The Next Phase of Crypto Growth: What Investors Are Watching

Tokenized real-world assets passed $37.5 billion in total capitalization, according to industry data. Spot crypto ETF inflows reached $23 billion over the same stretch. A separate survey found that 76% of institutional investors plan to expand their crypto allocations within the next 12 months.

The RWA market now includes tokenized bonds, private credit, and real estate. These categories together account for the bulk of the $37.5 billion total. ETF flows have been concentrated in Bitcoin and Ether funds, which absorbed most of the new capital.

The institutional expansion plans are notable for their breadth. The survey covered pension funds, endowments, and asset managers. More than three-quarters said they intend to increase exposure, a share that has risen from roughly 60% a year earlier.

None of these numbers alone would signal a turning point. Together they reinforce a pattern: capital is moving from speculation into yield-bearing and income-generating crypto structures. Tokenized credit now offers yields that compete with high-grade bonds. ETF inflows provide a steady bid under the largest digital assets. Institutions are signaling a longer time horizon than the retail-driven cycles of 2017 and 2021.

The shift has implications for infrastructure providers. Custodians, tokenization platforms, and settlement layers all stand to benefit from higher volumes and more diverse assets onchain. The $37.5 billion RWA figure is roughly double where it stood 18 months ago, though comparable prior-period numbers from the survey were not provided.

The next catalyst to watch is the regulatory response. U.S. and European policymakers are drafting rules for tokenized securities and stablecoins. Clarity on those rules could accelerate institutional commitments. For now, the data points to a market that is broadening its base without waiting for Congress.