73% of institutional investors plan to increase crypto holdings this year according to Coinbase. But the how is changing. The focus is moving from price appreciation toward yield-generating strategies that mirror traditional fixed-income. Staking, lending, tokenized treasuries.
Structurally, this means crypto capital is starting to behave like bond capital. Less volatile in theory, but also less likely to drive the kind of retail-fueled rallies the market is used to. The composition of who holds crypto is quietly reshaping how it moves.