If the first phase of the crypto market was driven by technological innovation, the second phase is clearly being driven by capital. In the early stage, competition centered on product innovation, user growth, and trading experience. As the market matures, however, this logic is being fundamentally reshaped.

Over the past few years, the dominant forces in the market have shifted. Retail investors are gradually becoming less central, while institutional capital is emerging as the key driver of market depth and stability. Hedge funds are systematically allocating to digital assets, family offices are incorporating crypto into long-term portfolios, and large asset managers are entering the market through structured products and derivatives.…