When institutions came to crypto, people expected stability.
Digital gold.
Long-term holders.
Less volatility.
Reality turned out different.
Funds don't come to markets to believe.
They come to trade liquidity.
They hedge.
They arbitrage.
They use leverage.
Sometimes they buy billions.
Sometimes they trigger liquidation cascades.
The paradox is simple:
Institutions bring legitimacy to crypto.
But they also bring Wall Street behavior.
More capital.
More derivatives.
More volatility.
Welcome to the new crypto market.
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