Nazarov argues that investors should focus on structural changes rather than price movements, saying cycles of ups and downs are natural. He says investors need to assess how mature the industry is and what trends will create value in the next phase. He sees real-world asset (RWA) tokenization as a likely central theme, with the on-chain RWA market potentially exceeding the total crypto market cap in the long run. As assets move on-chain, the infrastructure needed to support them will expand, not limited to just Layer-1 chains but also oracles, cross-chain technology, and DeFi protocols that enable on-chain asset movement and financing.
Even as Bitcoin prices consolidate, RWA issuance and related infrastructure development have continued, underscoring RWA’s potential as an independent growth driver. DeFi could evolve from a purely trading venue to a core layer for real-asset finance, offering 24/7 markets and real-time collateral management. Ultimately, the industry may shift from coin-price competition to on-chain real assets, with substantial upside for the associated infrastructure and DeFi projects as the next cycle approaches.
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