Crypto in 401ks is WAY WAY BIGGER news than the ETFs In the US, roughly 100 million Americans have a retirement investment vehicle known as a 401(k). Every 2 weeks, a portion of their paychecks are routed directly into purchasing a mixture of stocks and bonds. On autopilot. No discretion, just direct purchases based on their predefined allocations. Most Americans adjust these allocations annually, if at all. This is a HUGE driver of the equity market run and resilience over the past 20 years. A constant background bid for assets. In aggregate, this is ~$12T in assets with ~$50B of new capital flowing in every 2 weeks! At a 1% portfolio allocation to crypto brings $120B in new flows At a 3% portfolio allocation to crypto brings $360B in new flows At a 5% portfolio allocation to crypto brings $600B in new flows and these aren't one time flows. THEY KEEP BUYING ONCE ALLOCATIONS ARE SET. 401ks + DATs w/ at the money shelves put a ridiculous floor of crypto going forward and move the limit from the moon to jupiter. Strap in 🫡

For those talking about EIRSA... The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry. It ensures that plan participants receive promised benefits and protects their interests. EIRSA pushes most of the fiduciary risk to consultants (who these plans employ to help craft asset allocation for pensions and 401k investment choices for participants) who have been doing research on crypto for a decade now so plenty of ammo to back up 1-5% allocations directly for pensions and enough to put it on the "menu" for 401ks. They just literally couldn't before now. They also can justify their jobs a bit more bc "hey ok so stocks are easy but we understand this complicated crypto stuff / managers better than you can"