The cryptocurrency market has undergone significant changes in recent years, especially in terms of capital flow and investor composition. During the bull run of 2020-2021, the market exhibited a frenzy atmosphere dominated by retail investors. At that time, innovative concepts such as Decentralized Finance and NFT emerged one after another, attracting the attention of a large number of individual investors. Project teams rapidly expanded their user base through community incentives, token Airdrops, and liquidity mining strategies. In this environment, investors often follow market trends, leading to many projects lacking substantial content also achieving significant valuation growth.

However, as time progresses to 2025, the market landscape has undergone a fundamental shift. Today, the main driving force behind a new bull run comes from institutional investors. The successful launch of the Bitcoin spot ETF has become a significant turning point, providing a compliant channel for large institutional investors such as family offices, pension funds, and sovereign wealth funds to enter the market. These institutions, with their ample capital and professional investment strategies, bring greater stability and sustainability to the market.

Ethereum's position as a decentralized finance infrastructure has been recognized by numerous asset management companies, with substantial funds continuously flowing into its ecosystem. At the same time, Solana, with its high performance and composability, has also attracted the favor of American venture capital. This institution-led market environment starkly contrasts with the previous retail investor-driven model, reflecting the maturity and evolution of the cryptocurrency market.

The participation of institutional investors has not only changed the funding structure of the market but has also brought a more rational and long-term investment perspective. Unlike individual investors who tend to chase short-term gains, institutional investors usually make decisions based on in-depth analysis and long-term planning. This shift indicates that the cryptocurrency market is entering a more mature and stable development stage, which may attract more attention and participation from traditional financial institutions.