Karla Barker 
The fading lines between crypto communities
I remember when crypto felt like a collection of warring factions. Bitcoin maximalists would dismiss everything else as “shitcoins.” Ethereum developers saw themselves as building the future internet. Each new blockchain promised to fix the flaws of the previous generation—faster transactions, lower fees, better governance. The debates weren’t just technical; they felt almost religious.
But something’s changing. I think it’s happening slowly, almost imperceptibly at first. The infrastructure that once separated these communities is starting to merge.
How ETFs changed the game
Exchange-traded products did something interesting. They created standardized pathways for institutional money to flow into crypto. Before, if you wanted exposure to Bitcoin, you needed a Bitcoin wallet. For Ethereum, an Ethereum wallet. Each ecosystem had its own tools, its own custodians, its own learning curve.
Now? It’s different. Bitcoin, Ethereum, Solana, XRP—they all flow through the same pipes. The same custodians hold them. The same authorized participants manage them. The same DTCC clearing system processes them. When exposure becomes a single button in a brokerage app, the tribal distinctions start to blur.
The numbers tell part of the story. Global crypto ETPs hold billions in assets, with most of that concentrated in Bitcoin and Ethereum. But the infrastructure that supports these two now supports others too. The same institutional investors, the same financial advisors, the same portfolio managers are buying across the crypto spectrum.
Correlation tells its own tale
Here’s something that surprised me. Since 2022, the 90-day correlation between Bitcoin and Ethereum has averaged 83%. Most large-cap tokens now trade in what feels like the same risk category. It’s not that their fundamentals have merged—Bitcoin still functions as digital gold, Ethereum as a smart contract platform. But their market behavior has converged.
Why? Because the capital flows through the same channels. The money that once went only into Bitcoin now spreads across multiple crypto assets. The same risk teams assess them. The same compliance frameworks govern them.
What this means for investors
For new investors entering crypto through traditional channels, the questions are changing. It’s less “Which blockchain is better?” and more “What’s my overall allocation to digital assets?” The tribal identity that once defined crypto participation is giving way to portfolio construction thinking.
Staking rewards add another layer to this shift. Crypto is becoming an income play for some investors, not just a speculative bet. This structural change alters how people think about crypto’s place in their portfolios.
Tribalism’s changing role
Don’t get me wrong—tribalism won’t disappear completely. Human nature being what it is, we’ll always form communities around shared beliefs. And honestly, that’s part of what makes crypto interesting. The passion, the debates, the different visions for the future.
But maybe the nature of that tribalism is evolving. When everyone’s assets clear through the same infrastructure, when institutional money treats different cryptos as variations within one asset class, the old battle lines start to fade.
Perhaps we’re moving toward a different kind of community—one where people can appreciate multiple approaches without feeling like they’re betraying their tribe. Where the question isn’t which chain will “win,” but how different chains can coexist and complement each other.
The frontier phase required differentiation. It needed tribes to organize the chaos, to create culture, to drive innovation through competition. But as crypto matures, as it becomes infrastructure rather than frontier, maybe there’s room for a different dynamic.
I’m not saying the debates will stop. Technical disagreements will continue. Different visions will compete. But the infrastructure that now connects all these assets might also be connecting their communities in new ways.
It’s an interesting shift to watch. One that’s happening quietly, in the background, as capital flows through increasingly standardized channels.