The landscape of the crypto market is quietly changing. The era dominated by retail investors is gradually fading from the stage, and institutional capital is becoming the main driver of the next bull market — this is not only a shift in participant identity but also a reconstruction of the entire ecosystem's operational logic.

Why do we make this judgment? A set of market signals makes it clear. In recent years, retail investors have been able to move the market through the collaborative power of social media, but this "ant moving house" consensus is becoming ineffective. On the contrary, traditional financial institutions, venture capital funds, and listed companies are accelerating their crypto deployment in scale and frequency. They are not here for speculation but are entering with a strategic asset allocation stance — this determines that their holding periods and market influence are completely different.

What does institutional entry mean? It means that the pricing power of crypto assets shifts from the community to professional investors, and the wild fluctuations will gradually be replaced by rationality; it also means that ecosystem development will shift from conceptual hype to practical application implementation. History always cycles like this — retail investors catch opportunities in gaps, while institutions drive the overall market upward cycle.

The trigger for the next global bull market will no longer be a sudden surge of a hot coin, but the formation of institutional consensus. When this consensus becomes clear, the market's ceiling will be thoroughly broken.