Binance Research indicates that crypto markets are moving into a new stage where institutional investments are beginning to overshadow retail-driven activity.

Despite the digital asset markets finishing 2025 on a weak note, signs of a structural change are evident. This shift points towards institutional capital flows and long-term strategies overriding retail momentum. A recent macro weekly report from Binance Research highlighted this transition, citing potential catalysts like sovereign asset accumulation in emerging markets and legislative attempts in the U.S. to create a digital asset reserve.

Following the approval of U.S. spot Bitcoin (BTC) ETFs in early 2024, Binance notes that we have entered a “second round” of institutional adoption, with traditional financial institutions deeply engaging in the market. This shift is exemplified by Morgan Stanley’s latest S-1 filings for Bitcoin and Solana (SOL) ETFs, indicating that major Wall Street firms are stepping up as both distribution and product creators in the crypto space.

This early institutional positioning may compel competitors like Goldman Sachs and JPMorgan to catch up in this emerging asset management sector.

Moreover, the report raised concerns over digital asset treasury (DAT) companies possibly being excluded from the MSCI Index, which could lead to substantial sell-offs, amounting to as much as $10 billion. Fortunately, the risk subsided last week after MSCI decided to keep DAT companies in its index for the time being.