THE RECENT expansion of the crypto-universe is a thing of wonder. Only a year ago there were about 6,000 currencies listed on CoinMarketCap, a website. Today there are 11,145. Their combined market capitalisation has exploded from $330bn to $1.6trn today—roughly equivalent to the nominal GDP of Canada. More than 100m unique digital wallets hold them, about three times the number in 2018. Holders have become more sophisticated and deep-pocketed, too. Institutions account for 63% of trading by value, up from 10% in 2017 (see chart 1). Skybridge, a hedge fund run by Anthony Scaramucci, provides an illustrative example.