#机构投资者活动 Looking at this report from Cantor, I have to say one thing: institutional entry itself is not a problem, the issue is retail investors still using old tricks.

2026 might really be cold, but this time is different——there are no large-scale liquidations, instead the divergence between price and on-chain fundamentals is becoming more and more obvious. To put it simply: tokens are falling, but some projects' TVL, trading volume, and other hard indicators are still there, indicating that institutions are accumulating at low levels. This is a very dangerous signal because retail investors panic and sell when prices drop, while large funds are quietly accumulating.

I’ve stepped on too many pits and seen too many people run away when they hear "winter is coming," missing the window for institutional building positions. The passing of the "Digital Asset Market Clarity Act" adds more variables——deep involvement from banks and asset management firms will further intensify this divergence. Compliant infrastructure projects will gradually profit, while tokens that rely solely on hype have no future.

To survive longer, you need to learn to distinguish: is the decline a real liquidation or are institutions rebalancing. Look at TVL, on-chain activity, and institutional wallet movements, don’t just focus on candlestick charts. The bottom before winter often is the easiest to fall into traps, but also the most vulnerable to ambushes. Be cautious of projects with sharp price drops but teams still aggressively PRing; that’s usually where the real risk lies.