Despite a weak finish to 2025 for digital asset markets, the sector appears to be undergoing a structural shift, moving away from retail-led momentum trading toward one increasingly shaped by institutional capital flows and long-term strategic positioning.
That was a key takeaway from a recent macro weekly report by Binance Research, which pointed to a “structural pivot” underway across digital asset markets. The report highlighted potential drivers including sovereign accumulation in emerging markets and legislative efforts in the United States to establish a strategic digital asset reserve.
Following the approval of US spot Bitcoin (BTC) exchange-traded funds in early 2024, the market has now entered what Binance Research described as a “second round” of institutional adoption, characterized by deeper engagement from traditional financial institutions.
As evidence of this shift, Binance cited recent S-1 registrations by Morgan Stanley for Bitcoin and Solana (SOL) ETFs. The move suggests that leading Wall Street companies are beginning to act not only as distribution channels, but also as product originators in digital asset markets.
Binance Research said this early positioning could pressure rivals such as Goldman Sachs and J.P. Morgan to follow suit to avoid falling behind in an emerging asset management segment.
Another development highlighted in the report involved digital asset treasury (DAT) companies, which faced the risk of exclusion from the MSCI Index, a scenario that could have triggered $10 billion in forced selling across the sector.
That risk eased last week after MSCI said it would not remove DAT companies from its market index, at least for now.
Related: Wall Street’s crypto debate is over as banks go all-in on BTC, stablecoins, tokenized cash
Macro forces, rotation could support digital asset markets in 2026
Binance Research also pointed to the broader macro backdrop as a supportive factor, noting that diversification away from concentrated exposure to large-cap technology stocks could create tailwinds for digital assets to play a larger role in diversified investment portfolios.
The rationale is partly rooted in last year’s elevated valuations among the so-called Magnificent Seven technology stocks, where enthusiasm around artificial intelligence drove a sharp concentration of returns.
In 2025, the 10 largest companies in the S&P 500 accounted for about 53% of the index’s total gains, underscoring growing concerns about crowding risk in traditional equity markets.
This level of concentration could encourage investors to seek diversification beyond mega-cap equities, with digital assets potentially benefiting from incremental accumulation.
Meanwhile, participants continue to debate Bitcoin’s trajectory relative to its four-year cycle, with some saying the rally didn’t end at its October peak of $126,000.
Related: Crypto’s 2026 investment playbook: Bitcoin, stablecoin infrastructure, tokenized assets