Garrett Jin: The increase in institutional participation has not ended the cryptocurrency bull market, but rather a structural shift from speculation to allocation Suspected "1011 insider whale" Garrett Jin posted on X platform, stating that some media outlets have seriously misinterpreted Wintermute's views, and the increase in institutional participation has not ended the cryptocurrency bull market, but marks a new stage in which the market is shifting from speculation driven to allocation driven. The expansion of institutional funds, especially ETF asset management scale, usually drives up asset prices and reduces volatility, which is a fundamental market law. Historical data shows that both the Chinese A-share market and the US stock market have become more stable and trending in market structure after large-scale institutional entry. Currently, Bitcoin and Ethereum are going through the same path: large-scale purchases of ETFs and digital asset treasuries are driving up prices, while volatility is significantly decreasing, which is a transition from a "speculative system" to a "allocation system". The core viewpoint of Wintermute's original report is that as institutional involvement deepens, top cryptocurrencies led by BTC and ETH are transforming from speculative tools to configurable assets. Its main observations include: institutional trading volume has far exceeded that of individual investors; Meme coin trading and capital inflows have sharply declined; Accelerated inflow of institutions in the second half of 2025; The market crash in October last year further consolidated the dominant position of mainstream assets and widened its structural gap with Meme coin; After the sharp decline, retail funds also flowed back to BTC and ETH as defensive allocations. Garrett concluded that this is not the end of the bull market, but the end of the "retail driven, high volatility, Meme dominated" phase of mainstream cryptocurrency assets. The market is undergoing a systemic shift: from speculation to allocation, from retail sentiment driven to institutional position driven, from extreme volatility to institutional level volatility. Misunderstanding this maturation process as the 'end of the bull market' is a misunderstanding of the laws of market development.