Recently, an interesting phenomenon has emerged: Bitcoin has been repeatedly fluctuating within a narrow range, and the search interest in cryptocurrencies has fallen to its lowest point this year, with the market filled with panic. But this state of "silence" may be brewing something.

On the surface, it seems quiet, but behind the scenes, retail interest is waning, while institutional activity has not stopped—ETF deployments continue, RWA asset frameworks are expanding, and compliance progress is advancing. There is a stark divergence between retail sentiment and long-term fundamentals.

Using traditional candlestick charts and technical indicators to analyze at this point is essentially "drawing ghosts." Because the market's pricing power is shifting: from being driven by retail sentiment to being influenced by three factors—institutional entry speed, regulatory implementation pace, and real-world application data. These elements are invisible on charts—they are called "dark data" in the industry.

As the market enters the "institutionalization" stage, the value of data is also upgrading. It is no longer just about price push; it now requires verifiable factual flows: ETF capital flows need on-chain and off-chain compliance verification, RWA assets must synchronize real-world status in real-time, institutional risk control requires instant anomaly monitoring, and AI agents need trustworthy data to trigger execution.

Take SOL and ETH as examples. Why do institutions favor them long-term? The value of SOL's "scarce block space" must be verified through multi-dimensional data such as on-chain transaction fees and cross-chain liquidity; ETH's "digital infrastructure" status also requires more detailed data support. This is the upgraded language of the market.