Bankless We’re Still Early to The Institutional Crypto Cycle | Eric Peters, CIO Coinbase Asset Management
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Aug 25, 2025 Eric Peters, CIO of Coinbase Asset Management and founder of One River Asset Management, dives into the evolution of institutional crypto. He discusses the increased acceptance of cryptocurrencies on Wall Street, driven by new products like ETFs and stablecoins. The conversation highlights the potential of tokenization in finance, the intersection of AI and macroeconomics with crypto, and future risks of regulations. Peters paints an optimistic picture of crypto's evolution, emphasizing upcoming real-world applications and the importance of adapting strategies in a rapidly shifting landscape.
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How A $600M Buy Was Executed
- Eric Peters recounts buying ~$600M of Bitcoin and ETH quietly in 2020 via Project Acorn with Coinbase to avoid moving the market.
- The execution took five days then, whereas similar multi-billion trades now can be completed without materially moving price.
Why TradFi Finally Took Crypto Seriously
- BlackRock and high-profile investors changed perception by legitimizing crypto and pushing infrastructure adoption.
- TradFi sees blockchain as a path to faster, cheaper, more transparent financial plumbing, not just a speculative gimmick.
Match Time Horizon To Role
- Align your time horizon with your role: investors take multi-year views while traders act shorter term.
- Avoid over-leveraging so market swings don't force you into bad decisions and ruin conviction.