A major news story is sweeping through the market— the legendary Wall Street figure who has long been bearish on digital assets has finally stepped back from daily operations at his investment firm at age 95. This may seem simple on the surface, but it carries profound signaling implications.

Interestingly, his management company has long been involved in the digital finance sector in Southeast Asia, holding significant positions in crypto-related assets. Saying one thing and doing another—this kind of "talking one way and acting another" essentially reflects the evolving perception of the traditional financial industry towards this sector.

What does his departure signify? The voices opposing crypto assets for years are gradually fading from the market stage. More importantly, the institutions behind these voices control hundreds of billions of dollars in liquidity. Even a small portion flowing into the crypto market could trigger significant changes.

In the short term, market sentiment may fluctuate. But in the long run, the key factors shaping the future are regulatory frameworks and the development of spot ETFs. One thing is certain: the largest institutional opposition is weakening, and institutions no longer have sufficient reasons to stay on the sidelines. The capital flow is indeed changing.