Latest developments: Edelman argues investor sentiment and industry fundamentals are moving in opposite directions.

• Bitcoin ETF investors have pulled billions from funds in recent days, while market fears have risen amid concerns about Mt. Gox wallet movements and regulatory uncertainty, Edelman said.
• Debate around the CLARITY Act has added to uncertainty, with lawmakers including Sen. Bernie Sanders and Sen. Elizabeth Warren pushing for additional provisions related to crypto oversight, according to Edelman.
• The result is a market focused on negative headlines even as major financial institutions continue expanding crypto-related initiatives.
• Edelman joined CoinDesk’s Jennifer Sanasie on Public Keys.

The contrast: Wall Street firms are…