The Institutional Bitcoin Flood That Never Came

For nearly a decade, the promise was always the same. “Institutional investors are coming,” the bulls would say, their voices thick with conviction. 

“Once the ETFs are approved. Once the regulatory clarity arrives. Once the infrastructure is built.” 

My X feed is full of this even today.

The assumption was (is) that access was the bottleneck. Open the doors, and billions of dollars would flood in. The institutional money — stodgy, del...