What does "changing the dealer" mean?

In simple terms, it means changing the chip structure.

Traditional finance (Washington + Wall Street) sets up a game with policies and capital; they don’t come in for two or three days and then leave — they come to "pass the baton".

The securitization of cryptocurrencies is actually making crypto assets into forms they are familiar with: ETFs, stocks, Mutual Funds...

What they need is: compliance, valuation, risk control, and categories that can be included in long-term asset allocation.

RWA is the opposite action: putting traditional assets on-chain to release liquidity in the crypto space.

These two paths actually have the same goal: to make the crypto market more like the traditional market, so that institutions can take over.

This is the core logic of the so-called Mass Adoption — it’s not about users using coins on a large scale, but institutions holding coins on a large scale.

What does it mean for institutions to enter the market?

• Long Only and Mutual Funds typically have an average holding period of over 3 years, with an annual turnover of less than 30%.

• Hedge Funds use long-short strategies, which don’t represent short-term entry and exit, but rather quarterly operations + derivatives adjustments.

• Most ETF giants are engaged in strategic allocation; for instance, the average holding period for BTC spot ETFs is expected to be ≥2 years.

• Sovereign wealth funds are even more dramatic, with an average holding period close to 10 years; this is not speculation but a national-level asset allocation.

• Family Offices are also participating, with a focus on intergenerational inheritance, risk hedging, and alternative assets.

Therefore, "changing the dealer" does not mean someone is controlling the market, but rather that the underlying structure of chips and valuation logic has changed.

From the emotional drive of retail communities, it has shifted to asset allocation by long-term institutional funds.

Next, the market will see these changes:

1. Decreased volatility: positions are more stable and diversified, with fewer extreme market conditions.

2. Switching valuation models: traditional valuation methods like PE, PS, DCF will become mainstream.

3. Slow bulls will be more common: funding decision cycles are long, with delayed changes; fast bulls and bears will decrease.

This is not an end but the beginning of a new order.

Survival of the fittest; stop fantasizing about everything being "decentralized".

The dream is over; the dealer has changed.