A panel of experts believes 2024 approvals of crypto ETFs were a “watershed moment” for institutional adoption—but “full-throated demand” won’t emerge until regulatory clarity is achieved in the U.S.

SkyBridge founder Anthony Scaramucci, CF Benchmarks CEO Sui Chung, and Bullish head of institutional Chris Tyrer gathered at the Digital Assets Forum in London to discuss how “big money is transforming the crypto ecosystem.”

It was a discussion chaired by Bloomberg’s Anna Irrera, and the consensus seemed to be that we’re still at an early stage when it comes to Wall Street’s embrace of Bitcoin and blockchains.

“Every year it’s like ‘all the institutions are here,'” Tyrer said. “So did they arrive in 2024? I’d say yes and no. Activity at the end of the year was orders of magnitude higher than at the beginning. We can celebrate that. But do we have the kind of market penetration that you would expect in a $3 trillion asset? The answer is decidedly no.”

Scaramucci predicted that crypto legislation will be finalized by this November—failing that, March 2026 at the latest.

Nonetheless, Chung says there’s been a “big structural change” in the realized volatility of Bitcoin. Whereas this used to be “much more evenly spread throughout the day,” it’s now concentrated between 9am and 10am EST, coinciding with when Wall Street opens for business.

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Author: Connor Sephton

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