According to CoinMeta, as reported by Binance Research, the crypto market lacks an intermediary layer for connecting funds with managers for discovery and verification, which results in institutional funds primarily flowing towards passive beta products. Currently, active strategy funds rely heavily on personal networks and lack a standardized system for performance verification and benchmarks. Capital Connect data shows that directional strategy funds account for 44.3% of the total, while market-neutral, statistical arbitrage, and traditional multi-strategy funds, which hold only 6.7% of the funds, have attracted 92.1% of the total capital. The average single investment size for institutions in neutral strategies is about 11 times that of directional strategies. In October, when BTC fell by 7.2%, directional funds recorded an average positive return of 1.9%, whereas neutral strategies achieved 1.0%.