According to Brett Tejpaul of Coinbase, institutional investors are shifting from simply holding crypto in hopes of price appreciation to seeking stable income sources. This "second wave" of institutional capital is driving the emergence of new yield-generating products, such as Coinbase's tokenized Bitcoin yield fund and BlackRock's staking Ethereum ETF. This trend also includes a focus on blockchain to enable faster and cheaper payments and settlement through tokenization and stablecoins, with clearer U.S. regulatory policies (such as the GENIUS Act) further propelling this movement. Although crypto applications remain concentrated on mainstream tokens, institutional investors are increasingly focused on what benefits crypto can bring to their portfolios and business operations.