Crypto Scenario Insights
What happened
Institutional crypto adoption is now an infrastructure story, not a sentiment story. US spot Bitcoin ETFs hold in excess of $75 billion in assets, with BlackRock's IBIT commanding roughly two-thirds of category AUM; publ…
What we think
Institutional crypto adoption is now an infrastructure fact, not a sentiment debate. The wrapper (spot ETFs above $75 billion), the rails (bank-grade custody and prime brokerage), and the perimeter (post-SAB 121 regulato…
Read the analysis
Institutional Crypto Adoption: The Plumbing Behind the Allocation
We explain what happened and what could follow. We do not forecast prices.