Grayscale CEO says institutional flows, corporate adoption matter more than bitcoin's 20 percent surge

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 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.