The cryptocurrency industry seems to be breaking the traditional four-year cycle model. The institutional adoption of exchange-traded funds, the wave of tokenization of real-world assets, and the evolution of stablecoin infrastructure are reshaping the operational logic of the entire market.

An analyst using the pseudonym Ignas pointed out in a report released on September 24 that the listing of Bitcoin and Ethereum ETFs in 2024 is of watershed significance—since April, crypto ETFs have led all asset classes with a net inflow of $34 billion.

These products have attracted participation from pension funds, consulting firms, and commercial banks, transforming cryptocurrencies from retail speculative targets into institutional allocation assets alongside gold and the Nasdaq index.

Currently, Bitcoin ETFs have surpassed $150 billion in assets under management, accounting for 6% of the total BTC supply; Ethereum ETFs control 5.6% of the circulating ETH.

The U.S. Securities and Exchange Commission's approval of general listing standards for commodity ETPs in September has accelerated this trend, paving the way for fund applications for assets like Solana and XRP.

The report refers to this shift in ownership from retail to long-term institutional investors as the "great rotation of crypto assets."

While traditional cycle theorists are selling off, institutional investors continue to accumulate, pushing the cost baseline upward and establishing a new price floor.

ETFs have become the primary purchasing channel for Bitcoin and Ethereum, fundamentally changing the supply conditions that drive historical cycle patterns.

Stablecoins have transcended their role as trading tools, evolving into payment, lending, and financial management functions.

The $30 billion real-world asset (RWA) market is a manifestation of this expansion, with tokenized government bonds, credit, and commodities constructing on-chain financial infrastructure.

The U.S. Commodity Futures Trading Commission recently approved stablecoins as collateral for derivatives, further opening up institutional application scenarios beyond spot demand.

Payment-oriented blockchain projects (such as Stripe's Tempo and Tether's Plasma) are driving the integration of stablecoins into the real economy, while Digital Asset Treasury (DAT) companies provide equity market access for tokens that have not yet been approved for ETFs.

This mechanism not only provides exit liquidity for venture capital but also brings institutional funds into the altcoin market.

The tokenization of RWAs through government bonds and credit instruments is building a real capital market on-chain.

BlackRock's BUIDL and Franklin Templeton's BENJI serve as bridges, connecting trillions of dollars in traditional capital to crypto infrastructure. This enables DeFi protocols to rely on legitimate collateral and lending markets, breaking free from mere speculative cycles.

This structural transformation indicates that cryptocurrencies are evolving from cyclical speculative assets into permanent financial facilities.

However, as institutional capital favors sustainable business models over purely narrative-driven ones, individual performance differentiation may replace broad market rallies.

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