RWA capital is institutional even when buyer count looks retail

Arrakis' buyer classification makes the split hard to ignore: retail wallets are most of the buyers, but capital sits with a tiny institutional cohort. Wallets with ≥$1M make up just 4.2% of buyers, yet control 93% of the dollars — $38.8B. The identifiable $12.4B slice tells its own story: 66% from DAO/protocol treasuries, 15% individuals, 9% CEX custody, 6% market makers, 4% crypto funds.

So the marketing job is helping a small set of crypto-native allocators discover the product, evaluate the structure, and defend the allocation internally.

Data source: Arrakis Finance

Related read: Marketing RWAs: who is actually buying tokenised assets?