The market has just experienced a cooling: Bitcoin has dropped from 126,000 to 90,000, leverage has been squeezed out, and a wave of forced liquidations has caused liquidity to shrink instantly. The short-term panic is real, but don't treat it as the end. Now we see two forces in contention: deleveraging and the slow entry of structural funds.

Why do I think that 'the next round of money' will not mainly come from retail investors? Because retail investors have limited capital size and patience compared to those game players who rely on arbitrage and data manipulation. The Digital Asset Treasury (DAT) can attract a wave of funds, but the overall scale is insufficient to support a major market turnaround — the real trillion-level funds come from institutionalized, long-term allocation.

So where will the money come from? Three channels are worth monitoring:

1. Institutional compliant entry (ETFs, mature custody and settlement) — Once the compliance and custody paths stabilize, the allocation by pensions, insurance, and sovereign funds will be a predictable long-term inflow;


2. RWA (real-world assets on-chain) — Tokenizing 'stable yield' assets like bonds, treasury bills, and secured debts can bring traditional balance sheet money into the on-chain world.


3. Infrastructure upgrades (high-efficiency L2, compliant stablecoins, institutional-level clearing) — Without low-cost settlement and compliant stablecoins, institutions will always only enter tentatively.

Short-term (next 3–6 months) policy signals and sentiment will dominate the rebound;
Medium-term (1–2 years) will see institutions gradually entering;
Long-term (3–5 years) depends on whether RWA and infrastructure can bring real large-scale traditional funds onto the chain.

The conclusion is: the market will not reverse overnight, but the path from 'speculation to infrastructure' has already been laid.
What you can do is not to focus on short-term trading, but to seize the opportunities in compliant products, RWA access, and on-chain income-generating assets during this structural transition.
#Crypto #Bitcoin #DeFi #RWA #InstitutionalFlow