Crypto is still in ‘winter’ price-wise but it’s an ‘institutional summer,’ STS Digital CEO says

STS Digital CEO Maxime Seiler says token prices have lagged institutional adoption as bitcoin futures basis converges toward risk-free rates. The convergence implies futures are pricing in lower risk premia and financing costs, reflecting growing institutional participation and normalized capital efficiency. For Bitcoin this signals stronger institutional backing and more stable pricing dynamics even as spot prices remain in a prolonged bear phase.