I just saw something interesting coming out of Bitwise. Matt Hougan, their head of investments, is commenting on BlackRock's negotiations with the SEC to tokenize the iShares ETFs. Basically, we're talking about one of the world's largest asset managers exploring tokenization at scale.

The important detail is that this isn't a quick thing. Martin Small, BlackRock's CFO, made it clear that it's unpredictable whether it will happen in 90 days or take up to a year. So we're talking about a process that might drag on a bit.

But here’s the point that caught my attention: Hougan believes this could be one of the major narratives capable of pulling the market out of its bear phase. And it makes sense, honestly. If BlackRock manages to tokenize its products, it’s not just an isolated move — it’s a sign that institutions are taking tokenization seriously.

This would have huge implications for layer 1 blockchains and DeFi as a whole. We’re talking about real institutional liquidity entering these ecosystems. It’s the kind of thing that could change the game if it really comes to fruition.