TLDR
- Bitwise says institutional discussions now focus more on XRP and tokenization.
- Investor questions tripled in meetings with over 700 financial professionals.
- Institutions are shifting from crypto skepticism to allocation and infrastructure analysis.
- Bitwise says tokenization is now a core theme in professional crypto discussions.
- Regulation remains a key factor shaping institutional crypto capital flows.
Institutional interest in crypto markets is shifting toward XRP and tokenization, according to Bitwise executives in a recent industry discussion. The change in focus reflects a broader shift in how professional investors are approaching digital assets, following years of debate over market legitimacy and long-term utility.
Ryan Rasmussen, Bitwise’s head of research, said the change became clear during recent meetings with more than 700 financial professionals. Speaking on the Milk Road podcast, he said those conversations included advisors, lawyers, and financial planners and that they showed much stronger engagement than in earlier market cycles. He said the number of questions had tripled, suggesting a more active and informed level of interest.
The discussion around crypto, he said, is no longer centered on whether the sector has value. Instead, the focus has moved toward where value may develop as adoption grows. Within that shift, XRP and tokenization have become recurring topics in conversations with professional investors who are reviewing long-term exposure and network utility.
Professional Investors Move From Doubt to Strategy
Rasmussen said recent discussions show that institutions are now asking more practical questions about crypto markets. These questions focus on market structure, use cases, infrastructure, and which assets may benefit as blockchain adoption expands across finance.
That shift marks a change from earlier periods when many professionals questioned whether digital assets had a place in mainstream portfolios. Bitwise executives said that attitude has changed as more firms study tokenized assets, payment networks, and blockchain-based financial infrastructure. XRP is now part of those talks because of its established role in payments and its position within wider discussions about network utility.
Bitwise chief investment officer Matt Hougan said the current environment differs sharply from earlier downturns. He said engagement levels remain strong even after recent market weakness, unlike earlier periods, such as the 2018 bear market and the fallout following the FTX collapse. According to Hougan, institutional attention has remained active rather than falling away during price declines.
He said large firms are now building products and services tied to tokenization and stablecoins, which reflects a more durable approach to the sector. He referred to activity by firms such as Goldman Sachs as part of a broader trend suggesting that Wall Street continues to study blockchain-based financial systems.
Tokenization Becomes a Central Theme in Crypto Markets
Tokenization has emerged as one of the main areas of interest among institutions reviewing digital assets. Investors are now examining how blockchain networks may support tokenized versions of real-world assets, financial contracts, and settlement systems.
Rasmussen said the discussion has expanded into a broader question about which blockchain networks may capture value if tokenization becomes a large market. In that setting, XRP, Ethereum, Solana, and other blockchain ecosystems are being considered potential beneficiaries. The focus is no longer limited to price performance alone; it also includes network functionality and long-term business use.
The change in tone reflects a more developed institutional approach. Instead of asking whether the market will survive, firms are asking which infrastructure layers may become useful as onchain finance expands. That framework has made XRP part of a broader conversation about blockchain networks capable of supporting payments, transfers, and asset movement.
Bitwise executives said the current level of interest stands apart from earlier cycles because institutions are looking at allocation strategy rather than speculative exposure alone. That shift has placed tokenization at the center of many discussions.
Regulation Remains a Key Part of Allocation Decisions
Even as interest increases, regulation remains one of the main issues for institutions. Hougan said clearer rules could remove a major source of hesitation for firms that are still deciding how and when to allocate capital to digital assets.
He pointed to the proposed Clarity Act as one potential step that could give investors more confidence. According to the discussion, clearer regulation could support wider institutional participation by reducing uncertainty around asset treatment and market oversight. Bitwise executives said that many firms are already preparing for that possibility.
The same discussion also covered recent progress by the SEC and the CFTC on asset categories. According to the account presented, Bitcoin, Ethereum, and XRP were classified as digital commodities because their value is tied to network usage. That reported framework has added more attention to how institutions assess long-term crypto exposure.
