Analysis suggests that the next cycle of the virtual asset market will not be driven by speculative expectations as in the past. Following the elimination of leverage through large-scale liquidations, the market's focus is shifting from price narratives to asset management and balance sheet management.
In a recent report, global trading and research firm DWF Labs analyzed that “the market has been structurally reorganized, with over $19 billion expected to be liquidated in 2025 alone,” and that “virtual assets are now entering a phase where they prioritize returns, collateral, and infrastructure, rather than a momentum-driven cycle.”
Stablecoins are at the heart of this change. Over the past year, stablecoin supply has increased by over 50%, and a significant portion has been incorporated into revenue-generating structures. Beyond simply serving as a means of payment, they are expanding their functionality to become a financial statement tool that allows institutions and large investors to manage their holdings without having to sell them.
Real asset tokenization (RWA) is also moving beyond the experimental phase and into the realm of use. The on-chain RWA market has grown from approximately $4 billion to $18 billion, with tokenized assets such as government bonds, credit, and bonds being directly linked to lending and collateral systems. The report noted, "The ability to function as actual collateral has become more important than tokenization itself."
Structural changes are also emerging in the derivatives market. The proportion of decentralized perpetual futures trading is rapidly increasing, and price, open interest, and settlement data are becoming key indicators reflecting actual market supply and demand.
