2026 was supposed to be a crypto's public listing era.
However, Kraken paused its IPO. Ledger paused. Consensys paused. Grayscale paused.
Meanwhile Anthropic is going public at $965B.
SpaceX is pricing at $1.77T and listing tmr.
Institutional investors don't have infinite allocation.
They made a choice this year.
Crypto didn't lose to bad conditions.
It lost to a better story.
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