The market atmosphere has been somewhat complex recently. On one hand, major institutions are sounding the alarm simultaneously; on the other hand, the industry is deeply rooted in the path of compliance. This seemingly contradictory phenomenon actually reflects the true state of the current crypto market.

**What do institutions say? Signs of a winter have appeared**

Leading industry research organizations and several participants have pointed out that early risk signals in the crypto market are gradually emerging. Their assessments are not alarmist—over the next few months, price pressure may become the norm, and investors indeed need to prepare both psychologically and financially.

**Frequent new ETF application activities**

Interestingly, while the market remains cautious, applications for compliant products are accelerating. A leading asset management firm recently submitted applications for 11 strategic ETFs, covering DeFi star tokens like AAVE and UNI. These are not simple spot tracking products but truly strategic ones—meaning complex crypto investment strategies are attempting to enter the mainstream financial regulatory framework.

Meanwhile, another institution is also pushing for Bittensor (TAO) to transition from a trust to a spot ETF. As a hot target in the AI sector, if successful, this move could open the door for traditional capital into the entire niche.

**Uncertainty in the macro environment persists**

The latest Federal Reserve meeting minutes show clear disagreements internally over the timing and pace of interest rate cuts. This policy uncertainty has directly suppressed the attractiveness of risk assets across the board, including cryptocurrencies. Some funds have simply chosen to wait and see—after all, there is no clear direction at the moment.

**How to interpret the overall situation?**

In the short term, the market is indeed under pressure. But from a longer-term perspective, the industry is building a compliance infrastructure—this is the path that must be taken in the future. Every step forward in policy could subtly change the market structure. Therefore, this seemingly contradictory situation is actually a necessary stage in the transition from risk speculation to institutionalized finance.