Wintermute：RWA或成为下一轮加密牛市的新流动性渠道

Wintermute：RWA或成为下一轮加密牛市的新流动性渠道

2026-09-02 19:36

ChainThink 消息，9 月 2 日，据 Wintermute 在 X 平台发文，过去两周加密市场表现回升，ETF 资金流转正，稳定币发行趋于稳定，但若要开启完整新一轮周期，仍需新的资金入口。

RWA（真实世界资产）可能成为下一条重要流动性渠道。数据显示，稳定币曾在一年内净增发超 1200 亿美元，ETF 累计净流入 630 亿美元，数字资产财库公司累计增持超 1150 亿美元。

相比之下，RWA 过去 12 个月吸引约 160 亿美元资金，仅为 ETF 与财库公司上一周期峰值规模的十分之一。

但链上代币化资产价值已在一年内增长约两倍，达 300 多亿美元，且在稳定币供应收缩期间仍持续扩张。

Wintermute 认为，RWA 资金最初购买的是苹果股票、美国国债基金等传统资产，并非直接买入加密资产，但这些资金进入链上后，转向 BTC、山寨币及 DeFi 的摩擦将明显降低。

随着监管框架逐渐明确，以及代币化国债和基金开始被交易平台及 DeFi 接受为抵押品，RWA 或推动一轮节奏更缓、持续时间更长的市场周期。

Disclaimer: Contains third-party opinions, does not constitute financial advice

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