Ethereum and Solana occupy a fundamentally different category. Institutions that hold these assets carry shorter time horizons and explicit performance conditions, generally tied to whether real-world adoption translates to token value within the next few years. Several institutions hold neither, citing an inability to identify a clear mechanism by which user activity accrues value to the underlying token.

The barriers that remain are operational, not analytical

Ryan Rasmussen, Head of Research at Bitwise, noted a pattern that held across institution types: the debate about whether crypto belongs in a portfolio has largely been resolved. What slows allocation now is fitting crypto into existing…