It remains to be seen if the Securities and Exchange Commission will grant any of the latest spate of applications for a bitcoin exchange traded fund. But the recent push for one from companies such as BlackRock could point to a more important trend for the token: the arrival of institutional investors.

In a research note on 26 June, analysts for Bernstein said traditional financial institutions seem to see a huge commercial opportunity in giving investors access to cryptoassets and that the so-called crypto winter of the past year hasn’t dissuaded them. “This is not a drill or a meme anymore – institutions are finally here!” the analysts wrote.