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Institutional activity
This is a broader ceiling and includes activities by institutions like capital inflows, investments in the crypto-industries that could be direct/indirect, IPOs, etc. Take Coinbase[2], for example. The poster child for American crypto-exchanges has come a long way from being a start-up taking a chance with crypto to having its company valued at $8 billion for plans of a potential public offering. Similarly, Bakkt[3], a place for institutions to invest in Bitcoin, is less than 2 years old and is also looking at an IPO.