#主流金融机构布局加密 Seeing this Goldman Sachs report, I can't help but think back to the institutional influx in 2017. At that time, everyone was discussing "compliance" and "regulatory clarity," but what was the result? A harsh winter caught everyone off guard. The difference is that back then, enthusiasm was mostly driven by FOMO; today, the logic has flipped — a regulatory framework comes first, followed by capital.

35% of institutions see regulatory uncertainty as the biggest obstacle. What does this number indicate? It shows that Wall Street has learned to be smarter. Unlike the reckless approach of 2013-2014 or the complete avoidance in 2018-2019, now they are waiting for a "legitimate signal." The timeline Goldman Sachs mentioned — completing legislation by the first half of 2026 — is quite deliberate, with clear political considerations related to the midterm elections.

The truly interesting part is that this time, institutional participation is no longer limited to trading. The report mentions "application scenarios beyond trading," which essentially refers to infrastructure, settlement, and asset tokenization. This is much more solid than the DeFi bubble of 2021. Back then, it was all about speculation; now, it’s about building a system.

History tells me that before every large-scale institutional entry, there is a phase of "policy certainty." The 2013 Winklevoss ETF proposal, the 2017 futures contracts, the 2020 Grayscale trust expansion — the pattern is quite similar. As long as the regulatory framework is truly implemented, the subsequent story becomes relatively certain. But we also need to be cautious: the scale of this "wave" depends on the actual application and transformation capabilities, not just hype around numbers.