Asia's Crypto Market Shifts Towards Real Projects and Stablecoins
The Asian crypto market is undergoing significant changes, according to Jake Kennis, Senior Research Analyst at Nansen. Kennis notes that capital is rotating back into liquid majors and real projects, rather than chasing broad risk-on froth. This shift is reflected in the data, which shows Smart Money balances jumping sharply, with Solana-native names like PUMP absorbing real capital.
Activity continues to spread across many assets, including RWA perps on Hyperliquid, prediction markets for sports or politics, and Robinhood-chain tokens showing up in top-mover lists. Trading onchain is becoming asset-agnostic, allowing anyone to trade a memecoin, stock perp, or commodity from the same venue 24/7.
The recent positive developments, such as ETF inflows, an improving regulatory backdrop, and early signs of new retail entering over the last few months, are creating a strong confluence for crypto markets into year-end. This convergence is expected to bring new users and money into all parts of the onchain economy.