4E: Macroeconomic signals intertwine with on-chain trends, RWA narrative heats up

ChainCatcher news reports that according to 4E observations, Robinhood CEO Vlad Tenev stated at the Token 2049 event in Singapore that asset tokenization is the "inevitable train of the era," which will ultimately engulf the entire financial system. He revealed that since the tokenized stock launch event held in France this summer, the platform has launched equity tokenization products for approximately 200 companies, with the scale continuing to expand.

U.S. macro data is under pressure. In September, ADP employment numbers decreased by 32,000, far below market expectations, compounded by a downward revision of the previous value of 54,000, further highlighting the weakness in the job market. S&P expects the Federal Reserve to cut interest rates twice more this year, each by 25 basis points, with an additional potential cut of 50 basis points in 2026. Weak employment data has triggered a rise in U.S. Treasury prices, and the interest rate swap market pricing shows that the expected cumulative rate cut by the end of this year has risen to 46 basis points, up from the previous 42 basis points.

On-chain, Strategy disclosed an increase of 42,706 bitcoins in the third quarter, valued at over $5 billion, continuing a large-scale treasury expansion strategy. Meanwhile, the latest survey shows that Asian stock markets are expected to outperform U.S. stocks: the MSCI Asia-Pacific Index has risen by 22% this year, leading the S&P 500 Index by 14%, marking the first time since 2022 that it may outperform the U.S. benchmark index for the entire year.

4E reminds investors: global capital is focusing on two main lines: the direction of macro policies and the trend of tokenization. Whether it is the interest rate cut expectations in traditional markets or the treasury accumulation and RWA narrative in the crypto space, both will profoundly impact the flow of funds in the coming months.