Markets· ★★· neutral· September 26, 21:37

CMS Holdings co-founder warns of crowding risk from 'barbell strategy'

—Matuszewski put BTC, ETH, ZEC, gold and HYPE at the two ends of the barbell
—He estimates crypto funds have built only about half of their intended positions
—2021 precedent: SOL recovered while some assets in the same basket did not
—SEC granted a five-year conditional exemption for US tokenized-stock trading on Sept 17

Why it matters: Crowding into the same assets raises the risk of a sharp drawdown when the market turns.