Foreign media: Peter Mintzberg, CEO of Greyscale Investment, wrote that the recent Bitco rebound should not be seen as a short-line repair. More than price increases and declines, attention is being paid to institutional finance, technical inputs from enterprises and changes in the regulatory environment, which are reshaping the digital asset market.
Behind the bitcoin rebound was a change in the funding structure.
The article mentions that bitcoin rose by about 20 percent last week, one of the strongest three-day increases since 2023. However, in his view, even deeper changes would still be overlooked if the market were to switch narratives between the “end of the winter” and the “start of the rebound”.
He gave a central basis for institutional flows. In 2025, the daily net inflows or outflows of Bitcoin ETP often exceeded $500 billion, about 12 times the new daily supply of bitcoin to miners. According to the article, this meant that bitcoin had in the past been subject to a much larger change in its pricing structure, driven mainly by new supply.
During this year's market retrenchment, US-listed real bitcoin ETP recovered net inflows for three consecutive weeks in late July after eight consecutive weeks of net outflows. Although the cumulative total of the year is still net outflows, according to the article, the recent withdrawals have been significantly less than the 70 to 80 per cent decline that was common in past rounds of encryption markets.
The willingness to structure is still rising.
Mintzberg also cited a 2026 Ernst and Young survey of more than 350 institutional investors, according to which 73 per cent of respondents planned to increase their digital asset allocation. According to this, institutional capital is increasingly determining the marginal prices of digital assets.
The article also stressed that digital assets should not be equated with bitcoin alone. Although bitcoin still accounts for about 60 per cent of the total market value of digital assets, the current forces driving industrial expansion come more from two main lines: the rise in institutional demand and the expansion of enterprise-to-block chain technology.
Enterprise block chain and currency stabilization project advanced
At the enterprise level, the article states that about 60 per cent of Fortune 500 executives in 2025 indicated that their companies were promoting block chain-related projects. Firms such as Fidelity, Visa and Stripe are also moving forward with stabilizing currency operations.
In his view, such investments were more of a test driven by enterprise infrastructure than by short-term market sentiment. In particular, in the financial services sector, many institutions are using digital asset technologies for back-office systems. According to the article, this type of decision-making is usually more pro-cyclical and focuses more on bottom uses than on short-term price fluctuations.
AI and block chains are considered complementary
The article objected to the view that “AI transactions crowd down digital asset narratives”. Mintzberg argues that artificial intelligence is not a substitute for the public chain, but a complementary one.
The reason given was that AI agents could bring new needs such as small primary machine payments and instant cross-border settlements, and that block chains were better suited to take on such financial infrastructure functions. At the same time, control and bias issues arising from centralized AI development may also be mitigated in part through decentrization programmes and chain-based identity tools.
The article concludes that digital assets are gradually entering the existing regulatory and governance system rather than remaining outside it. As investment committees, enterprise governance processes and compliance frameworks mature, more agencies will view digital assets as part of long-term asset allocation, rather than just high-variant transaction varieties.