Institutions still don't get it.

While they're writing bearish reports and calling for regulation, retail is front-running every narrative. The gap between what legacy finance thinks crypto is vs what it actually is keeps widening.

TradFi analysts are still trying to value $BTC like a tech stock while degens are already positioning for the next cycle's infrastructure plays.

The asymmetry is real. By the time institutions figure out the thesis, the alpha is long gone.