Bitcoin is lagging global liquidity even as that macro measure hits record highs, according to analysis from FXStreet.
The constraint in crypto consumer apps is custody: who holds the private keys determines counterparty exposure, recovery options, and the architecture decisions that flow from both.
Bond markets carry their friction in the settlement layer, where custodians, clearing houses, and registries must reconcile ownership records on each trade, typically over one to two sessions.
An exchange-traded fund sustains itself only if its asset base generates enough fee revenue to cover fixed costs: custody, exchange listing, annual audit, and regulatory compliance. BWOW, Bitwise's Dogeco