Bitcoin ETFs cracked the access problem — but custody concentration, advisor gaps and back-office plumbing still need fixing!

Senior figures from CoinShares, Calamos, ProShares and Flow Traders gathered at CoinDesk's Consensus Miami conference and agreed: spot Bitcoin ETFs solved crypto's long-running access problem, but the structural work is far from done. The roughly dozen US spot Bitcoin ETFs now hold around $107 billion in combined assets — yet only $12.5 billion of that sits with registered investment advisors, against a $146 trillion advisor-managed AUM universe. Calamos's Christopher Russell called it the "1% problem": advisors can allocate 1% to a high-volatility asset, but few want to spend half their client meetings explaining a 1% position that dropped 50%.

CoinShares CEO Jean-Marie Mognetti flagged custody concentration as the sharpest structural risk. "Right now they are all using one custodian, which is Coinbase, creating a massive concentration risk in the market," he said. While Fidelity,…