Binance Research: Crypto market entering second phase of institutional adoption

The cryptocurrency market has entered a second phase of institutional adoption, undergoing a structural pivot from being retail-investor-focused to being led by institutional capital, according to an analysis by Binance Research. The report highlights Morgan Stanley's S-1 filings for Bitcoin and Solana ETFs, following the approval of U.S. spot Bitcoin ETFs in 2024, as a prime example of this new phase. This development signifies a shift for Wall Street, moving from simply distributing digital asset products to actively planning and launching them. The analysis suggests that rival financial firms like Goldman Sachs and JPMorgan could follow suit. Additionally, the report projects that easing concerns about digital asset trading firms being excluded from MSCI indexes, coupled with demand for portfolio diversification, could create a favorable environment for digital assets in 2026.