Crypto hype spreads into real estate, retail & treasuries, says Morningstar

Morningstar reports that investor enthusiasm for cryptocurrencies is spilling into adjacent assets like real estate, retail companies and even U.S. Treasuries via tokenised products. The reporter notes that some tokenised treasury-fee-structures are already raising over $1 billion in flows. While diversification is one explanation, analysts caution the spread may reflect speculative rotation rather than fundamental adoption-driven demand. Some hedge funds have increased exposure, but the risk of a sharp correction remains elevated if crypto sentiment turns.