The market is watching the price plunge every day, but the truly important changes are being ignored. In the crypto world of 2025, a deep transformation is quietly taking place.

Bitcoin has dropped from $126,000 to $90,000, a decline of 28.57%. Seeing such a large drop, many people panic. But if you ask me, what truly determines the next market trend? It’s not these daily fluctuations, but three forces lurking behind the numbers. They are changing where the money flows, which in turn changes the scale of the next bull run.

Over the years, I’ve focused on how capital moves, and I have a clear feeling: the market is shifting. Short-term funds supported by retail investors and leverage, which once held up the market, are being replaced by long-term capital backed by institutional infrastructure. This change may seem silent, but its power is significant.

Speaking of this, I have to mention DAT (Digital Asset Treasury Company). This thing was once hyped up a lot, and its model indeed looked promising: issuing stocks and bonds, using the raised funds to buy crypto assets, then relying on stock price premiums to create a flywheel.

The problem is, this logic has a fatal flaw: once market risk aversion kicks in, the stock price premium collapses. By September 2025, although more than 200 companies have adopted the DAT strategy, holding over $115 billion in digital assets, it sounds like a lot. But a closer calculation shows this accounts for less than 5% of the total crypto market cap. For the next bull run, it’s simply not enough.

What’s even more painful is that when market pressure is high, these DAT companies might be forced to sell assets to maintain operations. This would add to the selling pressure. Therefore, the market must find larger-scale and more stable sources of capital to support a real bull market.