From AI Siphon to RWA Rise: 2026 Crypto Capital Migration

The report's key signal is not just RWA's growth, but that it occurred while other crypto sectors saw net outflows, marking it as a distinct capital refuge amid macro shocks. The surge in tokenized stocks and RWA perps, particularly on centralized venues, suggests institutional demand for crypto rails to access traditional assets, rather than speculative crypto-native plays. The claim that the AI stock siphon peaked in June is the pivotal assumption; if it holds, the migration back to crypto could accelerate, but if equity markets remain sticky, RWA's dominance might persist as a structural shift rather than a temporary rotation. Watching whether RWA inflows decelerate or broaden beyond tokenized equities will clarify if this is a durable trend or a cyclical hedge.