It feels like there is a severe lack and outflow of liquidity in the market lately as many crypto aside from BTC have corrected >40% in less than 2 months. However, the stablecoin supply has expanded dramatically since 2024, growing by nearly 100B to reach a total supply of 221B, now representing over 1% of US Dollar M2 Money Supply! What we are experiencing now is a rapid repricing of the prior Trump honeymoon expectations and the reality that he might not be as good to risk assets as expected. That said when the animal spirits comes back as they always do, I think we have the liquidity and capital in place to push the market substantially higher.