The vast majority of RWA tokens are in the red over this period, but some have managed to resist the trend and remain in the green.
TL;DR…
- Market-wide crash: Crypto plummets as Bitcoin drops below $89K, erasing three months of gains; nearly $1B in longs liquidated, Fear & Greed Index hits yearly low.
- RWA sector hit hard: Nearly $4B wiped out, most tokens in red; Ondo (-19.4%) leads losses, but Maker (+41.5%) and others defy the trend.
- Sector resilience: Despite heavy losses, RWAs outperform most categories, ranking 4th-best among 22 tracked sectors, showing relative strength in the downturn.
- Key developments: Mavryk secures $5.2M for blockchain expansion, Ondo partners with Assetera, Dfinity proposes RWA ledger standards, and Centrifuge appoints a new CEO.
“Meltdown” is the word of the week.
Fear permeates the market once again as a nearly market-wide crash sent most cryptocurrencies tumbling to levels not seen in months.
Having drawn down more than 19% from its all-time high, Bitcoin (BTC) is now trading at under $89,000 and most altcoins have fallen through multiple support levels.
Still, there is some residual hope that would need to be extinguished before the current situation could be considered a bear market. Let’s dive in and take a look at the situation as it stands.
>> Did you miss last week’s RWA update? Check it out here.
Market Overview
The last week hasn’t been kind to most of the market.
Source: Bitcoin (BTC) Coin Page
Bitcoin (BTC) hit a 2025 low yesterday after falling to almost $86,000 following a sizeable liquidation cascade. The OG cryptocurrency is down 8.4% in the last seven days and is currently trading at around $88,200, erasing three months of growth.
Per data from Coinglass, $948 million in longs were liquidated in one of the largest liquidation events ever.
As you might expect, the CMC Crypto Fear & Greed Index slipped to new lows of 26, the lowest value since tracking began in June 2023.
Following the bloodbath, several momentum indicators suggest that BTC and many prominent altcoins are now oversold—at least for now.
RWA Market Recap
It's safe to say that the last week was one of the most volatile on record for the RWA sector.
The vast majority of RWA tokens are in the red over this period, but some have managed to resist the trend and remain in the green.
The sector has now reversed three months of progress and is the same size as in December 2024.
Source: Top Real World Asset Tokens Page
In total, almost $4 billion was shed from its market capitalization (mcap) after a 6.7% decline. Though the average RWA token lost 6.7% this week, some were hit particularly hard, losing far more.
Currently, seven of the top 10 RWA tokens by mcap are down in the last seven days. Ondo (ONDO) was hit the hardest, losing 19.4% in this time.
Larger losses were found among low-cap RWA tokens. The worst affected include:
- RWA Inc. (RWA): lost 36.9%
- Realio Network (RIO): lost 22.9%
- Propbase (PROPS): lost 22.5%
- Chintai (CHEX): lost 22.5%
Roughly 25% of RWA tokens managed to buck the trend and record some growth over the last week. Some of the best performers currently include:
- Maker (MKR): gained 41.5%
- Sky (SKY): gained 40.7%
- Brickken (BKN): gained 25.3%
- Quant (QNT): gained 15.9%
Source: MANTRA (OM) Token Page
Among large-cap tokens, MANTRA (OM) once again showed strength this week after gaining 1.6% and briefly attaining a new all-time high of $9.04.
Source: DefiLlama
When it comes to relative performance, the RWA sector stands out. According to data from DefiLlama’s narrative tracker, the sector saw a mcap-weighted decline of 4.3% in the last week, making it the fourth-best performer of the 22 sectors tracked by the platform.
For comparison, the Bridge Governance, Data Availability, and Artificial Intelligence token sectors managed to gain market share in the last week as the best-performing categories.
RWA News Roundup
The RWA sector continues to develop rapidly, with a clear trend showing existing chains and protocols expanding their RWA accessibility and ambitions.
We’ve selected some of this week’s most important stories to keep you up-to-date on progress:
Mavryk Dynamics Secures $5.2M in New Funding: Mavryk Dynamics has secured $5.2 million in funding to develop its layer-1 blockchain network focused on tokenizing real-world assets (RWAs) and integrating decentralized finance (DeFi). The investment round was led by Ghaf Capital, Big Brain, MetaVest Capital, Cluster Capital, Collective Ventures and Atlas Fund.
Ondo and Assetera Form Partnership: Ondo Finance, known for blockchain-based financial products, has partnered with Assetera, a regulated EU platform, to list its tokenized U.S. Treasury fund, OUSG. This move aims to provide European institutional investors access to these assets through a secure, compliance-focused platform, potentially expanding market reach.
Dfinity Community Submits RWA Proposal: The Dfinity developer community, which supports the Internet Computer (ICP) blockchain, has proposed exploring new standards for managing ledgers of real-world assets (RWAs) and stablecoins. The proposal focuses on ensuring compliance, such as with CMTAT standards, and includes operations like halting transactions for security, which could impact how assets are handled on the blockchain.
Centrifuge Appoints New CEO in Leadership Change: Centrifuge, a platform for tokenizing real-world assets in DeFi, has appointed Bhaji Illuminati as its new CEO, replacing Lucas Vogelsang, who transitioned to the board to focus on strategy. This change supports Centrifuge’s growth, with over $100 million in total value locked, and indicates a significant shift in leadership. (source)
>> That’s all for this week’s RWA update. Join us next Wednesday for more RWA news, updates, and insights.
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