Recently, there has been a viewpoint in the industry that has sparked considerable discussion: 2025 may be the most difficult year for the crypto market, but a turning point is already brewing.

From the data, this judgment is indeed a bit heartbreaking—BTC's performance this year has not been that impressive. But there is a key shift here: the net inflow of BTC ETFs has reached $25 billion in just one year, and the institutional holding ratio has risen to around 24%. What's even more interesting is that institutions have absorbed the selling pressure of approximately 1.4 million BTC from long-term retail holders, effectively buying quietly while others are cutting losses.

Looking at it from a different angle, this is not the peak of the cycle, but rather a crucial transition period—institutions are reallocating, market structures are being reshaped, and retail investors are exiting. This power vacuum shift may very well be the groundwork for a new round of market activity in 2026. Those institutions that held their ground during the most pessimistic times in the market have long been betting on the future.