RWA Tops July Crypto Narratives With +10% Median Return
On-chain tokenization capitalization hit $32.2B on July 24, up 12.3% since the start of the month and past its prior April peak, putting the narrative ahead of every other major sector.
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On-chain tokenization capitalization hit $32.2B on July 24, up 12.3% since the start of the month and past its prior April peak, putting the narrative ahead of every other major sector.
Bitcoin is now trading as a sidecar to the AI cycle: every capability leap for frontier models widens the appeal of chips and model builders over a token whose biggest holders already sell compute.
The thesis was simple hardware-plus-token incentives at scale; the chart says the bid never showed up. DePIN has slipped into the bottom tier of major crypto narratives by drawdown.