Summary

• The recent crash in cryptocurrency prices is being driven by a broader "deleveraging" event triggered by weakness in AI stocks, rather than fundamental issues within the crypto ecosystem itself.
• This liquidity crunch has spilled over into other asset classes, causing significant liquidations in precious metals and gold (noted as a historic drop).
• Despite the volatility, ETF issuers are not delaying product rollouts; the industry views this as a "healthy correction."
• The next wave of ETF innovation is shifting away from "vanilla" spot products toward complex instruments involving options, leverage, and multi-asset indexes.