Institutional capital is flowing into crypto. But it’s not buying what you think.
The narrative has always been that institutions would eventually pile into Bitcoin and Ethereum, driving prices to new highs.
That narrative is only half right. Institutions are indeed coming. But they’re not buying tokens. They’re buying the infrastructure.
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The BeInCrypto Digital Summit findings
A recent BeInCrypto Digital Summit panel made this clear.
Executives from Phemex, Polygon, OpenEden, and Lisk all confirmed the same trend: institutional capital is targeting tokenization, custody, and on-chain infrastructure.
Not speculative altcoins. The shift represents a fundamental change in how traditional finance approaches crypto.
The early institutional playbook was simple: buy Bitcoin as a hedge, wait for appreciation. That playbook is being rewritten.
The new institutional playbook
The new playbook is about building. It’s about creating the infrastructure that will support the next phase of digital finance.
Tokenization platforms. Custody solutions. Compliance tools. The picks and shovels of the crypto gold rush.
Why the change? Partly it’s about risk. Tokens are volatile. They’re subject to regulatory uncertainty.
They don’t fit neatly into existing portfolio frameworks. Infrastructure, on the other hand, generates revenue. It has business models. It looks more like traditional fintech.
Why infrastructure over tokens
Partly it’s about opportunity. The infrastructure space is less crowded than the token market.
There’s room to build real competitive advantages. There’s room to capture value that isn’t just about price speculation.
The panelists were clear about what institutions want. Bitcoin exposure, yes. Ethereum exposure, yes.
Real-world assets on-chain, increasingly yes. But the speculative altcoin market? That’s being left to retail.
Implications for the industry
The implications are significant. If institutions are building infrastructure rather than buying tokens, the relationship between institutional activity and token prices becomes more complex.
More infrastructure is bullish for the ecosystem. But it doesn’t automatically mean higher prices for any particular token.
The tokenization trend is particularly notable. Institutions are increasingly interested in putting real-world assets on-chain.
Real estate. Commodities. Securities. This isn’t about crypto speculation. It’s about using blockchain technology to improve existing financial processes.
What’s missing from the shopping list
What’s missing from the institutional shopping list? Most altcoins.
The panelists noted that weak valuation models and lack of real revenue limit broader institutional adoption of the token market.
Institutions want cash flows. They want business fundamentals. Most tokens don’t provide either.
This doesn’t mean the token market is dead. Retail still drives significant volume. Speculation still happens. But the institutional money is going elsewhere.
The pivot signals maturation
The pivot to infrastructure is a sign of maturity. It’s a sign that crypto is becoming less about speculation and more about building real financial infrastructure.
For the industry, that’s a positive development. For token holders, it’s a more complicated picture.
The smart money is betting on the rails, not the trains. That’s the new institutional playbook.
Crypto market researcher and external contributor at Kriptoworld
Wheel. Steam engine. Bitcoin.
📅 Published: February 21, 2026 • 🕓 Last updated: February 21, 2026
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