Interesting phenomenon: currently, the spot trading volume in the crypto market has fallen to its lowest point since the end of 2023, but leading institutions are actually increasing their positions. In Q1 2026, the US spot crypto ETF saw a single-day net inflow of over $669 million. What does this indicate? In fact, institutions have shifted from a simple "scale competition" to a "refined operation" model.

**Mainstream assets remain the core support**

Bitcoin (BTC) is still the first choice for institutions. The spot ETF alone saw a daily net inflow of $471 million, led by Blackstone IBIT and Fidelity FBTC. These three major institutions account for 89% of the total assets in BTC ETFs. Even more impressive, these institutions' holdings have surpassed MicroStrategy, making them the largest BTC holders globally.

Ethereum (ETH) is also experiencing new changes. Bitmine's holdings have surpassed 4.14 million coins. They are adopting staking strategies that focus on both scale and cash flow. Grayscale's Ethereum Trust saw a daily inflow of $53.69 million, becoming a stabilizing force within the ecosystem.

**Three new directions are gaining momentum**

First is RWA (Real-World Asset Tokenization). Bernstein directly described this as a "爆发级风口" (explosive growth opportunity), with institutional funding expected to soar to 70%. BlackRock has allocated $8 billion in a dedicated fund for this, with Coinbase and Ondo Finance becoming core targets.

The AI computing power sector is also worth noting. Mining companies are starting to abandon pure mining operations; IREN and Hut 8 are transforming data centers into AI cloud service platforms. CRWV has partnered with key chip suppliers to secure large-scale computing power orders, and the value of electricity resources is beginning to be reassessed.

Although the Staking ETF track has not yet fully developed, it has already attracted the attention of institutions.