The Institutions Aren’t Just Sticking With Crypto, They’re Expanding Their Offerings

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 22 October 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Circle and FTX US. On today’s episode, NLW gives the latest in his recurrent theme on “post-narrative institutionalization” – the idea that during the 2022 bear market institutional actors have not only not abandoned the crypto industry but increased their stake with a look forward to the next bull run. - Nexo Pro allows you to trade on the spot and futures markets with a 50% discount on fees. You always get the best possible prices from all the available liquidity sources and can earn interest or borrow funds as you wait for your next trade. Get started today on pro.nexo.io. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with today’s editing by Eleanor Pahl and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “War” by Enoch Yang and “The Life We Had” by Moments. Image credit: Malte Mueller/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.9	The breakdown is sponsored by nexus.io, Circle, and FtX, and produced and distributed by CoinDes.
0:22.8	What's going on, guys? It is Friday, October 21st, and today we are talking as we so often
0:28.9	have this bare market about post-narrative institutionalization. Before we dive into that,
0:34.6	however, if you are enjoying the breakdown, please go subscribe to it,
0:40.9	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:45.9	come join us on the breakers discord. You can find a link in the show notes or go to bit.ly slash breakdown pod. Also a disclosure, as always, in addition to them being a sponsor of the show, I also work with FTX. All right. So as I said, today, we're catching up on
0:55.9	one of my favorite themes post-narrative institutionalization. And if it feels to you at this point
1:01.7	like I'm trying to make this a meme, you are at least a little right. In all seriousness,
1:06.8	I think this is one of the key hallmarks of this bear market, that not only are we not seeing
1:12.8	some mass exodus and brain drain, but that in fact, the institutions that started learning and
1:18.5	circling around the edges during the last bull run, by and large, have stuck around. In fact, many have
1:24.3	deepened their engagement prepping for an inevitable return to focus on this
1:29.2	space. And of course, doing so while taking advantage of the relative quiet. This is not about
1:34.8	some big press push where institutions are trying to look cool by being ahead of the curve.
1:39.7	It is, in fact, instead, just actual business units planning ahead.
1:50.1	Stories confirm this over and over and over, so let's look today at some of the latest.
1:54.6	On Monday, brokerage firm Bernstein said that despite it being crypto-winter,
1:59.3	the firms that showed up during the 2020 and 21 bull market continue to invest.
2:02.9	A few notes from that report. First, investors who were ambivalent about digital assets even up to late last year have delayed plans. If by the second
2:08.0	time around that Bitcoin had hit 60,000 you still weren't ready to jump, you may not be ready to
	...

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