According to @LexSokolin, the overlap between traditional finance and crypto is expanding as TradFi seeks crypto liquidity and crypto seeks TradFi legitimacy, with the convergence now approaching almost 1 million BTC (source: @LexSokolin, Aug 12, 2025). According to @LexSokolin, the cited nearly 1 million BTC figure frames a trading-relevant gauge of liquidity depth and institutional participation around BTC (source: @LexSokolin, Aug 12, 2025).

According to BitMEX Research, tokenised and traditional markets will gradually converge until their differences are indistinguishable, as stated in a post on Aug 9, 2025 (source: BitMEX Research). For trading, this thesis signals that price gaps between tokenised real-world assets and legacy instruments could narrow across venues, focusing attention on liquidity alignment, spread compression, and settlement standardization over time (source: BitMEX Research). The post provides no quantitative metrics or timeline, so traders should treat this as a directional market-structure view rather than an immediate execution signal (source: BitMEX Research).