The key to institutional moves is not just whether capital is entering the market, but what that capital is buying. CoinDesk reported that one of the UK’s largest retail investment platforms will open access to crypto ETNs, showing that distribution channels for compliant products are still expanding; meanwhile, Robinhood’s stock tokenization business has faced skepticism from traditional firms, and the industry is entering a new round of discussion over product boundaries and investor protection. In the short term, capital flows are constrained by interest-rate expectations, but in the medium term they are still positioning around compliant entry points and asset tokenization.