Crypto markets remain fragile, with sentiment near historic lows and Bitcoin struggling to regain strong momentum. Retail optimism has faded, network activity is slowing, and investors remain cautious after the sector erased much of its post-election gains.

Yet beneath the surface, major structural shifts continue. Ethereum is preparing critical upgrades, Aave’s tokenized asset market has surged past $1 billion, and institutional players are quietly increasing exposure to select crypto-linked assets.

Fear still dominates headlines, but key developments suggest the next phase of the market is already taking shape.

Read the full recap to see what’s really changing behind the…