Bloomberg ETF analyst James Seyffart said two things:
1️⃣ Crypto Index ETP will attract a lot of funds
2️⃣ 2026 is worth noting: TXBC (Crypto 10 ex-BTC)
Pay attention to two keywords:
👉 Index
👉 2026
If this sentence is placed in a bull market, you should be alert;
But placed at this time point, it is very 'institutionalized, rational, and slow'.
One, first eliminate a misconception: index ETP ≠ optimistic about the current market
Index-type products essentially have only one function:
👉 'Pre-position a future structure that may be established.'
It addresses three issues:
Do not bet on a single project
Do not judge short-term fluctuations
Do not participate in emotional speculation
So when Bloomberg analysts are optimistic about Crypto Index ETP,
He is not saying:
"These coins are about to rise."
But is saying:
'When the next round of risk preference truly rises,
Funds will need an entrance that 'does not require selecting coins'.
This is infrastructure thinking, not trading thinking.
Second, why 'exclude BTC'? This is the key of the key
You have seen very clearly today:
BTC:
ETF large inflows
Positioning = Hedging / Defensive assets
ETH & new coins:
ETF outflows
Spot decline
Growth narrative is downgraded
In this context, the design of TXBC is very intriguing:
👉 It defaults to a premise: the logic of BTC has become independent.
That is to say:
BTC = Digital gold / Macro asset
ex-BTC = 'future growth basket'
What institutions are doing now is one thing:
Separately manage 'defensive assets' and 'future growth assets'.
But not like retail investors, shouting 'bull and bear' together.
Three, why '2026' and not now?
This perfectly aligns with the judgment of QCP Capital you saw earlier:
If AI income cannot keep up with investment,
2026 may trigger a broader value reassessment.
The other implication of this sentence is:
👉 2025–2026 is the 'answer period', not the 'betting period'.
So what are institutions doing in 2024–2025?
Not in a hurry to buy
Do not chase up
First, prepare the product structure, index, and channel
Wait for three things to happen:
1️⃣ The interest rate path is truly confirmed
2️⃣ AI / technology starts to provide income answers
3️⃣ Risk preference shifts from 'defensive' to 'offensive'
At that time,
Index ETP will become the fastest tool for passive funds to flow in.
Fourth, does this contradict 'new coins and star projects being beaten'?
Completely non-contradictory, even a causal relationship.
The recent crash of new coins indicates what?
👉 'Single narrative + high expectations + fragile chips' has been denied by the market.
But the logic of index ETP is exactly the opposite:
Do not bet on a single point
Diversified allocation
Reduce narrative risk
Wait for 'overall warming', not 'a certain project explosion'
In summary:
What is being smashed now is 'I want to prove myself immediately';
What is prepared is 'I can wait for the overall environment to change'.
Five, put this message into your already formed 'bear market script'
This script is actually already very complete:
First phase
Macroeconomic slowdown, fantasies still exist
Second phase
Leverage cleaning, giant whales named
Third phase
Narrative liquidation, new coins crash (now)
Fourth phase (currently being laid out)
👉 Institutions are building a 'channel for future risk return'
TXBC belongs to the fourth phase.
Note:
Fourth phase ≠ immediate rebound
But rather:
'Prepare for the next round, but not pay for the current one.'
Six, how should ordinary participants really use this message?
I give you three very practical but counterintuitive ways of understanding:
1️⃣ The earlier the index ETP appears, the more it indicates 'now is not suitable for betting on a single coin'
Because if a single coin is good to bet on, there is no need for an index.
2️⃣ The product of ex-BTC is essentially saying:
"BTC is no longer a high Beta asset"
This is very important for the psychology of the entire market.
3️⃣ When institutions start talking about 2026, not next month
Indicates that short-term fluctuations are no longer important to them
Seven, compress all today's information into one 'ultimate conclusion'
What you see today is a very clear time layering:
Now (2025):
Defensive
Go narrative
De-leverage
Go imagination
Future (2026+):
Use index
Use structure
Use diversification
Then talk about growth
TXBC has been named,
Not because it is about to rise,
But it is because:
👉 When the market allows 'to take risks' again,
Funds need an entrance that does not rely on faith or stories.
The last sentence gives you the 'final positioning' of this message
In this round of bear market, truly smart money,
While minimizing risks,
While quietly placing 'the tools for the next round' on the table.
The emergence of TXBC,
Not a bull market signal,
But it is a cooler and more brutal fact:
👉 Capital has already defaulted:
This round requires enduring through time;
But in the next round, it needs to use structure to recover.$BTC
