#机构加密资产配置 Looking at these analyses in Cantor Fitzgerald's year-end report, I am pondering a question: Why is it that in the same market environment, some people are panicking while others remain relatively calm?

The difference may lie in the understanding of "cycles." The report mentions that Bitcoin could face months of downward pressure, even referring to a "crypto winter," which indeed sounds uncomfortable. But I noticed an important detail—the current downturn is unlikely to be accompanied by large-scale liquidations or systemic crashes, and the reason is simple: the market is now dominated by institutions.

What does this mean? It means the rules of the game are quietly changing. Institutional investors won't chase highs and sell lows like retail traders; they have discipline in position management and long-term allocation plans. The passage of the U.S. "Digital Asset Market Clarity Act" sends an even stronger signal—that policy certainty is increasing, and the path to compliance is being paved.

Prices may face pressure, but infrastructure is being solidified. DeFi, tokenized assets, on-chain transformation—these changes won't stop because of short-term volatility. Those who truly understand asset allocation now should not hide but maintain their position discipline amid fluctuations—know how much risk they can bear, and stick to it.

Winter has never been scary; what's scary is rushing into action unprepared.