Financial markets have been shaken in the past week following a series of bank collapses, providing a perfect setting for the decentralized financial system to stand out as an alternative, and for a continued advance in cryptocurrency markets, Bernstein said in a research report Saturday.

First Republic Bank’s deposit rescue package by multiple institutions should make it obvious that this is a “generic banking problem” and crypto is not to blame, the report said, noting that initial reactions to the collapse of of Silvergate Bank, Silicon Valley Bank and Signature Bank (SBNY) were that these banks held deposits from the crypto world and therefore their problems were idiosyncratic.

Bernstein says institutional funds and crypto funds have been bystanders in the market, with “crypto native money” behind the recent price moves. As more outside money is forced to participate, the moves higher should become sharper.

(By Will Canny)