Institutional Flows Boost Crypto; Low Volatility Raises Risk

I see growing institutional conviction in crypto: Coinbase's acquisition of Deribit and BlackRock's spot ETF purchases underline rising demand and infrastructure consolidation. These moves make access for retail and institutional traders simpler and more liquid.

At the same time, regulatory tightening — like Hong Kong's stricter custody rules — improves long-term security and trust, which I view positively for adoption. Yet debates over banks charging for customer data access could hurt fintech innovation if handled poorly.

My main caution is low implied Bitcoin volatility (DVOL near historical lows): the market looks complacent, so a sudden spike in realized volatility is possible. I’d welcome the institutional flow but remain risk-aware.