Dragonfly Capital partner Haseeb Qureshi provided a very clear market structure assessment: the current crypto cycle is experiencing a "participant shift."

His core view can be broken down into three layers:
First layer: Retail exits, institutions support
He believes that retail investors have significantly decreased in the current market, while institutional funds are becoming the "underlying support force" for Bitcoin's price. This indicates that the market volatility structure is shifting from "emotion-driven" to "funds allocation-driven."
Second layer: BTC is maturing as an asset
Bitcoin is being redefined as a "mature macro asset" with sustained growth potential over the next 15–20 years, rather than just a speculative target.
Meanwhile, the logic of altcoins is diverging:
Assets without clear narratives will struggle to attract new liquidity again.
Third layer: The core of the industry remains "financial applications"
He emphasizes that the essence of the crypto industry still revolves around "money and financial scenarios," including:
DeFi (Decentralized Finance)
Stablecoin payment systems
Trading infrastructure
RWA (Real-World Asset on Chain)
These tracks are important because they have real user demand and ongoing capital flow.
A more forward-looking insight is:
AI may become the next stage's "transaction intermediary layer."
In his vision, future "AI agents" might participate in trade execution and asset allocation, thereby lowering the barrier to entry and making low-risk-tolerance users the main incremental source.
Putting these views together, a more complete structural assessment can be made:
👉 The market is shifting from the "retail narrative-driven stage"
to the "institutional pricing + AI entry point restructuring stage."
This means that future crypto market competition will no longer be just asset-to-asset but:
Who can become the new financial entry layer.
In summary:
Bitcoin is maturing, altcoins are diverging, and the industry is being rewritten through "financialization + intelligentization."
Follow me to see the true driving logic of the next cycle.
‍#WCTC交易王PK #美联储利率不变但内部分歧加剧 $BTC $LAB $ETH