Most people only notice Futu’s 40% plunge, but fail to see the deeper impact hidden behind this regulatory move.

This round of regulatory crackdown directly cut off the traditional cross-border brokers’ trading channels for domestic users to access US and Hong Kong stock markets. All illegal proceeds have also been fully confiscated, thoroughly shaking the core business foundation of platforms of this kind.

The public’s demand for overseas asset allocation will not disappear out of thin air, and money won’t remain on the sidelines indefinitely. Funds that originally flowed to traditional brokerages are beginning to gradually shift toward the on-chain RWA asset sector.

Tokenized US stock assets and compliant RWA trading will absorb a large volume of funds flowing out. Platforms such as ZhiMaKaiMen, HYPE, and others are also expected to benefit from capital-inflow tailwinds.

Previously, many investors only saw RWA as a hype topic in the market. Now that the policy environment has changed, this concept has shifted from a popular narrative to an actual investment necessity.