I see your point about ETFs being a critical factor for institutional investors, and I agree they play a significant role in legitimizing crypto assets and making them more accessible. However, it’s not entirely accurate to say institutional investors won’t buy anything without ETFs.

Many institutions already allocate funds directly into crypto through over-the-counter (OTC) trades, custody solutions, or partnerships with platforms like Coinbase Institutional and Binance Institutional. For example:

1. MicroStrategy: They hold billions in Bitcoin without the need for an ETF.

2. Fidelity and BlackRock: They provide direct exposure to crypto for clients, even before ETF approvals.

ETFs are a big step forward, but institutional interest and investment in crypto have been steadily growing even without them. The market is evolving, and it’s important to recognize the variety of ways institutions are already participating.

Open to hearing your thoughts further! Always good to have a constructive discussion. ✌️