They're doing what they would do with any new opportunity: trading based on history, hedging everything against everything, and diversifying wisely.

Don't buy the mulch about institutionals waiting to get into crypto. They got in in 2016/17. And don't buy the even bigger mulch that the big dogs are going all in.

Big dogs got big because they diversified, and because they have good advisors telling them how to hedge. And because they invest big in things they can control, as VC people.

They do like Bitcoin, though, trust me, it's just that they already ARE into it.