Large institutions also have a positive outlook on the crypto exchange business. According to the latest news, a leading investment firm has upgraded the rating of a mainstream exchange from Neutral to Buy, while maintaining a target price of $340.

What is the logic behind this? Analysts say that this exchange is implementing an ambitious strategy — building a "universal exchange." It sounds grand, but specifically, it involves expanding asset types: offering tokenized stock trading for US users, integrating prediction markets, and providing more in-depth on-chain asset trading services.

In simple terms, it’s no longer just about pure crypto-to-crypto trading, but about integrating traditional financial assets and on-chain assets into a single platform. This represents a new growth engine for the exchange.

However, the market is not all smooth sailing. In the short term, sluggish trading volume remains a real issue. But institutional investors clearly believe that this exchange’s long-term potential is sufficient to support its current valuation. This shift in perspective essentially reflects investors’ new understanding of the development direction of crypto industry infrastructure.