Last week, during a coffee break at the Digital Asset Summit, I overheard two men in suits discussing the volatility surface of INJ. In that moment, I suddenly realized something: real institutional capital never makes a grand entrance—they've already infiltrated these seemingly casual professional conversations.

**The True Meaning Behind Grayscale's "Ticket"**

When Grayscale added INJ to its watchlist, my first reaction was to check the calendar—worried it might be some kind of prank. After all, Grayscale has always been the main channel for traditional capital entering the crypto space, and every move they make carries the weight of a market indicator.

I looked into the materials from their investment committee and found the selection logic quite interesting: they don't just look at market cap, but also care about whether the underlying infrastructure is mature enough and whether the ecosystem is active. INJ ranked in the top 10% in order book depth, cross-chain trading volume, and institutional tools.

The timing is also very subtle. Grayscale typically increases holdings in two scenarios: either when the market is going crazy with FOMO, or when the infrastructure has just been established and it's time to buy in early. INJ is clearly the latter—after decentralized derivatives trading volume surpassed $10 billion, institutions finally saw a business logic that could scale.

**The Story Behind Futures Contract Launches**

The news about mainstream platforms launching INJ futures contracts initially circulated only in small circles of professional traders. But if you look closely at the contract design, you can sense an institutional level of attention to detail:

- The contract size is the standard $10 per contract—not just some number pulled out of thin air
- The settlement cycle is scheduled quarterly, completely in line with the rhythm of traditional financial markets

These details may seem insignificant, but they're actually paving the way for institutional capital—when product specifications align with traditional markets, only then will fund managers handling hundreds of millions dare to really get involved.