The evolution of this round of the cryptocurrency market cycle is distinctly different from the past. Funds are gradually withdrawing from high-risk early projects and shifting towards mature companies nearing IPOs. Bitcoin continues to outperform altcoins, venture capital funds, and hedge funds, highlighting a "the strong get stronger" pattern. Meanwhile, retail enthusiasm has noticeably waned, while institutional funds are concentrating on companies that can scale and have the potential to enter the public market.

Retail Exits, Institutions Take Over: Capital Flow Accelerates Concentration

On-chain data indicates that the ongoing sell-off by miners and early holders has nearly offset the inflow of funds from ETFs and corporate treasuries, resulting in decreased market volatility and a diminished appeal of Bitcoin to high-risk tolerant investors. Against this backdrop, retail investors are gradually exiting, while institutional funds are accelerating their investments in companies with scalability and those nearing IPOs. This trend suggests that the market is no longer solely driven by speculative sentiment but is determined by capital strength and compliance pathways that dictate the winners. The entry of institutions not only raises the participation threshold but is also reshaping industry valuation logic and capital allocation patterns.

IPO Pipeline Becomes the Focus: Low Liquidity and Pricing Strategies Shape Opportunities

Wall Street has a strong incentive to extend the cycle, making late-stage equity and IPO-ready companies the focal point. The current market's IPO projects are of moderate scale with limited liquidity, and this low liquidity characteristic often exacerbates volatility post-listing. For investors, securing allocation shares could become one of the most alpha-potential strategies in this cycle. Unlike early tokens, IPO allocations have clearer exit paths and higher institutional participation, attracting more long-term capital.

Overall, the main theme of this cycle is no longer early speculation but the robust performance of Bitcoin and late-stage equity investments. Altcoins are under pressure due to token unlocks and financing contractions, making it difficult for venture capital and hedge funds to outperform the market. Capital is concentrating on companies nearing listing, further consolidating the industry landscape towards the top. For investors, the biggest opportunities in this cycle may not lie in early tokens but in IPO allocations and late-stage equity investments. These directions are not only tracks where institutional capital is actively positioning but may also become core sources of alpha.

Some of the above views are from Matrix on Target, Contact Us_ to obtain the complete report of Matrix on Target._

Disclaimer: The market has risks, and investment should be cautious. This article does not constitute investment advice. Trading in digital assets may involve significant risks and volatility. Investment decisions should be made after careful consideration of personal circumstances and consultation with financial professionals. Matrixport is not responsible for any investment decisions made based on the information provided in this content.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。