@theriskprotocol

Institutions don’t look at crypto and think “nice upside”. They look at it and see 70–80% drawdowns, reflexive leverage, forced liquidations, and hedging that’s either fragmented, opaque, or custodial. You can’t allocate pension-sized capital into an asset class where risk management is mostly vibes and off-chain workarounds. Not because institutions are cowards—because their job is to survive first, and then compound.

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