(the ratio of its market capitalization to the total cryptocurrency market capitalization) continues to trend upward. This may partly reflect steady inflows into the asset: spot Bitcoin ETPs listed in the United States saw net inflows of about $3 billion in July, and cumulative inflows since launch now total more than $18 billion. Notably, news reports suggest that some of the inflows reflect purchases of public sector pension funds, which is an encouraging sign for institutional adoption. In...