**Where is TradFi heading in crypto?**

- Aside from the Bitcoin Spot ETF participants, we all know that the institutions are already in, but exactly how involved are they? We examine what tokens and narratives that they are they fond of in this non-exhaustive summary:

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*VanEck*

- It is common knowledge that VanEck has their own Bitcoin Spot ETF, with plans for an Ethereum Spot ETF, and have been sharing crypto-native communications on Twitter.
○ However, not many have heard about other assets they are interested in
    - in particular, $MPL (of Maple Finance)
- In the past on Maple’s “The Debt Stack” podcast, Matthew Sigel, Head of Digital Assets Research at VanEck, commented that parabolic profit opportunities over the