Market thoughts on the bitcoin SBR news - News is very bullish long-term - News was more than priced-in short-term - News is as good as market should have hoped for - BTC dominance is done for a while - SBR put/carrot is gone => eqty correl to increase - Some traders got extremely bearish on the news - The SBR is not a catalyst for a major drop - The fast drop on the news was leverage driven - New shorts have already largely unwound Now we turn our eyes to Friday's White House Crypto Summit.