Active fund managers faced another challenging year as investors voted with their wallets—pulling roughly $1 trillion out of actively managed equity funds. The exodus reflects a deeper trend: passive indexing and alternative strategies are gaining ground as traditional stock-picking fails to deliver. For crypto investors tracking macro flows, this matters more than you'd think. When institutional capital struggles in legacy markets, allocation patterns shift. Some of that dry powder eventually finds its way into digital assets as portfolios rebalance. It's a reminder that success in markets increasingly depends less on beating benchmarks and more on spotting where liquidity actually moves.