BlackRock's comments that Bitcoin and Ethereum are "still in the early stages" refer to institutional adoption rather than price potential. Although recent prices have risen, global institutional allocations to Bitcoin and Ethereum remain very low, with most pension funds, endowments, and sovereign wealth funds currently holding zero Bitcoin and Ethereum due to policy and authorization restrictions. BlackRock emphasizes that while cryptocurrency infrastructure and products like ETFs already exist, widespread automatic capital allocation has not yet begun. Adoption cycles are slower than market cycles, and institutional investors require lengthy approval processes, which means that regardless of price performance, Bitcoin and Ethereum are still in the early stages of integrating into mainstream investment portfolios.