🧬 The ETF Phase Is Over Franklin Templeton is no longer treating crypto as a distribution channel; it’s building a full operating stack, from EZBC to BENJI to active liquid strategies. That matters because institutions rarely want a single wrapper — they want a balance sheet-friendly system with custody, liquidity, and governance built in. 🧲 The bull case is straightforward: this is how crypto gets normalized inside legacy finance, one product layer at a time. The bear case is that the market can mistake infrastructure progress for immediate price impact; platforms compound slowly, and execution risk is real. Still, I think the bigger signal is structural: digital assets are being reclassified from a niche sleeve into a core business line. The firms that understand this early tend to shape the rails, not just ride them. 👁️‍🗨️ The real story is not hype — it’s that finance is quietly rebuilding itself on-chain. ⚠️ Personal analysis only. Not financial advice. DYOR. #BTC #ETH #Tokenization