According to Binance Research's latest report released on November 11, institutional capital flowing into the crypto market has primarily concentrated in passive beta products like ETFs, while active management strategies lack an intermediary discovery and verification layer to connect funds with managers. The core issue is not a shortage of talent or returns, but the absence of standardized performance verification and benchmark frameworks. Active crypto strategies currently rely heavily on personal networks and conferences for fundraising.

Capital Connect data reveals extreme capital concentration disparity. While directional strategies account for 44.3% of funds, they hold only 6.7% of capital. In contrast, market-neutral and statistical arbitrage strategies, comprising less than half of funds, attracted 92.1% of capital. Institutional investors deployed approximately 11 times larger per-deal amounts into neutral strategies versus directional ones. In October, when BTC fell 7.2%, directional funds averaged +1.9% returns while neutral strategies returned +1.0%, demonstrating active strategies' resilience under market stress.

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