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The RWA sector was already trending for a few reasons:
→ Institutional money was already moving into tokenized Treasuries
→ More issuers and bigger products were gaining traction
→ RWAs were becoming more useful for onchain cash and collateral
So I think the April ATH made even more sense once DeFi FUD started to kick in and things got shakey.
It gave people a way to park their cash in a “safer,” yield-bearing place while still staying onchain and earning a bit of cash on the side.
IMO this is what a risk-off move looks like in crypto.