Cryptocurrency news this year has been filled with stories about how institutional investors are embracing digital assets. So if more big players are entering the space, why are prices for Bitcoin, Ether and other tokens so depressed compared with last year’s peaks? 

Leah Wald, chief executive of digital-asset investment firm Valkyrie Investments Inc., joined the What Goes Up podcast to share her thoughts on the topic. “Institutions have a longer time horizon. They also, as a fiduciary, cannot just jump in with a strategy,” Wald said. “There’s a lot of other hurdles that institutions have—whether it’s risk parameters, among others, and also just generally the vehicle that they need in order to buy it.”

Wald also sheds light on the outlook for blockchain miners, use cases for crypto in developing markets and the prospects for a spot Bitcoin exchange-traded fund.