This week's financing data is worth noting—$177 million in new investment inflows, with a total of over $25 billion this year. This reflects ongoing institutional allocation activities in a bear market.

A few details to clarify: First, the financing scale remains resilient despite a $1 trillion decline in the market cap, indicating that institutions' judgments on the fundamentals of the sectors have not wavered. Second, the three major highlights of this week's financing are worth tracking—

LI.FI's $29 million financing indicates a continued demand for cross-chain transaction infrastructure. Their expansion into perpetual futures, yield opportunities, and other trading areas signals a deepening of liquidity into application layers.

Real Finance's $29 million private round is even more noteworthy—the rising financing scale for RWA tokenization infrastructure, with Nimbus Capital committing $25 million, suggests that institutions' expectations for on-chain asset securitization are heating up. This area warrants ongoing observation, as RWA could be a key entry point for the next wave of institutional capital.

TenX Protocols' $22 million financing focuses on institutional-grade staking and validator operations, covering high-performance public chains like Solana and Sui. The funding trends of such infrastructure projects often lead macro capital flows.

Overall, the sustained financing enthusiasm and structural differentiation indicate that the crypto market is transitioning from speculation to application, from trading to financialization. These signals should be incorporated into the ongoing analysis of on-chain capital flows.