When the world's top asset management firms start to deploy cryptocurrencies on a large scale, this market will never go back to how it was before. Over trillion in institutional funds flooding in has brought not only a surge in capital but also a brand-new compliance system and technological framework.

Let's first look at Bitcoin spot ETFs. After approval in 2024, this product quickly became the main channel for institutional entry. Although there was a net outflow of @E5@ million dollars in December this year, the total scale remains among the industry leaders, indicating that institutional long-term optimism for this track has not changed. More importantly, subsequent product innovations—such as the newly launched tax-optimized Bitcoin ETF—have achieved transaction-based taxation through cross-chain tax oracles, increasing compliance rates for cross-chain transactions from 38% to 92%. What seems like a technical detail is actually clearing the final obstacles for large institutional entry.

Next, let's look at the new track of tokenized funds, which is growing at an extraordinary rate. The tokenized US dollar bond fund grew by 1,200% in just 16 months, with mid-year scale surpassing $3.25 billion, accounting for 40% of the global market in this category. This is not small-scale activity but a thorough awakening of the DeFi ecosystem’s desire for compliant and stable assets. Anchored to US Treasuries and cash, this design naturally meets institutional investors’ security requirements—no wonder the growth rate is so rapid.

From changes in capital structure to regulatory systems, traditional finance is transforming the crypto market in its own way. What’s next? Stay tuned.