In other words, despite signs of a thaw, crypto winter may not be over. There’s hope that the months-long deep freeze drove out the riff-raff, while the brightest minds continued to build. And while a “killer app” hasn’t been found, it’s clear enough the industry has a committed user base. But along with the  institutional capital, supposedly waiting on the sidelines to be deployed after a BTC ETF goes live, are likely another wave of speculators and scammers.