Bitcoin is increasingly being seen as a basic building-block asset in portfolios rather than a short-term trading target on Wall Street.

According to blockchain outlet BeInCrypto on April 16, Sygnum Bank chief investment officer Fabian Dori (파비안 도리) said reading the market only through daily inflows and outflows in spot Bitcoin exchange-traded funds can cause investors to miss larger structural change.

Dori focused on the point that institutional investors such as pension funds, university endowments, sovereign wealth funds and insurers have started to treat Bitcoin as a standard portfolio component. He said the market's essence is not whether money comes in or out day by day, and explained that Wall Street is in the process of incorporating Bitcoin into asset-allocation frameworks.

He cited three recent trends as evidence. First, JP Morgan's research organisation forecast that institutional inflows into spot Bitcoin ETFs in 2026 could reach $15 billion in a conservative scenario and $40 billion in a favourable scenario. He said this would represent additional demand on top of the $56.6 billion absorbed by spot Bitcoin ETFs in total in 2025.

He also mentioned changes in product structure. JP Morgan started issuing structured notes linked to BlackRock's iShares Bitcoin Trust ETF (IBIT). Dori described this not as a simple investment idea but as "plumbing". He said this means Bitcoin is starting to be connected on an ongoing basis within the existing system of financial products, rather than as a one-off fad.

Morgan Stanley Investment Management also launched its own spot Bitcoin ETF, MSBT. The product recorded about $34 million in trading volume on its first day of listing, placing it in the top 1 percent among recent ETF launches.

Dori said some selling signals seen in ETFs could in fact be the result of portfolio rebalancing. If Bitcoin surges, an allocation that was initially 2 percent can grow to 4 percent, and institutions that follow asset-allocation rules then cut the weight again. It shows up as an outflow in daily tracking metrics, but he said it is normal management rather than risk aversion.

He cited IBIT's $2.7 billion in net outflows in December 2025 as an example. Four months later, while Bitcoin's price had fallen about 30 percent from the start of the year, the same ETF saw $1.5 billion in net inflows again. He said the continued inflows despite a lower price show a different character from simple price-chasing money.

Dori said, "Spot Bitcoin ETFs did not create demand. They only removed the excuse not to invest." He said that as investment tools are put in place, institutions have fewer reasons not to consider Bitcoin.

He said this view is not unique to Sygnum Bank. Fidelity Digital Assets said in a March report that the question is shifting from whether to hold Bitcoin to why keep an allocation at 0 percent. Morgan Stanley's asset-management unit also recommended a small cryptocurrency allocation assuming regular rebalancing in an analysis at the start of the month. 21Shares proposed a 3 percent Bitcoin allocation in a report on the same day to seek "volatility alpha" through systematic rebalancing.

Dori said if this trend continues, by the end of the 10-year period it could become as awkward to ask major institutional investors whether they hold Bitcoin as it is to ask whether they hold bonds. He said the market's focus is increasingly likely to shift from whether investors hold it to how much, and for what reasons, it is included.