What exactly are the big players doing today? If I haven’t verified real-time whale trades, I won’t make up a story about “quietly accumulating.” What I can confirm is this: CoinDesk reported on October 2 that BNY is in talks with Kraken’s parent company, Payward, about an infrastructure partnership, but there’s no guarantee the deal will be signed. Talking about custody and payments doesn’t mean buying crypto today. Based on institutional chatter, first distinguish between “talks,” “implementation,” and “real money trades.” #InstitutionalObservation