Block2Learn
Block2Learn
Bitcoin’s latest rally reveals a deeper transition: ETFs, OTC desks, broker-dealers and regulated derivatives are reorganizing liquidity around institutional balance sheets. The opportunity is larger access; the risk is hidden concentration.
Hashdex’s DEFI stopped trading on August 17. The exit says less about Bitcoin demand than about a winner-takes-most ETP market where scale, liquidity and distribution decide which wrappers survive.
Mutual funds are losing cash while ETFs keep issuing shares. This Market Focus explains how a $15.7 trillion ETF liquidity layer is changing price discovery, concentrating marginal demand, and making the market’s wrapper as important as the assets inside it.
