According to CoinMeta, real return refers to the rate of return on investment after deducting inflation, which affects the attractiveness of gold, Bitcoin, and stocks. Higher real returns mean that investors obtain more returns from government bonds, while lower real returns may support non-income assets. Investors typically use inflation-protected securities (TIPS) to track real returns. Recent data shows that as long-term yields decline, the attractiveness of Bitcoin and gold increases. Stocks are mainly affected by valuation; higher real returns increase the discount rate for future earnings, which may reduce the present value of high-growth companies.