最新报道：According to a JPMorgan report, the RWA tokenization sector is underperforming expectations. Its total market capitalization stands at $250 billion, roughly equivalent to the weekly inflows into US ETFs. Furthermore, the vast majority of investment currently comes from crypto-native companies. TradFi institutions have not joined this trend, and their interest may be waning. Will RWA tokenization fizzle out? RWA tokenization is often touted as one of the most promising market sectors in crypto, demonstrating strong performance while withstanding broader economic downturns. Crypto venture capital firms are highly interested, and major governments are exploring its applications. But what if the hype is overblown? A bold JPMorgan report makes this claim: JPMorgan researchers frequently investigate sensitive areas in the crypto market. The firm has invested heavily in RWA tokenization, so it's logical for it to want to assess market impact. Unfortunately, JPMorgan's conclusions are quite pessimistic. Despite declining participation, investment in cryptocurrencies continues. Frankly, the majority of RWA tokenization investment comes from the cryptocurrency industry. TradFi institutions have experimented with the market, but they appear to be losing interest. For example, BlackRock's BUIDL fund lost $600 million in total assets between May and August. The industry's total market capitalization is $250 billion, of which $150 billion consists of tokenized private credit held by a very small number of firms. As Eric Balchunas, a prominent ETF analyst, noted, the entire RWA tokenization market is roughly equivalent to the average weekly inflows into US ETFs. Balchunas took the opportunity to refute some arguments that RWA tokenization will be best seen in the next few years. He believes it may be nearing its end. If these claims are true, they could have significant market implications. After all, the US Securities and Exchange Commission is planning to bring US capital markets to blockchain. Could this market data disrupt these plans? To be fair, these assertions could be false or misleading. This report would be even more impactful if other TradFi institutions confirmed JPMorgan's claims about RWA tokenization. However, the cryptocurrency industry should be aware that institutional RWA investments are likely to decline further.