Everything on Institutional Behavior

Institutions prioritize convenience and dashboard integration over self-custody because their threat models focus on key loss rather than government seizure. This preference facilitates broader onboarding despite lacking direct ownership.

Impact: Drives volume into wrapped Bitcoin products, which indirectly supports on-chain demand as users eventually migrate to self-custody solutions.

— from Bitcoin ETFs as Browser Moment and AI-Driven Finance · The Milk Road Show· Apr 02, 2026