Institutional $BTC adoption debate has shifted from allocation decision to custody architecture. Three operational risks now dominate: counterparty risk in key management, quantum computing threat to cryptographic security, and infrastructure limitations for building on-chain products.

Blockstream positioning as enterprise infrastructure provider for institutions moving beyond simple spot exposure. Custody solutions and quantum-resistant protocols becoming competitive moats as Treasury allocations scale.

Watch institutional demand for self-custody vs third-party solutions. Quantum timeline matters for long-duration holders.