Week in RWA: Sector Suffers Major Blow Following Bitcoin Sell-Off

Practically every cryptocurrency in the top 50 by market capitalization is having a rough time right now, led by a precipitous drop in the value of Bitcoin (BTC).

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• Bitcoin Sell-Off Impact: A severe downturn across the cryptocurrency market, led by a sharp fall in Bitcoin, influenced most altcoins.
• RWA Token Decline: Most real-world asset (RWA) tokens experienced significant losses this week.
• Fed Statement Effects: An unexpected Fed statement on Bitcoin contributed to market volatility, causing a brief BTC price crash.
• Market Cap Reduction: Over $1.5 trillion was wiped from U.S. stocks; RWA tokens’ market cap is notably down; some individual tokens like LINK and ONDO outperformed others.

Red 🩸is the word this week. Practically every cryptocurrency in the top 50 by market capitalization is having a rough time right now, led by a precipitous drop in the value of Bitcoin (BTC).

Let’s take a closer look, shall we?

>> Did you miss last week’s RWA update? Check it out here.

Yesterday, the Fed cut interest rates by 25 basis points, as most analysts had anticipated.What was not anticipated, however, was Fed Chair Jerome Powell explicitly stating that the Fed “cannot hold Bitcoin” and was not seeking to change that.

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This statement precipitated a flash crash that saw BTC briefly collapse below $100K before recovering to around $100,500 as of writing.

Meanwhile, over $1.5 trillion was wiped off the U.S. stock market yesterday as sentiment shifted bearish.

With the altcoin market taking a serious hit, it is likely no surprise that the vast majority of RWA tokens are also in the red this week.

As it stands, more than 90% of RWA tokens are in the negative over the last seven days, though a handful have weathered the storm surprisingly well.

These include:

1. Chainlink (LINK): gained 4% to reach a $15.87 billion market cap.
2. Ondo (ONDO): gained 2.1% to reach a $2.54 billion market cap.

But not all projects fared quite so well. This week’s worst performers include:

1. Goldfinch (GFI): lost 24.8% and fell to a $49 million market cap.
2. Boson Protocol (BOSON): lost 24.5% and fell to a $47.5 million market cap.

Source: DefiLlama

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According to DefiLlama’s narrative tracker, the RWA token sector as a whole is roughly middle of the pack in terms of mcap-weighted performance. The RWA sector has an mcap-weighted return of -7.6% in the last week, compared to +191% for PolitiFi tokens, -2.6% for Decentralized Finance (DeFi) tokens, and -21.4% for NFT Marketplace tokens.

The total market capitalization of all RWA tokens now sits at $57.7 billion, almost entirely retracing last week’s upward move.

Let’s hope next week paints a more favorable picture.

Despite the crash, several significant developments have been made in the RWA space over the last week.

We’ve summarized some of the most significant stories below:

U.S. and E.U. T-Bill MMFs Launched on Starknet: Spiko, in collaboration with Starknet, has deployed U.S. and E.U. Treasury Bill (T-Bill) MMFs on the Starknet platform, marking the first tokenized T-Bill products on this network. They have risen to be among the top tokenizers of T-Bills, with significant ecosystem partnerships.

>> That’s all for this week’s RWA recap. Join us next week for another dose of RWA action.

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