Bitwise head of research described crypto vaults as the next evolution of asset management, positioning them as inv funds that live on the blockchain and function as ETFs 2.0 with no management fee but 12% of yield taken by curators plus round-the-clock trading; the firm projects growth to several trillion in assets from the current few billion, while Eric Balchunas noted he is monitoring developments without full conviction amid broader blockchain investment vehicles expansion and digital asset management evolution tied to BTC flows.