Interesting take, and I get the shift they’re pointing to, the language alone (Sharpe ratios, allocation, etc) already tells you whos entering the space.

But it still feels a bit like the point is slightly ahead of the reality. Sure, institutions are engaging more seriously, but a lot of the infrastructure still depends on wrappers, custodians, and fairly traditional rails. It’s not obvious yet that we have fully moved into this “core plumbing” phase vs just layering crypto on top of existing systems.

I guess I am curious how durable this shift is if market conditions change again, are institutions here because the infrastructure is genuinely better, or because it’s become easier to access and justify within existing frameworks?

Feels like we’re somewhere in between: no longer purely speculative, but not fully integrated either.

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