[Binance Research: Crypto Market Lacks Active Management "Discovery Layer," Neutral Strategies Absorb Over 90% of Institutional Funds] BlockBeats reports on November 11th that a new report from Binance Research indicates that while institutional funds have entered the crypto market in large numbers, they have primarily flowed into passive Beta products (such as ETFs), with active management lagging behind. The core reason is not a lack of talent or returns, but rather the lack of a "discovery and verification" intermediary layer connecting funds and managers. Currently, funding for active crypto strategies still heavily relies on personal networks and meetings, lacking standardized performance verification and benchmarking systems. Research shows that 80% of asset allocators prioritize asset security over historical returns, and verified trading platform data significantly enhances due diligence. Managers, however, consider unverifiable performance and lengthy compliance reviews to be the biggest obstacles to fundraising. Capital Connect data reveals an extreme polarization in fund allocation. Although directional strategies account for 44.3% of all funds, they hold only 6.7% of the total funds. Conversely, market-neutral, statistical arbitrage, and traditional multi-strategy funds, while accounting for less than half of the total number, absorbed 92.1% of the funds. The average investment size per transaction for neutral strategies by institutions was approximately 11 times that of directional strategies. In October, BTC fell by 7.2%, but directional funds recorded an average positive return of +1.9%, while neutral strategies recorded +1.0%, demonstrating the resilience of active strategies under pressure. Binance Research concludes that institutional preferences and the introduction of traditional structures are driving the market towards maturity, but investors remain highly discerning. Only a robust verification system and operational infrastructure can truly unlock the inflow of actively managed funds.