21SHARES · 2026-11-13 16:24 UTC

The institutionalization of crypto beta

Passive funds hold about 55% of US fund assets ($19.4 trillion at year-end 2025), after Vanguard's 1976 index fund launch. Bitcoin's market share has swung between roughly 37% and 80%+ over the years, and it has fallen less than the rest of the market in every major bear market since 2018. ETFs, companies, and governments have absorbed about 1.75 million bitcoin, and Bitcoin's average three-month volatility has fallen from 57% to 38% since US spot ETFs arrived in January 2024.

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