4E: Macro signals and on-chain trends intertwine, RWA narrative heats up

On October 2nd, according to 4E Observation, Robinhood CEO Vlad Tenev said at the Token 2049 Singapore event that asset tokenization is an "inevitable train of times" that will eventually engulf the entire financial system. He revealed that since the tokenization stock launch in France this summer, the platform has launched equity tokenization products for about 200 companies, and the scale is still expanding.
US macro data is under pressure. ADP employment fell by 32,000 in September, well below market expectations, and the previous value was revised down by 54,000, further highlighting the weakness of the labor market. S & P expects the Federal Reserve to cut interest rates twice this year, each by 25 basis points, and an additional 50 basis points may be cut in 2026. Weak employment data triggered a rise in US bond prices. Interest rate swap market pricing shows that the cumulative rate cut expected by the end of this year rose to 46 basis points, up from 42 basis points previously.
On the chain, Strategy disclosed that it increased its holdings of 42,706 bitcoins in the third quarter, worth more than $5 billion, continuing its large-scale treasury expansion strategy. At the same time, the latest survey shows that Asian stocks are expected to outperform US stocks: the MSCI Asia Pacific index has risen by 22% this year, leading the S & P 500 index by 14%, and may outperform the US benchmark index for the first time since 2022.
4E reminds investors that global capital is focusing on the two main lines of macro policy direction and tokenization trend. Whether it is the expectation of interest rate cuts in traditional markets, or the treasury increase and RWA narrative in the crypto sector, it will deeply affect the flow of funds in the coming months.