Delphi Digital reports a dramatic 90% decline in institutional crypto demand, with monthly inflows dropping from an August 2025 peak of $5.5 billion to under $500 million. October saw minimal activity, with Bitcoin remaining the primary focus of institutional interest, while altcoin trading has significantly decreased. Strategy metrics reveal a weakening market, as mNAV has fallen from 2.5 at the start of 2025 to 1.2. Speculative premiums have contracted, although MicroStrategy (MSTR) continues to trade above its Bitcoin holdings. Institutional capital is largely stagnant, with existing positions losing value.