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.

According to @julian2kwan, Tiger Research and IxsFinance have released a comprehensive report on BTCFi, emphasizing the rapid growth of the total addressable market (TAM) and the emergence of real yield opportunities for BTC holders. The report suggests that BTCFi protocols are increasingly enabling Bitcoin to generate real yields, which is a significant shift for traders seeking passive income in the BTC ecosystem. This trend could drive increased trading volumes and liquidity into BTCFi products as investor interest in yield-bearing Bitcoin assets grows (source: @julian2kwan).

According to Julian Kwan on Twitter, IXS has launched the first real-world asset (RWA) token directly tied to Bitcoin’s market cap and growth, allowing Bitcoin investors to earn real yields from treasuries and money market funds without selling or losing their BTC holdings (source: Julian Kwan, Twitter, May 25, 2025; ixs.finance/news/ixs-launch). This innovation provides a new DeFi opportunity for traders seeking exposure to both the appreciation of Bitcoin and the potential for yield traditionally found in fiat-based assets, which may boost liquidity and attract institutional interest in crypto markets.