Crypto markets are entering a new phase of institutional adoption, according to a recent report by Binance Research. The report highlights a shift from retail-driven momentum to strategic positioning by institutional investors, with Morgan Stanley at the forefront. This transition follows the approval of U.S. spot Bitcoin ETFs in early 2024, marking a "second round" of institutional engagement. Morgan Stanley's recent S-1 registrations for Bitcoin and Solana ETFs exemplify this trend, indicating that traditional financial institutions are becoming more involved in digital asset markets. This move could pressure other Wall Street firms like Goldman Sachs and J.P. Morgan to increase their crypto activities to remain competitive. Additionally, the report notes that macroeconomic factors, such as diversification away from large-cap tech stocks, could further support digital asset markets in 2026. The easing of risks related to digital asset treasury companies' exclusion from the MSCI Index also provides a more stable environment for institutional investment.