Jocy, founder of IOSG, has described 2025 as potentially the "darkest year" for the crypto market, while also marking the beginning of the institutional era. Despite Bitcoin's pressured annual performance, Bitcoin ETFs saw net inflows of approximately $25 billion this year. Institutional holdings have risen to about 24%, absorbing the selling pressure from around 1.4 million BTC held by long-term investors. Jocy suggests that the current phase is not the cycle's peak but a period of institutional allocation and market restructuring. The first half of 2026, under a relatively favorable policy environment, is highlighted as a period to watch closely.