The token is dead, long live the token

Key Points

1. Bitcoin's dominance in retail portfolios has dwindled to 11.6%, highlighting a divergence in the crypto market.

2. Tokenized RWAs (equities, bonds, etc.) offer a legally compliant way to access traditional assets within the crypto space.

3. Regulatory frameworks like the EU's MiCA are shaping the integration of crypto and traditional finance, regardless of token type (unbacked or security-style).

4. Tokenized RWAs require traditional financial oversight to ensure investor rights and asset quality, blending crypto with conventional finance.

5. The convergence of tokenization and traditional capital markets could provide structured investment opportunities and broaden access for retail investors.