Bitwise's perspective indeed reflects a clear trend—institutional capital is accelerating into the crypto market. However, interestingly, while everyone's attention is focused on Bitcoin and spot ETFs, the real innovation is quietly happening at a deeper protocol layer. I spent some time studying the technical documentation of related projects and found that many teams are making innovative designs on DeFi infrastructure. These quietly dedicated projects may not have the spotlight like Bitcoin, but in the long run, breakthroughs in such underlying protocols are often the true engines driving the development of the entire ecosystem.