tenth of the peak of the previous cycle of ETF and Treasury. However, the value of monetized assets in the chain has increased by about twice in a year, to over $30 billion, and has continued to expand during the contraction of stable currency supply. Wintermute argues that RWA funds initially purchased traditional assets such as Apple Stock, the United States Treasury Debt Fund, and did not directly buy encrypted assets, but that when they entered the chain, the frictions that had shifted to BTC, Yamamoto and DeFi would be significantly reduced. As the regulatory framework becomes clearer and the monetized national debt and funds begin to be accepted as collateral by the trading platform and DeFi, the RWA or the promotion of a slower and longer-term market cycle。