#现实世界资产代币化 Seeing this report from Cantor Fitzgerald, my mind drifted back to the events of 2017-2018. Back then, we also experienced similar cyclical pressures, but today’s situation is indeed different.

What’s the key difference? Brett Knoblauch is right — the main players have changed this time. The frenzy of retail investors has long been replaced by institutional calm, and the shift in market structure is more noteworthy than price fluctuations themselves. I’ve seen too many projects die in the gap between "technological ideals" and "market realities," but the current asset tokenization track is different; it’s filling that gap with real financial demand.

Could 2026 bring a winter? Maybe. But what I pay more attention to is the detail Knoblauch mentioned — the widening gap between token prices and actual underlying progress. What does this mean? It indicates that we are now in a phase where projects that are grounded in reality are differentiating themselves from bubbles. Decentralized finance, asset tokenization, infrastructure development — these are not just stories; they are laying the foundation.

Prices may test around $75,000, but before each correction, smart investors are already discerning which values are real and which are just speculative bubbles. History shows that clear cycles often harbor the best entry points — provided you can distinguish between actual progress and price.