Trends

Bitcoin and crypto infrastructure

Digital assets and open infrastructure propose a new layer for settlement and custody.

Phase: AdoptionEvidence: GrowingEditorial review: September 6, 2026

What is changing

Bitcoin, stablecoins, custody and public networks keep the debate around digital money and open financial infrastructure alive.

BIS examines tokenization, settlement and stablecoins alongside their monetary and operational constraints.

Limits of the evidence: Infrastructure adoption does not guarantee demand for a particular token or safe custody.

Protocols, custody, exchanges, mining, payments, stablecoins, security, wallets and compliance.

Value may sit not in the protocol that draws attention, but in infrastructure, custody or regulated services.

13F · Q2 2026 · positions as of 30 June · delayed data

No company links have been verified for this trend within the observed universe. This does not imply a lack of exposure.

Educational examples, not recommendations. Review holdings, costs, concentration and availability before studying a vehicle.

IBIT · iShares Bitcoin Trust ETF
Dedicated ETF
Listed vehicle for observing Bitcoin ETF flows with limited history.
BTC/USDT · Bitcoin spot
Observation
Observable series for studying BTC spot as context.
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ETH/USDT · Ethereum spot
Observation
Prepared series for studying ETH spot without replacing it with ETFs.
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Institutional adoption and regulated infrastructure could broaden usage and legitimacy.

Volatility, regulation and the lack of traditional cash flows make valuation difficult.

It fails if adoption remains narrative-led, regulation limits use cases or operational risk dominates.