"My quick take on the direct impact of Trump’s 401(k) Executive Order on crypto:

> IBIT could grow 3.1× to $272 billion
> ETHA could grow 3.3× to $37 billion

Here is the base case assumptions:

> BlackRock manages roughly $1.5 trillion in 401(k) assets.

> Of that, 80% is managed in a Non-Discretionary Role would allocate 1-10% to Bitcoin, totaling $12–120 billion.

> Remaining 20% is managed in a Discretionary Role would allocate 3-5% to Bitcoin, totaling $9–15 billion.

> The remaining $12.5 trillion in 401(k) assets managed by other institutions is assumed to have 1–3%, equaling $110–330 billion.

Total estimated demand for crypto: $131–465 billion.

> 88% allocated to Bitcoin: $115–409 billion
(1.4×–4.8× current IBIT net assets)

> 12% allocated to Ethereum: $16–56 billion
(1.5×–5× current ETHA net assets)

I believe that's the base case.
Assets in non-discretionary accounts could see a much wider swing in allocation."