Despite high prices, Bitcoin sentiment is terrible, and the market feels 'boring.' This is a strong positive indicator because it shows speculative retail traders ('tourists') are absent, leaving a solid base of committed holders and institutions. A boring market is difficult to short.

Contrary to a front-loaded boom, traditional ETF launches show that year-two inflows typically surpass year one. This is because large institutions require long due diligence periods before investing and early buyers tend to add to their positions over time, a pattern crypto ETFs are expected to follow.

Crypto was unique for allowing retail investors access before Wall Street. Now, the market is dominated by venture capitalists who launch tokens at inflated valuations with long unlocking schedules, effectively using retail buyers as exit liquidity.

Widespread adoption of blockchain, particularly stablecoins, has been hindered by a "semi-illegal" regulatory environment in the U.S. (e.g., Operation Chokepoint). Now that this barrier is removed, major financial players are racing to integrate the technology, likely making it common within a year.

The last decade of crypto focused on moving assets like Bitcoin on-chain. The next, more significant mega-trend will be the migration of entire companies and their real-world revenue streams onto blockchains, involving both crypto-native firms and traditional giants like BlackRock and Stripe.

Unlike assets like commodities or private markets where institutions pioneer adoption, cryptocurrencies saw retail investors lead the charge. Institutions are only now slowly beginning to explore allocations, reversing the historical trend of top-down financial innovation.

The acceptable crypto allocation for institutional investors has significantly increased, moving from a previously standard 1% to as high as 4%. This shift is driven by a fundamental change in perception: the binary 'go-to-zero' risk of crypto is no longer a primary concern for major allocators.

TradFi investors, who often lack specific crypto knowledge, will favor broad index-based ETFs. This will channel passive capital disproportionately into the largest market-cap assets, creating a reflexive loop that concentrates value at the top, much like the 'Magnificent Seven' phenomenon in US equities.

Multicoin's central thesis is that crypto's ultimate purpose is creating "Internet Capital Markets"—the ability to trade any asset, from anywhere, 24/7, via any software. This broad vision of permissionless, programmable finance is seen as the most significant long-term impact of blockchain, destined to supersede more niche consumer applications or "Web3" concepts.