[Delphi Digital: Institutional Crypto Demand Drops 90% from August Peak] Delphi Digital stated on the X platform that institutional crypto demand has significantly declined, with traffic dropping 90% from the August peak of $5.5 billion to less than $500 million in monthly inflows. Capital flows in October have nearly come to a halt, with BTC still attracting some institutional attention, while altcoin trading has essentially stagnated. Strategy's mNAV has decreased from approximately 2.5 at the beginning of 2025 to around 1.2, and speculative premiums have significantly shrunk, despite MSTR trading at a price higher than the BTC it holds. Institutional capital remains in a wait-and-see mode, and the value of existing positions has decreased.