IOSG founder Jocy has described 2025 as a challenging year for the cryptocurrency market, marked by price pressures but also a significant shift from retail speculation to institutional allocation. Despite Bitcoin's negative returns this year, spot Bitcoin ETFs have seen net inflows of approximately $25 billion, with institutional holdings rising to 24%, absorbing pressure from long-term holders selling. Jocy believes that the current market is not at the peak of a bull run but rather in a phase where institutions are building positions, especially as regulatory clarity improves. Looking ahead, Jocy is optimistic about the first half of 2026, expecting positive developments driven by policy and institutional investments.