DIGITAL ASSETS
TIONAL TUM
The institutional transformation of cryptocurrency markets extends far beyond simple adoption metrics. Galaxy Digital, a cryptocurrency-focused asset manager, expects US spot Bitcoin ETF assets under management to surpass US $ 250bn, a projection that reflects the fundamental restructuring of how exchanges must approach their service offerings.
The challenge for exchanges lies in simultaneously serving institutional and retail clients through what industry experts describe as separate risk domains operating on shared liquidity engines.
Retail clients continue to prioritise intuitive user experiences, seeking unified cross-chain wallets and instant Know Your Customer processes that minimise friction.
Institutional clients, conversely, require segregated cold storage with multi-party computation controls, sophisticated prime-broker desks offering requestfor-quote block liquidity and the operational infrastructure necessary to meet fiduciary standards.
This model has become more complex as the underlying infrastructure continues evolving. Bitcoin’ s computing power reached 1,000 exahashes per second in early 2025, while US-based mining pools Foundry USA and MARA Pool now process 38.5 % of Bitcoin blocks.
The sector’ s maturation is further evidenced by mining companies such as Core Scientific and TeraWulf, which have demonstrated stronger performance by diversifying into AI sectors, reflecting the increasing intersection between cryptocurrency and broader technological innovation.
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