Most crypto allocation debates focus on what to own. The harder question, and often the more useful one, is what an investor can actually survive holding. For most of its history, crypto sat outside the financial system, but that has changed. Spot bitcoin and ether exchange-traded products opened a regulated distribution channel, drawing institutional capital into the asset class while also letting it leave quickly when sentiment turns. Stablecoin flows now reach into short-term Treasury markets. Crypto has become wired into the same macro plumbing as traditional asset classes.