The Fund Structure That Could Replace the ETF

Juan Leon, Senior Investment Strategist at Bitwise Asset Management, returns to the show to share how much the convergence of traditional finance and on-chain infrastructure has accelerated since our last conversation—and what the data behind that shift actually shows. He breaks down why vaults represent the next evolution in fund wrappers beyond ETFs; what distinguishes sustainable on-chain yield from the opacity that drove past cycle failures; and where AI agents fit into the future of institutional asset management on blockchain rails.
Key Takeaways

• Why vaults are emerging as the next…