Recent financial institution research reports reveal an interesting data point — by 2025, the crypto market is expected to see approximately $130 billion in net capital inflows, reaching a new all-time high.

Where is this money coming from? The main drivers are institutional investors. Particularly, the continuous inflow into spot ETFs for Bitcoin and Ethereum, along with strategic purchases by some corporate digital asset treasury companies, have become the two main engines fueling this growth. However, there is a small twist — since October last year, the pace of purchases by treasury companies has noticeably slowed down, and the growth rate has decelerated significantly.

Policy developments are also contributing to this momentum. New crypto regulatory frameworks such as the "Clear Act" are gradually being implemented, giving institutional investors more confidence to embrace digital assets. This policy certainty is expected to further open doors in areas like stablecoin issuance, payment settlement, exchange applications, and even mergers and IPOs.

However, it is important to note that while the total capital looks promising, the story on the venture capital side is not as hot. Although there is a slight increase in crypto venture investments in 2025, the number of funding deals is declining, and early-stage project financing activities are cooling off significantly. This suggests that the flow of capital in this market may be reshuffling — shifting more from emerging projects to leading infrastructure and mature sectors.