Morgan Stanley has come out and official said crypto is a net new institutional asset class. It estimates that there are now ~220 crypto managers with $7.11bn AUM, split fairly equally between Hedge Funds and VCs.
Morgan Stanley said in the report that its "Rapidly Morphing Thesis" - which tracks what it believes will be crypto's most prominent usage - is now that bitcoin and other cryptos will act as a "new institutional investment class." Previous incarnations of the thesis have seen crypto as a "replacement for existing payment systems," a "store of value," and a "refuge for depreciating currency."