Just wrapped a panel on the impact of ETFs on crypto capital markets with Fidelity and Bitwise at the Digital Chamber’s Convergence Forum. I am bullish on where the crypto ETF market is headed. A few takeaways: • Tens of billions have flowed into 170+ products • ETFs are becoming a core access vehicle, with availability expanding across major advisor platforms • Advisors are increasingly doing the work to allocate, with especially strong interest from millennial clients • The product set is evolving toward active management and a longer tail of crypto assets • We’re still early: Bitwise data shows 67% of advisors haven’t allocated to crypto yet