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Trust Wallet CEO Felix Fan on Building a Crypto Wallet That Keeps Up With the Market

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In  February 2026, Felix Fan took over as CEO of Trust Wallet, succeeding Eowyn Chen. More often than not, a new CEO spends months getting to know the company, but Fan started by shipping new features to significantly improve the user experience for Trust Wallet’s 220 million users.

Trust Wallet shipped the Trade Menu shortly after he arrived. Within 48 hours, four more products followed, including swap price impact protection, an updated Trending Page, prediction markets through predict.fun, and 1-click swaps.

“I didn’t need months to audit Trust Wallet,” he told BeInCrypto. “I came in with a clear point of view, and the team had already been doing the hard work. My job was to accelerate innovation, not hesitate.”

What’s less obvious is why Fan sees this moment as urgent, and what he thinks Trust Wallet is actually becoming.

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He Thinks the Category Has Missed a Few Things

Fan came to Trust Wallet from OKX, where he ran product. He’s seen the space from multiple angles, and when asked where self-custodial wallets have fallen short, he doesn’t hedge.

Speed is the first thing he names. “When you see a market move, you should be able to act in seconds. Most wallets still make that unnecessarily hard,” he said. 

Then there’s the user nobody built for. People who’ve done a few trades and want to go deeper, not beginners, not power users, just somewhere in the middle with no clear trajectory. 

“The industry obsesses over first-timers and power users,” Fan noted. “The people who’ve done a few trades and want to go deeper? They’re largely underserved. There’s no natural progression.” That’s less a design gap than a product philosophy gap. The middle tier got skipped.

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And then trust signals, which Fan frames as a responsibility the wallet itself should carry. Users sign transactions they can’t fully parse, get exposed to scam contracts without any warning from the app. “The wallet should be a layer of protection,” he said. “That’s an area the whole industry has under-invested in, and it’s something we’re taking seriously — being the most secure wallet is a core part of our identity.”

Why the Trade Menu, Why Now

Something shifted in how people trade crypto. They don’t sit down and decide between swapping and perps. They see a market move and want in. The decision is intent-based, not product-based. Most wallets didn’t get that memo. Features are scattered. Execution is buried. The moment of action gets slowed down by the interface.

The Trade Menu is the fix for that, at least the beginning of one. Swap, perpetuals, predictions, trending plays are in one place and only require one tap.

“That friction has a real cost,” Fan said. “The Trade Menu removes it. One entry point for everything. That’s not a small UX tweak — that’s a statement about what kind of wallet we’re building. A command center for decentralized finance, not just a balance checker.”

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Some of what’s coming on the roadmap isn’t new territory. Live charts, transparent fee structures — CEX traders have had these for years. Fan said as much. “Fair challenge. Yes, some of what’s coming are things CEX users expect as baseline. We should have had them. We’re fixing that. But that’s the foundation, not the destination.”

The destination is harder to categorize. Fan describes a wallet where users broadcast intent and the network handles execution — self-custodial by default, cross-chain natively, not routed through any centralized order book. 

“That’s not a CEX or a DEX. That’s a new category,” he said. “The Trade Menu is the first step toward that.”

“Simple by Default” Might Be Harder Than It Sounds

The principle running through the product is “simple by default, advanced by choice.” Fan doesn’t dress it up.

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What does the user see first? That’s the decision everything comes back to. Show too much and you overwhelm. Show too little and power users hit a wall immediately. 

“The hardest part is entry points,” Fan explained. “Every extra option you surface adds cognitive load. Every option you hide risks frustrating a power user.”

With the Trade Menu, the call was to optimize for the moment of intent — clean default view, advanced controls there when you want them. The middle-tier user complicates that. The one who’s past basic swapping but not yet doing anything sophisticated. 

“We have to earn their trust gradually and give them more as they’re ready,” Fan said. “That’s a sequencing challenge as much as a design one. We’re not perfect at it yet. But that’s exactly the kind of thing we’ll keep iterating on.”

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On Independence

Fan’s target to enhance Trust Wallet comes when CEX-backed wallets have gotten serious. Several now offer real self-custody, deep liquidity behind them, user bases fed directly from their parent exchanges.

Yet, he doesn’t think that makes the case for self-custodial wallets any harder. If anything, it makes it more important.

“CEX-backed wallets have a structural ceiling. They will always be optimized — consciously or not — for their parent exchange’s liquidity, products, and interests. That’s just the reality,” he said. “Our only job is to give users the best available prices from decentralized markets, the best experience, and full control over their own assets. We can integrate the best liquidity sources, not just the ones we own. Independence is a feature. And 220 million people have already voted for it.”

The Number Trust Wallet Is Actually Building Toward

Under his leadership, Trust Wallet has flagged trading, UX, and AI as H1 priorities. On sequencing, Fan is clear that UX comes first because it affects every user right now.

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“AI is only as good as the product it’s built on. If the swapping experience is clunky, the AI inherits that friction. So better UX isn’t just good for users today — it’s the foundation that makes AI actually work tomorrow,” Fan said.

Trust Wallet has begun building out developer-facing AI infrastructure. In late February, the team shipped an MCP server for instant access to its documentation, an open-source Claude Code skills marketplace. That was followed by the launch of the Developer Portal, giving AI agents read-only access to data across more than 100 chains. 

Most recently, Trust Wallet launched the Agent Kit, a toolkit that lets AI agents execute real crypto transactions across more than 25 blockchains within permissions defined by the user. 

Consumer-facing features come after.

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And when asked about the early signals that they’re moving in the right direction, Fan watches engagement depth, trader retention, and qualitative signals on whether the app feels faster.

“We want to be the number one mobile wallet with over 40% active users. Not just downloads. Not just installs. People who open Trust Wallet because it’s genuinely the best place to act on crypto. That’s the bar we’re building toward,” he said.

The post Trust Wallet CEO Felix Fan on Building a Crypto Wallet That Keeps Up With the Market appeared first on BeInCrypto.

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Crypto World

Bitcoin ETFs to surpass gold ETFs in size

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Crypto Breaking News

Bitcoin spot ETFs may soon surpass gold ETFs in assets under management, fracturing the long-standing narrative that “digital gold” is a perfect stand-in for investors seeking a safe haven. Bloomberg ETF analyst James Seyffart shared the view in an interview linked to the Coin Stories podcast, arguing that Bitcoin’s multiple use cases — from store of value to growth asset and liquidity driver — create a broader appeal than gold, which the market typically frames in a single light.

“There are just more use cases of why somebody would put a Bitcoin ETF in a portfolio,” Seyffart said on the podcast. He emphasized Bitcoin’s roles as a store of value, a portfolio diversifier, a form of digital capital, and even a growth-risk asset, suggesting that the crypto may attract a wider spectrum of investors than gold over time. While gold has historically served as a hedge against monetary debasement, Bitcoin’s evolving narrative as both a digital asset and a potential macro hedge underpins the case for larger ETF demand in the years ahead.

Key takeaways

  • Bitcoin ETFs could grow to exceed gold ETFs in total assets under management as demand broadens beyond the traditional “digital gold” story, according to James Seyffart, a Bloomberg ETF analyst.
  • March ETF flows show divergent momentum: U.S. spot Bitcoin ETFs attracted about $1.32 billion in net inflows, while U.S. gold ETFs recorded net outflows of roughly $2.92 billion.
  • A single-day move underscored fragility in precious metals: GLD, the flagship gold ETF, posted a $3 billion withdrawal on March 4, the largest daily outflow in more than two years.
  • Longer-run macro signals remain mixed, with data suggesting a rotation dynamic between gold and Bitcoin rather than a single clear trend; Fidelity highlighted a historical pattern of leadership rotating between the two assets.

Flow dynamics in March: what they reveal about narrative shifts

The contrast in March ETF flows underscores shifting investor appetites for duration, liquidity, and narrative potential. Gold ETFs in the United States posted net outflows totaling about $2.92 billion in March, signaling renewed challenges for the traditional safe-haven metal in a period of evolving macro cues. In the same month, US spot Bitcoin ETFs drew approximately $1.32 billion in net inflows, illustrating a growing appetite for crypto exposure in diversified portfolios.

The divergence sits against a broader context in which Bitcoin and gold have moved more cohesively in recent weeks despite the divergent flows. The data points to a market that is re-evaluating the roles of these two hedges and growth assets in a landscape of persistent inflation concerns, evolving monetary policy expectations, and expanding acceptance of crypto-based investment products.

Gold’s pullback and retail versus institutional dynamics

Several pressures shaped gold’s March performance. The largest daily outflow in over two years hit GLD on March 4, reflecting sell-side and perhaps macro rotation pressures that have periodically punctured the gold regime. Meanwhile, more broad-based BIS data — cited by Cointelegraph — show retail gold purchases tripling over the past six months, while Wall Street selling has accelerated over the last four months. The juxtaposition implies a nuanced narrative: retail demand remains resilient even as institutional appetite shifts toward crypto exposure and related investment vehicles.

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These dynamics sit alongside anecdotal expectations that a growing cadre of investors view Bitcoin as a “growth risk asset,” complementary to its role as a hedge-friendly reserve. The evolving taxonomy — Bitcoin as a stores of value, digital currency with intrinsic scarcity, and liquidity-rich growth asset — contributes to a broader array of reasons to own a Bitcoin ETF beyond simply “digital gold.”

Price action and broader market context

As of publication, Bitcoin traded around $66,918, down about 8% over the prior 30 days, according to CoinMarketCap data. Gold hovered near $4,676 per ounce, down about 8.25% over the same period, per GoldPrice metrics. The near-term move preserves the sense that both assets have faced headwinds in a mixed macro backdrop, yet the flow data suggests that investor interest in Bitcoin ETFs remains persistent and possibly expanding even as gold faces episodic outflows.

The longer-term rotation story received some color from Fidelity Digital Assets analyst Chris Kuiper. In December 2025, Kuiper noted that historically gold and Bitcoin have rotated leadership, with gold performing strongly at times and Bitcoin catching up in others. That framework remains relevant as market participants weigh regulatory clarity, ETF availability, and the evolving ecosystem around Bitcoin-based investment products.

Implications for investors and markets

The potential overtaking of gold ETFs by Bitcoin ETFs in AUM would mark a notable shift in how investors allocate capital in search of diversification, liquidity, and growth exposure. If Bitcoin ETFs continue to capture inflows beyond the “digital gold” narrative, the market could see a broader base of participants embracing crypto exposure through regulated vehicles. This would not only change the composition of ETF portfolios but could also influence liquidity, product development, and the pace at which financial institutions bring more crypto-enabled offerings to retail and high-net-worth investors alike.

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From a portfolio-management perspective, the idea of Bitcoin acting as hot sauce in a diversified mix is persuasive for those seeking a growth-oriented, liquidity-rich sleeve within a broader asset allocation. Yet the data also underscores the need for caution and continued monitoring of regulatory developments, product approvals, and market structure changes that shape the appeal and risk profile of spot BTC ETFs.

In practical terms, readers should watch ETF inflow trends in the coming quarters, the rate of new product approvals, and the evolving evidence on how Bitcoin-based funds perform relative to gold during different macro regimes. The March data points demonstrate that the narrative around Bitcoin ETFs is gaining traction in investor discourse, even as gold maintains its own complex set of drivers and vulnerabilities.

Beyond price moves, the debate now centers on whether Bitcoin ETFs can sustain and broaden their appeal to a broader investor universe — from traditional equity and bond strategists to macro hedge funds and retail savers seeking diversified exposure. If inflows continue and more products arrive, the BTC ETF story may transition from a niche crypto offering to a core component of diversified portfolios.

What matters next is the trajectory of ETF approvals and listings, clear and consistent data on inflows across different regimes, and how macro factors like inflation momentum and monetary policy directions shape the risk-reward calculus for these funds. Investors should stay attentive to monthly flow prints, regulatory signals, and the evolving narrative around Bitcoin’s role in modern asset allocation.

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As the market awaits further clarity, the ongoing dialogue around Bitcoin’s ETF potential points to a future where crypto exposure becomes an increasingly standard instrument within traditional investment frameworks. The next few quarters will be telling, as inflows, product breadth, and price action converge to reveal whether Bitcoin ETFs can definitively eclipse gold ETFs in practical assets under management.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Bitcoin ETFs Will Be Bigger Than Gold ETFs, Says ETF Analyst

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Bitcoin ETFs Will Be Bigger Than Gold ETFs, Says ETF Analyst

Spot Bitcoin exchange-traded funds (ETFs) could surpass gold ETFs in total assets under management (AUM) as investor demand expands beyond the traditional “digital gold” narrative, according to ETF analyst James Seyffart.

“There are just more use cases of why somebody would put a Bitcoin ETF in a portfolio,” Seyffart said on the Coin Stories podcast published to YouTube on Friday. He pointed to Bitcoin’s (BTC) role as digital gold, a store of value, a portfolio diversifier, and a form of digital capital and property, adding that the market also views Bitcoin as a “growth risk asset.”

Seyffart explained that Bitcoin has “all these different ways” of being viewed, while gold only has “one of those things.”

“Our view is that Bitcoin ETFs will be larger than gold ETFs,” he added.

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Bitcoin ETFs are a “hot sauce” in the portfolio

“There are so many people that could use it. They could be viewing it to put in their portfolio because they want to bet on like a growth and liquidity trade,” he said. “It can be hot sauce in a portfolio in that way,” he added.

Bloomberg ETF analyst James Seyffart spoke to Natalie Brunell on the Coin Stories podcast. Source: Coin Stories

Bitcoin is often compared to gold due to its limited supply and perceived role as a hedge against monetary debasement. 

US-based gold ETFs recorded net outflows of $2.92 billion in March, while US spot Bitcoin ETFs attracted $1.32 billion in net inflows over the same period.

Gold and BTC have declined over the past 30 days

The largest US gold-backed ETF, GLD, recorded a $3 billion outflow on Mar. 4, the largest daily withdrawal in more than two years.

On Mar. 19, Cointelegraph cited data from the Bank for International Settlements (BIS) showing retail gold purchases have tripled over the last six months, while Wall Street selling has accelerated over the past four months.

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Related: Bitcoin ‘done’ with 85% crashes, says Cathie Wood amid new $34K target

Despite the divergence in ETF flows, both assets have moved broadly in tandem in recent weeks.

Bitcoin is trading at $66,918 at the time of publication, down 8.07% over the past 30 days, according to CoinMarketCap. Meanwhile, gold is trading at $4,676, down 8.25% over the past 30 days, according to GoldPrice data.

In December 2025, Fidelity Digital Assets analyst Chris Kuiper said that, “historically, gold and Bitcoin have taken turns outperforming. With gold shining in 2025, it would not be surprising if Bitcoin takes the lead next.”

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