S&P Dow Jones Digital Asset Index launch: short-term it is difficult to drive institutions’ large position changes. Under the still-strict regulatory environment across various regions, institutions are currently unable to bulk-allocate assets such as $BTC ; only retail investors may follow suit to make small upward moves. After policy implementation, risk appetite could rise further and draw more capital inflows. Unless regulation loosens, after the initial hype fades, prices are likely to retrace. Monitor changes in regulatory policies to judge whether the transmission effect will continue.