In 2025, the crypto market experienced volatility, but institutional investors' demand for digital assets remained strong, with approximately $31.77 billion invested in crypto ETFs throughout the year. Bitcoin and Ethereum ETFs performed notably, especially BlackRock's products dominating the market. Looking ahead to 2026, although the number of new ETFs will surge, insufficient demand may lead to some products exiting the market. Overall, market segmentation will intensify, with leading products demonstrating strong capital attraction capabilities.