> 3) Capital pools unable to access ETF (eg credit/equity buckets)
I think we heavily underestimate the size of these buckets... (they are the biggest buckets)
For context: these treasury-based crypto debt instruments allow TradFi players to legally channel low-risk capital into high-volatility crypto exposure.
I think it's delusional to think this will not be abused in self-serving ways that basically are a clever form of insider trading.
E.g. a company exec buys spot BTC or ETH and then passively pumps his bags on the credit market
This likely will end very badly, as more and more crypto volatility is injected into debt markets.
Think another 2008 financial crisis.
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