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Peter Mintzberg (피터 민츠버그), chief executive of Grayscale, said institutional inflows and expanding corporate adoption are more important changes than short-term price volatility in the cryptocurrency market.
On Aug. 28 (local time), blockchain media outlet CoinPost reported he laid out the view in a Fortune opinion piece.
He cited <a href="https://xpertsstudio.com/bitcoin-above-80000-amid-etf-inflows/” title=”Bitcoin above $80,000 amid ETF inflows”>bitcoin’s roughly 20 percent jump over a week and its strongest three-day rise since 2023. But he said the market reacting only to such short-term moves is like “seeing the trees but not the forest”. He pointed to bitcoin-related exchange-traded products and the broader use of blockchain by companies as areas to watch more closely than price moves.
He described how a new asset class becomes established in financial markets as “denied before it is understood, debated before it is accepted, and ultimately incorporated into the financial system”. Drawing on 20 years in asset management at BlackRock, Apollo and Goldman Sachs, he said cryptocurrencies are now going through a similar path.
He also provided figures. He said daily inflows into bitcoin-related ETPs in 2025 consistently exceeded $500 million, about 12 times the amount of new bitcoin supply issued by miners in a day. U.S.-listed spot bitcoin ETPs shifted to three straight weeks of net inflows in late July after eight consecutive weeks of outflows. On an annual basis, outflows still dominated, but he said the recent decline was shallower than the 70 to 80 percent seen during past crypto winters.
He also pointed to a shift in institutional investors’ perceptions. In a 2026 EY survey of about 350 institutional investors, 73 percent said they plan to increase cryptocurrency allocations. He said this trend is a more structural signal than a short-term rebound.
Corporate moves are also accelerating. He cited that, as of 2025, about 60 percent of Fortune 500 executives said they are pursuing blockchain-related initiatives at their companies. He also mentioned examples of Fidelity, Visa and Stripe pursuing stablecoin businesses. He placed weight on the view that crypto is not remaining a speculative asset but expanding into payments and corporate infrastructure.
He also drew a line against the view that frames artificial intelligence and crypto as opposing forces. He said blockchain can be a suitable foundation when AI agents require machine-to-machine micropayments or instant international remittances. He argued the two technologies are complementary, not competing. He also said decentralised technology and blockchain-based identity systems could help mitigate concerns about bias and control raised in centralised AI development.
A separate report recently released by Grayscale aligns with this view. Grayscale analysed that the correlation between bitcoin and the Nasdaq 100 index is declining, while the correlation with gold is rising. It said that, against the backdrop of expanding U.S. debt, interest in trades that hedge against value dilution is growing and investors are revisiting bitcoin as a diversifying asset.
In the closing of his piece, Mintzberg said, “That is the signal, and the rest is just noise.” The message was that institutional flows and corporate adoption, rather than short-term prices, are key indicators of market direction. The market has therefore been watching not only the bitcoin price itself but also ETP fund flows, corporate use of stablecoins and whether institutional asset-allocation shifts continue.
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