Watching K-line charts in the early morning, trembling hands selling coins, fearing to miss the crash and the chance to exit—these scenarios are all too common in the crypto market. The bear market of 2022 left many with psychological shadows, so now, whenever the market shows slight fluctuations, panic spreads quickly. But interestingly, the market logic often runs counter to our emotions—when most people are in fear, smart incremental capital has already quietly started to deploy.

Recently, observing the funding situation in the crypto market, some subtle changes have indeed emerged. Over the past six months, stablecoins have been the most popular assets in the market, with everyone adopting a "cash is king" strategy. But in the last month, this has begun to loosen: stablecoin reserves are slowly declining, while the trading volume of high-quality small and mid-cap coins is steadily increasing. In other words, funds are shifting from defense to offense.

A more direct signal comes from the institutional level. Looking at the exchange fund flow records, we can see that institutional funds have been net inflows for six consecutive weeks, which is rare in the past two years. Institutional investors' instincts are always sharper than retail investors, and their actions often signal a shift in market rhythm.

Regulatory policies are also changing. Many see regulation as a "Sword of Damocles" hanging over the crypto market, but in fact, the gradual clarification of policies will help eliminate uncertainties. Since the beginning of this year, multiple countries and regions have been advancing the construction of regulatory frameworks for crypto assets—this process of clarity often means the market is transitioning from "wild growth" to "regulated development."

Overall, by 2025, the crypto market is gradually shifting from pure concerns about a crash to a more cautious strategic mindset. Fund structures are changing, policy expectations are evolving, and market sentiment is also shifting. History will not repeat exactly, but opportunities often hide where most people cannot see.