The next leg of crypto adoption may already be taking shape in estate planning offices instead of on trading floors or in congressional hearing rooms. Analysts have spent a decade modeling adoption through ETF approvals, halving cycles, interest rates, and regulatory milestones. But one of the most powerful forces reshaping demand for digital assets is demographic, slow, and already underway.

Over the next two decades, Cerulli Associates projects that $124 trillion in US household wealth will change hands, the largest transfer of assets in recorded history. Roughly $105 trillion will flow directly to heirs, with another $18 trillion earmarked for charity.

The generations receiving that money invest in fundamentally different ways than the…