Previously, institutional appetite for crypto was fueled by a surge of nearly $5.5 billion from DAT Treasury Company in August 2025. This influx has now dwindled significantly to under $500 million per month. October’s fund flows are almost non-existent, with Bitcoin acting as the sole focus point of institutional investment, while altcoins have largely stagnated in trading activity. Strategy, a prominent investment vehicle for institutional capital, is showing signs of decline, its mNAV declining from around 2.5 to approximately 1.2 between January and today’s value. Speculative premiums on MSTR continue to trade above the worth of their Bitcoin holdings, but overall, capital is currently locked in a waiting-and-see stance with diminished value in existing positions.