THE INSTITUTIONS ARE FIGHTING FOR POSITION. While the timeline was quiet in December, the giants were filing paperwork. Look at the moves: • VanEck: Amended S-1 ETF filing to include Staking Rewards. • Grayscale: Filed to convert the Avalanche Trust to a Spot ETF. • Bitwise: Added AVAX to their 10 Crypto Index ETF. • KBank: Running cross-border payments via StraitsX. They are clearing the regulatory runway for 2026. When the biggest asset managers in the world start fighting to offer your coin to their clients, you pay attention. The rails are being laid.