#Gate广场创作者新春激励 Three Major Transformations in the Crypto Market, New Trends in 2026
Deep shifts behind recent market volatility:
Transformation One: Fundamental change in market structure - end of the retail-driven speculative cycle, emergence of the institutional era:
• Net Bitcoin inflow to exchanges drops to a three-year low, indicating short-term speculators are leaving.
• Continued Bitcoin outflows from exchanges, with a daily net flow of 14,484 BTC.
• The market shifts from a retail-led cycle to liquidity distribution among institutions.
Profound shift in market narrative:
• From mere st