The Milk Road Show Bitcoin Is Down… But Institutional Demand Is Surging w/ Austin Reid
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Feb 23, 2026 Austin Reid, Global Head of Revenue and Business at FalconX and a leader in institutional crypto prime brokerage. He breaks down how banks, asset managers, and hedge funds are quietly building infrastructure for Bitcoin via ETFs, derivatives, credit, and tokenization. Conversation covers FalconX’s institutional services, the 21Shares move, on‑chain finance, and why institutional flows may outlast retail panic.
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21Shares Deal Accelerates TradFi Convergence
- FalconX acquired 21Shares to accelerate convergence between digital assets and traditional finance and expand regulated product distribution.
- That acquisition aims to build ETF/ETP product variety across Europe and the U.S. as asset managers enter the space.
ETFs Are Eating A Big Share Of Bitcoin Volume
- Regulated instruments (ETFs/ETPs) now account for roughly half of Bitcoin trading volume and may rise further, reshaping market structure.
- IBIT options and regulated derivatives have grown rapidly; options open interest recently exceeded futures for the first time this year.
Institutions Are Building Infrastructure Despite Volatility
- Institutions view current volatility as short-term and are building medium-to-long-term infrastructure to enter crypto.
- Global banks and asset managers are actively setting up pipes, though full deployment often awaits regulatory clarity.