The barrier to crypto entering advisory accounts has never been the lack of products, but rather advisors not wanting to monitor a separate 1% position. Bitwise consolidates five assets into one line, and Vise integrates this line into the equity and bond rebalancing within the same account. The $140 billion is the denominator, not the numerator; the numerator depends on how many advisors check crypto as a "satellite position" on the risk questionnaire.

The capital path is ETP management fees plus model licensing. Bitwise already has $9 billion and 70 products; what it lacks is daily access to clients. Vise provides the screens for these individuals. The doubling of third-party model assets to $930 billion over three years indicates that the advisory industry has standardized outsourcing fund selection, with crypto simply being added to the same outsourcing contract.

Similar migrations can be seen with Vanguard and BlackRock integrating stock models into custody platforms, and after 2024, Bitcoin spot ETFs will first address trading venues and then advisory communication. The industry is in the "configurable" stage after being "buyable." Whoever becomes the default crypto line in advisory software first will collect the 1% management fee for satellite positions.

Structural judgments belong to the reconstruction of the industry chain. Crypto allocation is shifting from client self-service and individual ETFs to model-driven satellite positions within accounts. The mechanism is: an advisor's time is more valuable than basis points; whoever monitors and handles taxes for them enters their default list.

ABAB News · Law of Cognition

What advisors lack is not coins, but the desire to monitor a separate 1%
The model portfolio sells rebalancing, not opinions
The hundreds of billions on the platform are shelves, not warehouses that have already moved in