Crypto is transitioning from a 'venture capital-driven speculative ecosystem' to a 'macro asset tradable by institutions.' The driving force is shifting from retail investors to institutions, and prices are increasingly influenced by macro factors rather than Bitcoin's four-year halving cycle. Cryptocurrencies are evolving from the previous 'VC-dominated + retail sentiment-driven' ecosystem into a true macro asset class. The power of retail investors chasing highs has noticeably declined, while institutional capital is becoming the structural driving force in the market. Institutions have longer investment cycles and care more about liquidity stability, volatility compression, and portfolio allocation. This is causing the pricing of crypto assets to shift from 'narrative-driven' to 'macro liquidity-driven.' Currently, price fluctuations in the crypto market, especially for compliant assets like BTC, are increasingly determined by macro variables such as interest rates, Federal Reserve policies, inflation, employment, and ETF fund flows, rather than the BTC halving cycle we were familiar with in the past. Crypto assets still face issues like uneven depth and structurally inefficient liquidity, but for institutions, this is actually the biggest source of returns. Additionally, it's worth noting that institutions are not pessimistic about the long term. Some even believe that under the structural backdrop of continued institutional allocation and supply contraction, BTC could potentially reach a long-term target of $240,000. Overall, the crypto market is transitioning from an emotional cycle to a macro cycle. This means the pace will become more 'slow variables determine direction, fast variables determine volatility,' rather than the previous model driven entirely by retail sentiment. Bitget VIP: Lower fees, bigger perks.