This is good, but the BTC market is still too small for these guys. Ironically, I feel that if/when the BTC market cap gets to around a trillion there will be more institutional and hedge fund participation.
Damn, just went down a rabbit hole reading about the medallion fund, and it linked back to robert mercer of cambridge analytica fame. When you consider the astounding success and secrecy of the medallion fund, along with the astounding success of cambridge analytica on the past election, its pretty mind-boggling.
One thing to consider though is that medallion makes money whether the market is going up or down, they've clearly figured out how to arbitrage (better and more consistently than any other hedge fund in existence) regardless of the market's overall health. So their involvement with crypto doesn't necessarily portend either growth or decline, just that they think they have an advantage the rest of us don't. Based on their history, its a safe bet they are right.
They're looking for other markets in order to increase Medallion's capacity, which for many years has been capped at a static $10bn. This fund is run completely on mathematical models, they don't really care about where the asset is headed - they just trade any products for which their algorithms can generate a tradeable signal.