When Token Transfers Do Not Mean Liquidity in Tokenized Real-World Assets
In briefToken transfers do not always mean liquidity in tokenized real-world assets
SummaryThis paper argues that on-chain transfer volume in tokenized real-world assets can mix different functions, such as minting, burning and issuer operations, so it cannot be read directly as liquidity. The authors separate transfer categories before calculating turnover, and compare ownership concentration with and without identified intermediaries. Using Ethereum-based tokenized funds from December 2025 to August 2026, they show that classification changes measured turnover and that concentration can move in different directions. The measures offer evidence about liquidity-related activity but do not directly measure market liquidity.