The starting point of all these changes should be in the breakdown of this round of "bull market not being bullish." The key factor in the breakdown is the "native crypto funds."

Today, the first batch of Hong Kong Bitcoin and Ethereum spot ETF products applied for by the Hong Kong subsidiaries of Huaxia Fund, Bosera Fund, and Harvest Fund has been officially approved by the Hong Kong Securities and Futures Commission, and is expected to be officially listed for trading at the end of April.

This article will analyze the RWA narrative from the perspectives of financial history, legal system, and technological cycles.