According to recent data by Token Terminal, tokenized real-world assets (RWAs) are already nearing $300 billion, a milestone that was projected to be reached in 2030. An additional report by RedStone Finance found that RWAs on-chain could hit as much as $30 trillion by 2034.

While most of the momentum is made up of stablecoins like USDT and USDC, with Ethereum and Tron emerging as the big winners in asset tokenization, don’t blink and miss the broader trend: stablecoins lead, but funds are rising.

On-chain funds, treasuries, and bonds are all rapidly carving out a bigger slice of the pie, moving capital markets from sleepy bank vaults onto global, blockchain rails that trade around the clock.

Tokenized RWAs: beyond dollars and stocks

Tokenized RWAs include much more than dollars in disguise. Earlier this week, Coinbase announced that it would launch Mag7 + Crypto Equity Index Futures to create the first US-listed futures product that combines traditional equities and crypto exposure.

Government bonds like Ondo USDY and BlackRock’s BUIDL, tokenized money-market funds, gold tokens such as PAXG, and even fractionalized real estate shares are now also a reality.

Commodities aren’t left behind either. There’s over $2.5 billion in digital gold, $500 million in tokenized oil, and millions in tokenized silver, agricultural goods, and even carbon credits.

Larry Fink, CEO of BlackRock, calls tokenization a “revolution” in investing, envisioning a future where “every asset can be tokenized” and traded with global reach and instant settlement.

The Crypto Investor Blueprint: A 5-Day Course On Bagholding, Insider Front-Runs, and Missing Alpha

Nice Your first lesson is on the way.

Please add [email protected] to your email whitelist.

This isn’t just fintech hype. According to McKinsey and Token Terminal, institutional adoption is ramping up; tokenized RWAs alone are set to double in size as funds and treasuries jump ship to the blockchain.

The implications of 24/7 access to traditional financial assets

The move beyond stablecoins highlights a new era for capital markets, and the implications are far-reaching. Imagine having 24/7 access to traditional financial (TradFi) assets, democratized by fractional shares, with no more waiting days for trades to settle.

Rather than relying on a centralized provider or a shadowy broker, every transaction is traceable and programmable, with assets directly managed on decentralized platforms, fast-tracking liquidity and efficiency.

As funds and institutional assets sprint on-chain, the $300 billion milestone that was expected to be hit in 2030 marks not just growth but a sea change: the financial system is stepping off Wall Street and into global, programmable networks, changing where (and how) finance happens.

Stablecoins were the start. Now, the tokenization wave is carrying funds, bonds, commodities, and even art. The next chapters? Real estate, private credit, and markets yet to be imagined, all open, frictionless, and unstoppable.

Mentioned in this article

The retracement has drawn attention to on-chain activity and investor behavior, particularly among long-term holders (LTHs). A CryptoQuant analyst has been monitoring realized profit and loss metrics to gauge whether the current cycle is approaching its peak or if more upside potential remains.  Data released by the analyst sheds light on how seasoned holders are reacting to Bitcoin’s latest rally.

Long-Term Holder Trends Across Market Cycles

CryptoQuant contributor PelinayPA shared an assessment of Bitcoin’s long-term holder realized profit and loss (RPL) metric, which tracks when investors who have held coins for extended periods decide to sell. According to the analyst, this indicator has historically been reliable in signaling both cycle tops and bottoms.

The analysis highlights key phases across multiple market cycles. During the 2017 bull market, a surge in LTH realized profits coincided with Bitcoin’s peak. By contrast, in the 2018–2019 bear market, profit realization slowed dramatically, while losses surfaced, reflecting the market bottom.

A similar pattern was observed in 2021, though the profit realization was more gradual, suggesting that selling pressure was spread across the market rather than concentrated in short bursts.

When Bitcoin entered the 2022–2023 downturn, realized losses increased significantly as the asset fell into the $15,000–$20,000 range. That period was characterized by panic selling among longer-term holders.

In the current market, however, PelinayPA notes that while profit-taking is visible, it remains moderate compared with past peaks. This indicates that, although selling is occurring, it has not yet reached the levels typically associated with a cycle top.

What the Current Data Suggests for Bitcoin

The current phase of moderate profit realization suggests caution but does not confirm that Bitcoin has fully topped out. PelinayPA explained that:

Historically, sharp increases in LTH profit realization (large green spikes) align with bull market tops. Current selling (mid-2025) is measured and gradual, which implies BTC may still be in the late stages of a bull cycle. If LTH selling accelerates, it could mark the next peak.

This measured approach by long-term holders could mean that the market retains some room for additional upward movement, provided selling pressure does not intensify.

At the same time, the data highlights that a shift toward heavier profit-taking would be an important warning signal for traders and institutions watching the market closely.

On-chain analytics firms frequently point to these long-term holder behaviors as leading indicators. While Bitcoin’s price action continues to consolidate below its record high, how these investors act in the coming weeks could set the tone for the next stage of the cycle.

For now, the data suggests that the rally has not yet reached conditions historically associated with a definitive top, but market participants are advised to watch profit realization closely.

Featured image created with DALL-E, Chart from TradingView