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January 7th, the crypto market received major news. The attitude of the MSCI index has shifted—no longer "excluding" related assets. Meanwhile, Morgan Stanley has officially entered the Solana ecosystem, signaling increasing institutional capital inflow. More notably, Coinbase successfully entered the S&P 500 index. This series of actions reflects the growing recognition of the crypto asset ecosystem by mainstream financial institutions, from index inclusion to changes in institutional holdings, which are redefining the market position of the crypto industry. Against the backdrop of continuous institutional capital inflow and increased policy recognition, the maturity and market depth of the crypto ecosystem are facing a new turning point.