back two-year rates during that period have gone straight up normally crypto gets thought of in liquidity terms. I've debated everyone in Bitcoin about the debasement trade and liquidity as being the story. It certainly started the move when we got Bessant coming in in in August, but then we got Worsh moving higher. So, you've had a change, but here's the thing that matters. Cryptos held in there while rates have gone higher and not a little bit. We brought in Fed rate hikes, multiple ones. Here's
I've debated everyone in Bitcoin about the debasement trade and liquidity as being the story.