According to a PANews report on October 9th, CoinDesk reported that Hunter Horsley, CEO of Bitwise Investments, noted that institutional investors' cryptocurrency investment strategies are shifting from a simple focus on market capitalization to a more refined, stock-market-like investment analysis approach. With the changing macroeconomic environment and US interest rates nearing 4%, investors are placing a greater emphasis on asset quality, similar to stock selection strategies in the stock market. This year, several asset management companies have submitted ETF applications for assets other than Bitcoin, including Bitwise's filing for its AVAX spot ETF. Horsley believes that Bitcoin must first become a recognized store of value before it can develop into a payment network. He also noted that as the ecosystem matures, future market volatility may be more moderate than in historical cycles.