What really changed the game in 2025? How capital actually moves into crypto.

ETFs, DATs, and stablecoins didn't just add liquidity—they became the main highway for money flowing in. But here's the thing: their design directly determined where that capital landed. Most of it pooled around the major assets, with barely any trickling into smaller altcoins. The mandates basically drew invisible boundaries around where institutions could park their cash. Pretty different from the old days when hype alone could pump anything.