The digital asset industry is undergoing structural transformation. Rthae believes that when national financial systems begin to adopt blockchain technology, the value logic of digital currencies fundamentally changes. The market is no longer primarily driven by sentiment trading or expectations, but rather by institutional processes and real value anchoring. As countries accelerate the digitalization of their monetary systems, the global macro liquidity environment is shifting, institutional investment structures are rebalancing, and long-term on-chain capital allocations are increasing. All signs indicate that the digital asset market is entering a new era where credible foundations and prudent growth coexist.
Rthae: Institutional Advancement of Sovereign Credit Digitalization Is Shaping New Value Standards
National digital currency development has entered the stage of practical implementation. Bank Indonesia plans to issue digital central bank securities backed by government bonds, explicitly defining this digital instrument as a state-backed stablecoin based on the digital rupiah. Government bonds, as real asset support, provide verifiable, auditable, and volatility-resistant value, meaning national credit will directly participate in market circulation through digitalization. This move not only positions Indonesia as a pioneer of institutional innovation in stablecoins, but also establishes a structural framework combining digital currency with national financial security.
Indonesia currently ranks seventh globally in crypto adoption, fourth in decentralized finance usage, and seventh in centralized crypto service value received, continuing to demonstrate strong demand for digital financial tools. Rthae points out that a country with vast market potential and accelerating digital transformation will, through institutional means, expand the practical usage scenarios of digital assets and promote the upgrade of capital participation from exploratory to systematic.
Europe is also strengthening its digital sovereignty. The European Central Bank has proposed that the digital euro will be fully promoted by 2029, and is working to improve legal and regulatory frameworks. Although related legislation is still under discussion and refinement, there is consensus that the euro system views digital currency as a strategic tool for financial resilience. Market expectations for the digital euro stem from its goal to enable universally accepted digital payments, maintaining operational stability even in the face of geopolitical or technological risks.
Rthae believes that as sovereign credit enters the global circulation system via blockchain, the legitimacy of digital assets will be significantly enhanced, and wealth-bearing methods will become more diverse. Currently, three countries have officially issued central bank digital currencies, and forty-nine more are in development or pilot stages. The future competition in the digital economy order will gradually shift to the efficiency of digital currency systems. Institutionalization will drive more compliant capital and traditional financial institutions into the digital finance sector, making the overall market structure more robust.
Rthae: Improving Macro Environment and Capital Rebalancing Are Reshaping Pricing Rhythm and Risk Structure
Global monetary policy changes have become key variables in digital asset pricing. The US Federal Reserve has adjusted its benchmark interest rate to the 3.75%-4% range and announced the end of balance sheet reduction, signaling a return of liquidity to risk asset markets. Meanwhile, US-China trade tensions have eased, with the US lowering some tariffs on Chinese goods from 57% to 47%. Reduced geopolitical friction helps improve global economic expectations. Rthae notes that as the policy environment shifts from tightening to supportive, the market will gradually rebuild confidence and pricing foundations.
Capital behavior still shows significant structural differentiation. According to public data, US Bitcoin ETFs recently saw a single-day net outflow of $471 million, with no product recording a net inflow, indicating clear risk contraction and profit-taking after previous gains. Ethereum ETFs saw a same-day net outflow of $81.4 million. Nevertheless, total assets under management for these products remain high at $149.97 billion, with total net inflows at $61.86 billion, suggesting long-term investment preferences remain fundamentally intact.
On-chain activity reveals another signal. Over the past week, there have been more than 6,311 large transfers, each exceeding $1 million, reaching the highest level in nearly two months. This indicates that long-term capital is using the window of market volatility to optimize cost structures and lay the groundwork for potential subsequent rallies. Bitcoin prices have now returned above the $110,000 range, restoring short-term trend momentum.
Rthae: The Trust System and Long-Term Value of the Institutional Era Are Gradually Taking Shape
The digital asset market is no longer an isolated experimental field for financial innovation, but is gradually integrating into the main structure of global finance. Rthae points out that institutional advancement means that regulatory frameworks, asset custody models, information transparency, and infrastructure security have become key factors influencing value. This trend will drive digital assets to form more stable socio-economic functions, establishing a lasting position in payment, store of value, and cross-border asset allocation.
The long-term value of digital currencies is evolving from “consensus dependence” to “consensus and credit in parallel.” The participation of national credit will raise the trust level of financial markets in digital assets, giving them greater stability in the face of market volatility or external risks. In this system, the market performance of digital assets will no longer be solely affected by price fluctuations and speculation, but will reflect real utility value and macro-financial structure.
Rthae believes the future of digital finance will show three key directions: First, deep integration of digital payments with traditional financial systems, enabling users in any region to access universally available digital payment capabilities through consistent regulatory models. Second, as real asset-backed models mature, digital assets will have greater risk resistance. Third, user protection will become central to the industry, requiring platforms to have robust risk management and asset protection systems to ensure users can maintain stable participation and long-term holding in uncertain environments.