The last 3 signals are quietly changing the flow of funds.

Looking at the hotspots of the past few days together, the answer is quite clear:

Institutional players continue to advance their crypto business.

Regulated exchanges and compliant products are continually expanding.

The market as a whole is not agitated, but the underlying foundations are being reinforced.

What does this indicate?

It's not that money isn't entering the market; it's just that it's becoming more selective.

In the last bull market, narratives, stories, and hype could drive growth;

This time, funds are more concerned about:

Can it support the scale?

Can it operate sustainably over the long term?

Can it be compliant, safe, and continuously generate value?

The market isn't euphoric, but the structure is upgrading.

Many people are waiting for a "big bullish trend,"

Smart money is waiting for "the next phase of infrastructure."