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In Vance Spencer’s view, the market is completely undercounting the amount of capital that’s about to move into the crypto world from institutional investor circles. 

The co-founder of the $1 billion-plus investment firm Framework Ventures would have a good sense of that trajectory, considering how Framework wrapped up a $100 million fundraise for a new fund in the decentralized finance market.

Announced Friday, backers of the new fund include the $40 billion investment firm Hall Capital Partners and unnamed endowments, according to a report by The Wall Street Journal. 

Spencer joined The Scoop (prior to the raise being made public) to unpack the case for Ethereum, which powers much of the DeFi market, the impact of Dogecoin mania, and institutional adoption of crypto. 

“The resounding sense that I get is that people are underestimating the amount of capital that’s coming off the sidelines by probably 1 to 2 orders of magnitude,” Spencer said.

Spencer said that Ethereum and Bitcoin are the two cryptos that are “on the menu” for the large investors and are both “nowhere near a top.”

Still, he added that the story of Ethereum “has a lot more to be told in a world where there is not hyperinflation or there’s not all these crazy things happening than [bitcoin’s story].”

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