when markets mature, assets tend to find their distinct roleseth positions getting concentrated in yield-seeking strategies ($300m+ daily etf flows, 222k eth accumulated by single player)btc flows heading straight to long-term holdings (725k btc in treasuries, 3x yearly growth)next phase usually brings specialized products for each use case ...

when markets mature, players naturally pick lanes instead of competing head-onbtc dominates corporate treasuries with $17.7b added in q2eth owns the staking economy at 28.8% ratiosol captured 8.1% of global perpsusdc pursuing banking license for reservesnext phase: specialized products built on top of each ...