Core Insights - The digital asset market is evolving into a more diverse and institutionally engaged environment, emphasizing execution over mere exposure [1] - Recent trends indicate a significant shift in capital flows, particularly in U.S. spot ETFs, highlighting the importance of active management in a fragmented market [2][3] Market Dynamics - Innovation is outpacing index construction, leading to structural inefficiencies and cross-market dislocations, with macro conditions remaining stable [2] - U.S. spot Bitcoin ETFs have experienced notable capital rotation, with daily inflows and outflows reflecting active trading strategies [3] Investment Opportunities - Opportunities in the digital asset market require a multi-dimensional understanding of both traditional and digital assets, focusing on high-conviction strategies rather than sentiment-driven trades [4] - The expansion of crypto credit markets is creating differentiated opportunities for active managers to price risk effectively, particularly as fiat liquidity tightens [6]