Wintermute：ETF 与 DAT 之后，RWA 或将接棒下一轮牛市
RWA能否成为下一轮牛市的增量资金入口？Wintermute分析指出，ETF与稳定币通道已趋于常态化，而代币化资产正以每月超160亿美元的增速扩张，虽然规模尚小，但它是唯一仍在增长的资金通道。当机构资金进入链上体系后，是否会外溢至加密生态，将决定山寨季能否真正到来。
Wintermute: after ETFs and DATs, RWA may carry the next bull run
Can RWA become the incremental funding gateway for the next bull run? Wintermute notes ETF and stablecoin channels have normalized while tokenized assets are expanding at over $16 billion per month — still small, but the only funding channel still growing. Whether institutional money entering on-chain spills over into the broader crypto ecosystem will decide whether altseason truly arrives.