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Citi’s planned move into native crypto custody in 2026, beginning with BTC, matters less as a new product than as a shift in institutional plumbing. Unlike ETF exposure, bank-based custody could let institutions own native BTC while retaining familiar risk and reporting processes. My read: the near-term advantage is lower operational friction, but the strategic trade-off is concentration. If direct ownership becomes easier mainly through a handful of financial giants, access improves while custody risk becomes more centralized. Not advice, just analysis. #CitiToCustodyBTC