The Rollup Teddy Fusaro on Why Wall Street Is Being Replaced by Crypto
Mar 18, 2026
Teddy Fusaro, President of Bitwise and veteran ETF pro, explains why institutional crypto adoption is still in early innings. He compares ETF rollouts to past ETF history. He explores 24/7 markets, tokenized vaults, and how derivatives and options fit into institutional frameworks. He also outlines valuation approaches for Bitcoin, Ethereum, and Solana.
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Institutional Adoption Is Just Beginning
- Institutional adoption of crypto is still in the early innings and regulatory clarity unlocked advisor platforms in late 2025.
- Major broker-dealers only began approving crypto ETFs in Q4 2025, so advisor education and platform gatekeeping will take years to drive flows.
Crypto ETF Adoption Mirrors Early ETF History
- The ETF adoption arc for crypto mirrors the multi-year rise of ETFs over mutual funds with early resistance and slow institutional rollout.
- Teddy compares today's crypto skepticism to early ETF pushback and expects a decade-plus transition as advisors integrate ETFs into portfolios.
Round The Clock Tokenized Markets Are Inevitable
- 24/7 markets enabled by tokenization are an obvious evolution from traditional markets that close on weekends.
- Hyperliquid listing tokenized oil futures demonstrates weekend trading demand and highlights legacy market infrastructure lagging internet-era expectations.