It is bearish for Real World Asset (RWA) projects but not the entire crypto market.

The top majors like Bitcoin, Ethereum or even solana have almost exposure even though some projects building on their chain and ecosystem might be RWA-focused. Now, it is bearish for those projects because tokenized stocks used to be one of their loudest message whenever the topic of RWA was mentioned in crypto.

If anyone wants stocks but don't want to deal with tokenized version, they can just create an onchain stock market protocol. Only problem is that the stock market has its time window for opening and closing whereas crypto is 24/7, 7 days a week, 30 days a month and 12 months a year.