Core Insights - Morgan Stanley indicates that cryptocurrencies are transitioning from a venture capital-like ecosystem to a non-traditional, tradeable macro asset class supported by institutional liquidity rather than retail speculation [1] - Early-stage crypto projects typically relied on large private placements for funding, but few have achieved strong liquidity and scalability for trading, with retail investors often entering after significant price increases [1] - Current retail participation has significantly decreased, leading to a market that relies more on institutional investors to stabilize capital flows, reduce volatility, and anchor long-term prices [1] - There are still investment opportunities in cryptocurrencies due to their relative liquidity but inefficient structural characteristics, with uneven liquidity distribution causing price volatility [1] - Cryptocurrency prices are now more influenced by macroeconomic trends rather than predictable four-year halving cycles, which historically triggered bull markets following a reduction in Bitcoin's new supply [1] - A speaker noted that Bitcoin's price could potentially reach $240,000 in the long term, indicating significant growth potential over the years [1]