0xResearch Introducing: Inflection Point | The Crypto-TradFi Convergence
Mar 5, 2026
Michael Mark Antonio, Head of DeFi at Galaxy, bridges DeFi and institutional flows. Matt Hogan, CIO at Bitwise, brings ETF and institutional distribution expertise. David Lawant, Head of Research at Anchorage Digital, focuses on institutional crypto infrastructure. They discuss TradFi and crypto convergence, ETF-driven price dynamics, DeFi’s strengths and practical hurdles, settlement and credit frictions, and evolving market structure.
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Institutions Are Building Onchain In Production
- Institutional adoption is now real and multidimensional, not just theoretical portfolio allocation.
- BlackRock tokenizing treasuries, JPMorgan doing intraday repos, and many firms building in production show TradFi is building onchain with real money.
ETFs Shifted Bitcoin Price Formation Toward TradFi
- Spot Bitcoin ETFs and subsequent volume shifts signaled TradFi's dominant role in Bitcoin price formation by mid-2025.
- David Lawant found ETFs trading 30–50% of spot volume and options volumes shifting toward Ibit over Deribit.
Buying A House With An Aave Bridge Loan
- Mark Arjun used Aave to bridge a short cash timing gap while buying a house, showing DeFi's practical utility.
- He took a loan, paid fees, repaid Monday and it cost 36 cents, illustrating speed and low cost despite clunky UX.