I remember watching Tokyo whales quietly accumulate positions in beaten-down industrials in late 1992 while every gaijin investor was sprinting for the exits. The Nikkei had already cratered 60%, and the newspapers were full of obituaries for the Japanese miracle. Three years later, those patient accumulators had doubled their money. The lesson wasn't specific to

The crypto industry spent a decade building a better mousetrap and then couldn't figure out why the institutional cats wouldn't come inside. The answer was never the technology. Roughly $35 trillion in US institutional assets - pension funds, endowments, insurance companies - has been sitting on the sidelines for one reason and one reason only: