On October 2, according to 4E observation, Robinhood CEO Vlad Tenev said at the Token2049 Singapore event that asset tokenization is an "inevitable train of the times" that will eventually devour the entire financial system. He revealed that since the tokenized stock conference was held in France this summer, the platform has launched equity tokenized products from about 200 companies, and the scale continues to expand. US macro data is under pressure. In September, ADP employment decreased by 32,000, far below market expectations. Coupled with the downward revision of the previous value of 54,000, the job market was weak. Standard & Poor's expects the Federal Reserve to cut interest rates twice during the year, by 25 basis points each time, and may cut interest rates by an additional 50 basis points in 2026. Weak employment data triggered a rise in U.S. bond prices. Interest rate swap market pricing showed that the cumulative interest rate cut by the end of this year was expected to rise to 46 basis points, up from the previous 42 basis points. On the chain front, Strategy disclosed that it increased its holdings of 42,706 bitcoins in the third quarter, worth more than US$5 billion, continuing its large-scale treasury expansion strategy. At the same time, the latest survey shows that Asian stock markets are expected to outperform U.S. stocks: the MSCI Asia Pacific Index has risen by 22% this year, leading the S & P 500 Index by 14%, making it possible to outperform the U.S. benchmark index for the first time since 2022. 4E reminds investors: Global capital is focusing on the two main lines of macro policy trends and tokenization trends. Whether it is the expectation of interest rate cuts in traditional markets, the increase in treasury holdings and the RWA narrative in the crypto field, they will profoundly affect the flow of funds in the coming months.