Oct 25 – Digital Asset Summit – London

The Digital Asset Summit London edition by Blockworks was a SIBOS of institutional blockchain adoption, a must-join event for anyone serious about the future of on-chain finance.

Here are some takeaways that have kept me thinking:

🔹 The next generation of investors is already here. Over the next 10–20 years, Gen Z and younger millennials will become major allocators of capital. They are already comfortable owning digital assets and will demand a broader range of regulated, institutional-grade digital investment products.

Their mindset contrasts older investors, who seek exposure to this asset class with operational complexity or custody risk abstracted away, as Matt Kunke, CFA, highlighted at the Blackrock x FlowTraders breakfast.

🔹 Double layer Fund-of-Funds structures are making a comeback from the 1990s, this time on-chain.

A dual-layer setup may be more expensive, but it provides an additional layer of security and trust, while offering faster access to high-yield opportunities within a well-structured framework.

This structure offers a secure and transparent path to capture alpha while minimizing operational risk.

🔹 We are more mature post FTX: The industry now separates execution / custody / credit across different firms with no single-point risk.

🔹 Institutions use perpetual futures to trade BTC / ETH without holding spot assets; ADL (auto-deleveraging) surprised some new players.

🔹 The fact that FX moves crypto’s total value in a single day. Global FX markets trade ≈ $60 trillion daily, while the entire crypto market cap is ≈ $4 trillion.

🔹 $1.5T daily PERP volume in crypto; 13% now on DEXs (up from 5%). Hyperliquid is leading that shift.

🔹 Hyperliquid being positioned to become the default global trading infrastructure for high-speed decentralized markets. $20–30B liquidations handled with zero downtime. Risks: Only 16 validators (centralization), PERP regulation grey zone, bear-market volume drop risk, Nov team unlocks (240M tokens).