According to @DavidCohne, despite significant growth from Capital Group and Pimco in California, Boston continues to dominate the active fund management sector, overseeing $2.3 trillion in stock and bond assets, with Fidelity Investments responsible for half of this total. This concentration of traditional asset management power in Boston directly impacts the cryptocurrency market by shaping institutional capital flows, risk appetite, and allocation strategies, as reported by Eric Balchunas on May 23, 2025.