A significant shift is occurring where institutional investors are re-entering the cryptocurrency market as retail interest fades.

“My sense is that we're going through a flipping right now and it's not the traditional flipping of ETH market cap surpassing Bitcoin. It's to your point it's it's the retail got hit. Retail es and flows. Retail's ebbing right now. But the real flipping is that institutions are coming back into the m”

Institutional adoption of Bitcoin provides necessary structural support, though government adoption carries risks of political instability.

“That said, to your major point, there's a structural bid under Bitcoin from all of those places that you saw and those tailwinds are only getting stronger.”

Institutional involvement in crypto is increasing as these entities actively work to integrate Bitcoin into their portfolios and explore new market infrastructure.

“I think that institutions are increasingly getting involved and they're trying to figure this out themselves. Like they clearly have Bitcoin in their portfolios.”