Institutional investors are undergoing a change in their approach to cryptocurrency investments, transitioning from market capitalization-focused strategies to more sophisticated techniques reminiscent of stock market analysis. This shift is fueled by the evolving macroeconomic landscape, with U.S. interest rates nearing 4%, prompting these investors to prioritize assets deemed robust and stable – similar to traditional stocks. Throughout this year, several asset management firms have pursued applications for ETFs beyond Bitcoin, including Bitwise’s application for an AVAX spot ETF. Hunter Horsley, CEO of Bitwise, believes that Bitcoin must first gain recognition as a reliable store of value before it can successfully transition into a payment network. Furthermore, he anticipates that the evolving crypto ecosystem will eventually experience less volatility compared to historical market cycles.