Kevin O’Leary, the investor known for his role on Shark Tank, has a message for anyone betting that the current crypto rally will lift a broad basket of alternative coins: institutional money is concentrating on just two assets, and he doesn’t see that changing anytime soon.

In a post on X, O’Leary laid out a thesis that cuts against the enthusiasm surrounding newer spot ETFs for tokens like XRP, Solana, and Dogecoin. “I think institutional crypto is becoming a two asset market, Bitcoin and Ethereum,” he wrote.

His argument rests on how large allocators actually behave. Pension funds, sovereign wealth funds, and asset managers are not in the business of chasing speculative swings. What they need before committing capital is deep…