Two years ago, speculation was the leading reason fund managers held digital assets. Today it sits at 15%. In its place: diversification and client demand are now 63% of the allocation rationale. Highlights from our latest Digital Asset Fund Manager Survey - Bitcoin still leads on growth outlook, though sentiment is rotating modestly toward Ethereum and Solana - Median allocation holds at 1%, the typical institutional entry size - Corporate restrictions have overtaken regulation as the top barrier to further investment - Legacy altcoins (Cardano, Polkadot) are giving way to Aave, Sui, Tron and DeFi protocols - Quantum risk continues to surface in client meetings The asset class is establishing an identity based on fundamentals, not narratives. https://coinshares.com/corp/insights/research-data/digital-asset-quarterly-fund-manager-survey-05-2026/(James Butterfill)