The crypto market is undergoing a profound transformation in investor composition. According to industry analysis, 2025 has become a historic turning point — the entire market saw nearly $130 billion in capital inflows, a one-third increase compared to last year. In this wave of growth, Bitcoin and Ethereum spot ETFs played an absolute leading role, while the strategic allocation of digital asset treasury (DAT) also contributed significantly.

What’s more notable is the outlook for 2026. While analysts generally expect the scale of capital inflows to continue rising, the source of market momentum is subtly shifting — the role of institutional investors is clearly increasing, gradually replacing the retail-dominated landscape. This not only reflects the increasingly mature market ecosystem of digital assets but also signals a trend toward greater professionalism and institutionalization among market participants. For traders, this means the market’s liquidity structure and price volatility characteristics may undergo new adjustments.