The market landscape is quietly changing. Recently, signals have emerged in the industry indicating that many crypto treasury companies will face a tough year ahead. Even leading assets like Ethereum and Solana are not immune to pressure on their related treasury products.

The real reason is straightforward: investor sentiment has shifted. Large capital with influence no longer favors traditional "holding coins for interest" strategies, instead flocking to compliant, transparent, and easily auditable cryptocurrency ETFs. Risks of black boxes and concerns over sudden crashes are driving capital to seek safer outlets.

What does this mean? First, if established treasury platforms do not improve their models, risks should be closely watched. Second, market polarization will accelerate—small funds are losing capital, while mainstream ETFs are gaining popularity. Third, high yields alone are no longer sufficient; safety and compliance have become essential conditions.

The pace of the times is accelerating. The price movements of tokens like BNB, ETH, and SOL actually reflect a broader shift in capital allocation logic. Only products that can adapt to this change have a future; those that cannot will be eliminated.