#机构投资者活动 The core insights of Cantor's year-end report are worth noting: under institutional dominance, 2026 may not be a traditional "winter."

Let's look at some key signals. First, the divergence between prices and on-chain fundamentals is widening—this indicates a shift in market pricing logic, with the influence of retail-driven sentiment cycles waning. Second, liquidation risks have significantly decreased, and the probability of systemic collapse is low—when institutions dominate, capital allocation becomes more rational, and risk management is more systematic. Third, infrastructure such as DeFi and tokenized assets is being solidified, reflecting long-term competitiveness.

From an on-chain data perspective, recent whale address movements also confirm this—institutions are adjusting rather than panic selling. The passage of the U.S. "Digital Asset Market Clarity Act" further reduces policy uncertainty, and the participation of banks and asset management firms is increasing.

What does this mean? Price pressure is a short-term phenomenon, but the degree of institutionalization, compliance pathways, and infrastructure development are the factors that will determine the long-term landscape. Instead of worrying about winter, we should focus on who is gaining advantages in this process.