This change looks more natural than ever. When on-chain finance is hotly discussed, most people think of retail users and DeFi players. But the actual situation is different — the ones who truly understand the scale and long-term demand are institutional investors. And the logic of institutions is straightforward: they don't buy into hype; they look at hard indicators like risk and return, market depth, and liquidity. That's why the growth in institutional holdings often better predicts the true direction of the market than public opinion hype.