Grayscale CEO Peter Mintzberg said the long-running crypto winter is coming to an end as the market begins to heat up, citing a sharp increase in institutional interest in digital assets. In an opinion piece published in Fortune, he said the current cycle differs from the downturns of 2014, 2018 and 2022 because institutional investors have played a more active role, helping limit the severity of price declines. Mintzberg said traditional financial institutions are examining not only Bitcoin and Ethereum but also blockchain use cases. Data he cited showed that 73% of institutional investors plan to increase their digital-asset allocations this year, while 60% of Fortune 500 executives are actively working on or have entered blockchain-related projects. Spot ETFs, custody services and efforts to clarify regulation are making market access easier for institutions. Mintzberg said this participation could help the crypto market mature, with institutional strategies changing a structure previously dominated more heavily by individual investors. Institutional capital flows are expected to be decisive for price movements and market liquidity in the coming period.