David Duong, Coinbase's head of investment research, emphasized the transformative period the crypto ecosystem is experiencing, driven by clearer regulatory frameworks. Despite recent flat price performance, Duong noted the increasing adoption by institutional players and a more diversified investor base as pivotal to reshaping demand. He highlighted that as global regulations, including U.S. stablecoin policies and Europe's MiCA regulations, become clearer, institutions are fundamentally changing their strategies and compliance measures. This regulatory clarity is fostering conditions for product innovation and deeper integration of crypto into global financial systems, paving the way for the next phase of institutional adoption.