Market infrastructure is also maturing, with the two largest crypto assets, Bitcoin and Ether, now having regulated futures products traded on the Chicago Mercantile Exchange (CME). The likelihood of a spot ETF tracking the bitcoin spot price gaining approval in the United States is increasing, potentially opening the doors to a wider range of investors by making crypto more accessible through traditional brokerage accounts, 401(k)s and IRAs. Institutional over-the-counter markets, exchanges, clearinghouses and custodians backed by traditional financial institutions are also entering the market. These developments add a layer of credibility and trustworthiness to the crypto ecosystem. In short, these and other developments provide institutions with the tools they will need to allocate capital and manage risk effectively.