TD Cowen sees onchain capital surpassing $100 trillion in five years amid tokenization push

**Onchain Capital Could Surge to $100 Trillion by 2029 as Major Institutions Embrace Tokenization**

TD Cowen predicts onchain capital will surpass $100 trillion within five years, driven by accelerating institutional adoption of blockchain technology and cryptocurrency tokenization. This massive projection reflects a fundamental shift as financial giants like BlackRock and JPMorgan move beyond experimental pilots to full-scale production implementations.

The tokenization revolution is transforming traditional finance, with institutions increasingly recognizing blockchain's potential to digitize real-world assets. This trend represents a significant catalyst for cryptocurrency markets and decentralized finance (DeFi) ecosystems, potentially driving unprecedented capital flows into digital assets.

BlackRock's spot Bitcoin ETF success and JPMorgan's expanding blockchain initiatives signal mainstream institutional confidence in cryptocurrency infrastructure. As tokenization technology matures, everything from real estate to government bonds could migrate onchain, creating new investment opportunities and liquidity pools.

This $100 trillion forecast underscores the growing intersection between traditional finance and digital assets, positioning blockchain technology as a critical component of future financial markets. The transition from pilot programs to production-ready solutions marks a pivotal moment for cryptocurrency adoption and market capitalization growth.