The investment market for cryptocurrencies is becoming increasingly institutional. In July 2017 (in the wake of the “ICO dotcom bubble”), the SEC signaled its stance on ICOs. “Stock-like” ICOs are likely to be deemed securities, and as such, would need to be registered offerings, which by implication, would target institutional investors. Also in July 2017, the CFTC granted a derivatives clearing license to New York-based LedgerX for cryptocurrency derivatives, and options listings may appear on the CBOE later in 2017. Since derivatives markets are already part of the institutional ecosystem, this means that cryptocurrency derivatives might be a more accessible, liquid, and large-scale means of obtaining exposure to crypto asset classes than investing in the underlying cryptocurrencies themselves. Finally, there is greater emphasis on institutional liquidity aggregation platforms for large-size cryptocurrency trading (i.e. $20+ million positions), with Genesis Trading, Cumberland Mining, Circle, and Project Omni.