As I grew up, my family didn’t really support any sports teams — my parents are immigrants, and sports rivalries didn’t carry over. Even during my time at Duke, college basketball didn’t pique my interest (apologies). The only true brand loyalty I inherited was my father’s allegiance to Delta Air Lines, which I still uphold. Then came my dive into crypto — where I found genuine tribalism.
The Era of Tribes
The early culture of crypto was characterized by groups. Bitcoin maximalists believed nothing else mattered. Ethereum advocates thought they were creating the future of the web. Each new blockchain emerged, vowing to resolve the weaknesses of its predecessor: quicker, cheaper, and more authentic.
As the sector evolved, discussions seemed technical but held deeper ideological implications. Proof of Work versus Proof of Stake — is mining wasteful? Is Proof of Stake truly fair? And all the classic blockchain dilemmas. Everyone claimed to have a superior approach to balancing security, decentralization, and scalability. ICOs, fair launches, community allocations, governance frameworks…. the entire spectrum.
Currently, new cypherpunk movements and privacy discussions are framing Bitcoin as a legacy asset—an institutionally favored store of value. What used to be innovative is now fundamental. The frontier has just shifted.
The ETF Moment
Yet, when we reach our intended destination — propelled by ETP access — are we all in a comparable position?
Bitcoin enthusiasts (often associated with seed oil advocates), Ethereum supporters, the XRP community, and LINK backers (the military terms are not lost on us). The vibrant communities behind promising projects like Solana, Sui, TAO, and Zcash. All now part of the same portfolio. Dedication is a constant across networks, and market dynamics have unified them into one asset class: the increasingly recognized and diversifying crypto asset class.
Why? Because ETPs transformed exposure. They standardized custody, distribution, and access under a single regulated framework. Once exposure becomes a simple button in a brokerage app, does brand loyalty begin to lose its influence on pricing?
Bitcoin, Ethereum — and now Solana, XRP, Dogecoin, Chainlink — are now processed through identical channels: the same custodians, the same approved participants, the same DTCC systems. The same investors will acquire them: institutions, RIAs, and model-portfolio managers. The same risk management teams will oversee them. What was once ideological loyalty is rapidly evolving into exposure management.
Shared Infrastructure, Shared Aspirations
Global crypto ETPs currently hold billions in assets, with 80% allocated to Bitcoin and 18% to Ethereum (Source: Bloomberg, December 1, 2025). The remainder follows this trajectory: custody through a select few custodians, clearing via DTCC, distribution through traditional platforms.
With staking rewards surfacing across several assets, crypto is transforming into an income-generating opportunity — a fundamental shift influencing how investors perceive crypto’s role in their portfolios.
Correlation supports this narrative. Since 2022, the 90-day correlation between Bitcoin and Ethereum has averaged 83% (Source: Bloomberg, December 1, 2025), and most large-cap tokens now gravitate towards the same risk category. Not because their fundamentals have converged, but because their infrastructure has. The same pathways that channeled capital into Bitcoin now funnel it across all other assets.
From Maximalists to Market Share
Tribalism will always exist in crypto — it’s human nature, and honestly, it’s part of the excitement. But perhaps, increasingly, we are all on the same team. And maybe together, we can advance to the next stage: if belief constructed the foundation, infrastructure keeps the power running.
For the next wave of investors embracing crypto as an asset class, it might be less about tribal identity and more about portfolio strategy. The emerging question may not focus on which blockchain is superior; instead, it’ll be about the overall weighting of digital assets.
Tribalism initially provided a purpose — it distinguished players in a speculative landscape. It organized the chaos, channeling our innate instincts to compete and fostering culture. However, in the upcoming chapter of crypto, there may be an opportunity for collective success. Together.
Rayhaneh Sharif-Askary is Head of Product and Research at Grayscale Investments.
The views and opinions expressed in this article are those of the individuals mentioned and do not necessarily reflect the views of Grayscale or its affiliates. Past performance is not indicative of future results. This content should not be considered investment or tax advice. For investment or tax suggestions, please contact a financial professional. Some sources may require a subscription for full access.
