BlackRock's comment that Bitcoin and Ethereum are "still in early stages" refers to institutional adoption, not price potential. Despite recent price increases, global institutional allocation to Bitcoin and Ethereum remains extremely low, with most pension funds, endowments, and sovereign wealth funds currently holding zero Bitcoin and Ethereum due to policy and mandate restrictions. BlackRock emphasizes that while cryptocurrency infrastructure and products like ETFs already exist, widespread automated capital allocation has not yet begun. The adoption cycle moves slower than market cycles, and institutional investors must go through lengthy approval processes, meaning that regardless of price performance, Bitcoin and Ethereum remain in the early stages of integration into mainstream investment portfolios.