According to Julian Kwan, the past month saw BTC fall about 40% while tokenized U.S. Treasury RWAs continued paying yields without interruption, and he says some sophisticated traders rotated from BTC into tokenized treasuries and are now up. Source: @julian2kwan on X, Nov 22, 2025. He adds that BTC still leads market sentiment and that combining crypto with RWA can create a value-creation flywheel with new use cases in lending, borrowing, cross-collateralization, and structured debt and equity. Source: @julian2kwan on X, Nov 22, 2025. He states that IxsFinance focuses on real world asset tokenization and offers a BTC real yield product that lets BTC holders earn USD interest in RWAs. Source: @julian2kwan on X, Nov 22, 2025. He frames the current pullback as a buying opportunity for larger investors and positions tokenized treasuries as a defensive yield sleeve relative to BTC volatility. Source: @julian2kwan on X, Nov 22, 2025.