The expected new round of super capital inflows comes from the demand for allocation to high-quality global assets, as these assets will be on-chain in the future, and there are no cumbersome so-called KYC and AML requirements.

The basic goal of large-scale capital inflows is to pursue high returns. The previous round of DeFi provided such opportunities, and this time it should be similar to on-chain assets like cryptocurrency stocks.

So looking back at this bull market that started in 2022, this type of demand is actually unmet, and institutions are conducting allocation and arbitrage off-chain, which has not brought prosperity to the on-chain.