We discussed the fundamental reasons why Cathie Wood is so optimistic about the market into 2025 and beyond. But should anyone be concerned about the recent weakness in the last few trading days? No, it's a great time to be invested. I believe the weakness we've seen is a healthy pullback. If you look at the crypto market overall, it's substantially increased since the election. We saw a lot of leverage build up in the system, and this is a natural correction of that leverage.
There have been about $2 billion of forced liquidations over the last two days. This has happened in crypto since its very early days. We need to reset the leverage levels and then we'll build from there. However, the long-term drivers are still intact. We're still in a strong bull market. I think Cathie is right about where this is going. We share the same sentiment. As someone who has witnessed some highs and lows, you understand the volatility of this asset class, but I'm intrigued. Who is coming to your asset management company? We have some exciting news to share. I'm thrilled to hear about your thoughts on institutional money coming in now. But why is this happening? Is it still a flood of retail and high net worth individuals? What are you seeing in terms of changes? It's really been both so far this year, but I agree with Kathy that institutions have now started moving in significantly. When you saw the 15 straight days of inflows into the Bitcoin ETFs post-election, I believe that was institutional capital at Bitwise. Every year we survey professional investors and ask them what's keeping them out of the market. For six straight years, they said a lack of regulatory clarity. Well, that regulatory clarity is coming, and that's opened the floodgates to institutions. And I would just say, I think most people underestimate the size of this. BlackRock just came out and said most people should have a 1 to 2% allocation to Bitcoin
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