Wintermute analysts say two weeks of positive market action might have finally ended the long sideways chop. They’re seeing money flow back into traditional liquidity channels, ETFs showing good momentum, and stablecoin issuance holding steady. Against this backdrop, the big question: are we at the start of a new bull rally?

The Market’s Showing Signs of Life

According to Wintermute, a mix of factors is coming together: inflows through traditional liquidity routes, better ETF performance, and stablecoin issuance leveling out. The firm sees this combo as a possible signal that we’re breaking out of the flat zone and shifting into a more constructive phase.

RWAs as a Bull Market Catalyst

Wintermute points to real-world asset tokenization (RWA) as a potential driver for the next full-blown bull cycle. The idea is that fresh capital and growing interest in RWA-linked products could boost demand and on-chain activity over a longer stretch.

What the Market’s Watching

The signals Wintermute highlights—liquidity inflows, ETF momentum, and stablecoin stability—are front and center for a lot of crypto players right now. The question is whether these trends will turn into something more sustainable, and if RWAs will be the spark for the next big cycle.