Why haven’t institutional buys in crypto created the hype we expected? (Two common misconceptions) What did we expect? > Institutional buying > Hype > FOMO > Retail investors rushing in So why hasn’t this happened over the past 1.5 years? There are two misunderstandings: 1- ETFs are not direct institutional buying. Institutions here act only as intermediaries. 1- Institutional buys mainly come from Bitcoin treasury companies. Meaning, companies unrelated to crypto barely buy (like Tesla and Square). I believe real institutional buying will eventually join the train. That’s when the real hype > FOMO cycle will start. But when? It won’t happen all at once like ETFs. That’s impossible. However, laws passed this week in the US Congress are paving the way for it.