There’s a big difference between offering a Bitcoin or Ethereum ETF and embracing crypto.

Bitcoin offers a financial guessing game—people will pile in and pile out of bitcoin largely based on crowd dynamics. Over the past 15 years, Bitcoin has gained little traction as a medium of exchange or store of value. For years, Ethereum has had the pretense of powering a global computing platform to support a myriad of new, must-have applications, none of which have yet to actually materialize. As such, Ethereum is just a knock-off of the Bitcoin guessing game.

These two tokens account for over 70% of the “market cap” of all cryptocurrencies, of which there are now not thousands, but MILLIONS, per CoinMarketCap. These millions form the Cambrian explosion mutated into primordial swamp that is crypto.