Just saw Bullish's IPO numbers and they're wild - opened at $102 on day one, then pulled back to close at $68. Started at $37 though, so still up massive. The institutional interest is real too - BlackRock and Ark were both looking to load up. What's interesting is how different this is from retail-focused exchanges. They're basically betting on the wave of institutional money flowing into crypto. With the regulatory environment shifting and Bitcoin breaking past certain levels, feels like we're seeing the institutional adoption story play out in real time. That $1.25 trillion in trading volume since 2021 shows there's definitely demand. Curious if this holds or if it's just IPO hype.