STS Digital CEO: Cryptocurrency prices are still in a winter, while institutional adoption has entered a summer

According to The Block, STS Digital CEO Maxime Seiler stated that there is a divergence between cryptocurrency asset prices and institutional adoption. He said, "From a price perspective, we are still in a crypto winter, but from the institutional side, we have entered a summer."

Seiler noted that institutions are more focused on adopting underlying technologies, and funds do not necessarily flow into tokens, so technological adoption has not yet been fully reflected in coin prices. He also pointed out that the Bitcoin futures basis has converged from an annualized 20%-30% during the 2021 cycle to close to the risk-free rate, and it is more stable than in the previous cycle, partly because the channels for dollars entering and exiting the crypto market are deeper.