#代币化资产与RWA Noticed that Trend Research's ETH holdings have exceeded 590,000 coins, with an additional 11,520 recently added. From on-chain data, this operation itself is quite interesting—adding to spot holdings despite record high contract positions, indicating that institutions are hedging against the high-risk exposure on the derivatives side.

The key point is an on-chain signal mentioned by Yi Lihua: some platform contract holdings are already several times the spot supply. This structure suggests that market sentiment is overly skewed in one direction, with price influence dominated by contracts, which amplifies volatility. The logical approach before Q1 is to focus on spot rather than contracts, to avoid this high leverage risk.

Looking at the broader environment of RWA and stablecoins on the chain, Ethereum, as the main layer, is indeed experiencing institutional capital inflows. But my observation is: there's no need to over-interpret the actions of a single large holder increasing their position. More worth tracking are the overall net inflow and outflow trends of on-chain funds, as well as changes in exchange wallets—these are the real market thermometers. Currently, we are still observing whether the accelerated ETH outflows from major exchanges will continue.