Is crypto even an asset class? Or is it just a wrapper that will eventually house all asset classes?
We set out to answer this, and describe the future of crypto asset management, in this week's "That's Our Two Satoshis"
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Digital assets are clearly still a separate asset class today, b/c tokens issued by L1s, DeFi, NFTs & DePIN are pretty unique, and not represented anywhere else outside of digital assets. Therefore, it's still safe to consider crypto an asset class for the time being.
However, investor interest in all these token types is waning, and the investable universe of tokens isn’t growing significantly. Instead, new capital looking to enter the industry is going:

As capital flows into other areas of crypto instead of into crypto itself, it muddies the waters of the asset class. Even $BTC & stablecoins, the biggest areas of crypto, are really part of other asset classes (BTC is a commodity or currency; stablecoins are just Treasury debt).
Calling ourselves a “crypto fund” will one day sound as foolish as someone claiming to be an "ETF investor"... the ETF itself means nothing; what is inside the ETF matters most. The ETF is a wrapper just like crypto is a wrapper, and it will no longer be descriptive.
So what does that mean for the future of asset management in crypto? How can a crypto-native skillset add alpha in a blended, homogeneous crypto world? A few areas come to mind where crypto-native folks still appear to have an upper hand:

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