In our Quarterly Review at the end of 2019, we looked for metrics that signal two things: institutional participation in crypto assets and adoption of fundamental user narratives. January 2020 saw some metrics that are positive for both. The market for regulated bitcoin derivatives expanded rapidly; the case for bitcoin as “digital gold” got a brief boost from events in Iran. Crypto assets continue to offer global access to speculative instruments. However, so-called "exchange tokens" have failed to capture that narrative. Finally, one month in, the SEC is on pace for a banner year in enforcement. Download the full report here and sign up for our weekly newsletter, Institutional Crypto.
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