cplwatch

Evan Cheng and Stephen Mackintosh said 2025 marked a turning point for institutional adoption, with tokenization and agentic commerce emerging as the next frontier.
Post the Genius Act, we’ve seen so much more institutional demand and awareness for what the promise of crypto could deliver,” he said, particularly around tokenization and stablecoins.
While sentiment has fluctuated, Mackintosh argued the structural shift is clear. “The market, despite all of the sentiment being low, has never been greater,” he said, citing record options volumes and the entrance of major firms such as Citadel and Jane Street into crypto markets. He described a long-term trend in which “the biggest institutions in finance in the world” are investing in infrastructure and talent to capture market share.
Mysten Labs CEO Evan Cheng framed the next phase as convergence rather than competition between traditional finance and decentralized finance. In his view, TradFi products often operate on “T+1 or T+whatever,” while DeFi is “T+0”—a “strictly better product” in settlement terms.
The convergence, he suggested, will emerge through tokenization. “You acquire [an asset] and immediately you can collateralize and borrow against it,” Cheng said, enabling DeFi strategies layered on traditional exposure.
On whether ETFs compete with DeFi, Cheng said products will evolve. Institutional on-ramps may begin conservatively but could incorporate yield or other on-chain mechanics over time.
Both executives emphasized infrastructure as Sui’s differentiator. Mackintosh described Sui as “a differentiated proposition” built by former Facebook engineers behind Libra, offering low latency and high throughput suited for emerging use cases such as “agentic commerce”, the intersection of AI and onchain transactions.
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The crypto market is currently waiting for CPI data. CPI is the main indicator of inflation and the Fed's interest rate decisions depend on it.$BTC
If the CPI comes in lower than expected, a bullish move in Bitcoin and the crypto market may occur. And if the CPI remains high, short-term pressure is possible.$BTC
Abhi Bitcoin is holding above strong support and there is no panic selling, which signals that the market is ready for a big move.
Conclusion:
After the CPI, the direction of the crypto market will be clear.

The crypto market is currently watching the CPI data (Consumer Price Index) very closely. CPI is a clear indicator of inflation and Fed's interest rate decisions depend on this data.
When the CPI is expected to come in low, a relief rally can be seen in the market. And when the CPI is high or sticky, pressure comes on risk assets like Bitcoin and altcoins.
🔍 What is the Relation of CPI with Crypto?
CPI ↓ → In inflation control → Hope for rate cuts
Rate cuts → Liquidity increase