Wu learned that Jocy, the founder of IOSG, stated that 2025 may be the "darkest year" for the crypto market, but it is also the starting point of the institutional era. Despite the annual performance of BTC being under pressure, the net inflow of BTC ETFs this year is about $25 billion, with the institutional holdings ratio rising to about 24%, absorbing the selling pressure of approximately 1.4 million BTC from long-term holders. Currently, it is not the peak of the cycle, but rather a phase of institutional allocation and market structure turnover, and the first half of 2026 is worth paying close attention to under a relatively friendly policy background.