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ETF and stablecoin inflows weaken, Wintermute picks RWA as next funding source

An analysis says real-world assets (RWA) could emerge as a new pillar of liquidity for the next crypto bull market as key funding channels that have supported the market gradually lose strength. Crypto market maker Wintermute said previous bull-market inflow routes are entering an exhaustion phase. It said stablecoin supply has contracted sharply, bitcoin spot ETF flows have turned to net outflows, and many crypto-treasury stocks trade below net asset value.