Forward Guidance Introducing: Inflection Point | The Crypto-TradFi Convergence
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Mar 5, 2026 Michael Mark Antonio, Head of DeFi at Galaxy Digital, bridges DeFi to institutions. Matt Hogan, CIO at Bitwise, builds crypto ETFs for institutional investors. David Lawan, head of research at Anchorage Digital, focuses on custody and trading infrastructure. They discuss TradFi moving onchain, ETF-driven market structure shifts, DeFi’s role in re-architecting finance, and evolving crypto credit, derivatives, and regulation.
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Institutions Are Building Onchain In Production
- Institutional players are actively building production blockchain solutions, not just piloting, signaling a structural shift toward on-chain finance.
- Michael Mark Antonio lists BlackRock tokenizing treasuries, JPMorgan intraday repos onchain, and Apollo partnering with Morpho as concrete examples.
Spot ETFs Shifted Bitcoin Price Formation
- Spot Bitcoin ETFs reshaped market participation and volume, turning TradFi into a leading price-formation force by mid-2025.
- David Lawan found ETFs went from ~5–10% to 30–50% of spot Bitcoin volume, altering exchange and options dynamics.
DeFi As A Response To 2008 Systemic Risk
- DeFi's original purpose was to programmatically eliminate interconnectedness and opacity that caused the 2008 financial crisis.
- Michael Mark Antonio traces DeFi's pillars—self-custody, transparency, decentralized networks—as fixes to systemic risk.