Fund managers covering $1.3 trillion in assets cite diversification and client demand for 63% of their crypto allocations. Speculation sits at just 15%, down sharply from two years ago. The May 2026 CoinShares quarterly survey drew 26 institutional responses. Together, they point to an asset class defined by fundamentals rather than narrative momentum. Diversification Replaces Speculation as Allocation Driver Speculation accounted for the largest share of allocation rationale two years ago. That figure ...