Bitwise launches options SMA for $25M+ crypto holders

This move signals a maturation of crypto wealth management, targeting high-net-worth holders who want yield without exiting core positions. The SMA structure is notable because it offers customization and tax control that pooled funds can't match, potentially attracting institutional-grade allocators. The key watchpoint is whether volatility-driven income strategies prove sustainable across market cycles, as that will determine if this becomes a standard offering or a niche product.