The on-chain money market fund jointly launched by BlackRock and Fidelity officially went live on the Ethereum mainnet yesterday, with the initial minting scale reaching $5 billion. The significance of this move may be far more profound than many people imagine.

The market reaction was almost immediate. Ethereum surged 34% within a week, with the price breaking through the $4,800 mark; after Bitcoin surpassed $120,000, its market cap overtook silver, making it the eighth largest asset in the world. The RWA sector saw an all-out explosion—ONDO soared 72% in a single day, and MKR hit a new all-time high.

J.P. Morgan's analyst team made a prediction: by 2026, more than $3 trillion in traditional funds will flow into the crypto market through compliant RWA protocols. This is not just wishful thinking—BlackRock's move has already proven that traditional capital is voting with real money.

Another, more subtle clue is emerging—AI agents are starting to take over on-chain liquidity. Fetch.ai, invested in by OpenAI and a16z, has autonomous agents in its ecosystem managing over $20 billion in on-chain assets and is beginning to generate actual returns. After a leading exchange launched NEAR futures, trading volume exceeded $1 billion within the first hour of trading, driven by expectations for AI agent infrastructure.

AI wallets with autonomous investment decision-making capabilities are becoming new liquidity black holes. When the floodgates of traditional capital meet AI-driven autonomous protocols, the rules of the game could be completely rewritten.