If Trump-Xi reach an agreement, no impact aside of a leveraged flush out, helping build a stronger base with new hands. If Trump-Xi do not reach an agreeent, and 100% tariffs on China kick in (early November), we are then headed for a recession. Given Trump's track record, my chips are on A. That does not mean things are great in token-land. There are too many tokens, which is reflected on weak price action. Forget about alt season unless extraordinary conditions come to fruition. Furthermore, most tokens are from a prior era (pre-regulatory clarity) and suffer from poor value accrual models. Only BTC and a handful of higher quality tokens are worth holding onto. But things are great in the industry. It is growing rapidly and is being progressively incorporated into Tradfi. Great opportunities will continue to emerge, even though the game gets harder and harder. Somewhat paradoxical, I know, but real. Have a look at equities. Crypto now is somewhat similar in the following way: most equities do poorly while indices and the market's favorites, mostly tech stocks, roar. Analyst often talk about this and about how diminishing market breadth is bearish, when to me is just a symptom of winners winning. Good idea to partially reallocate from crypto to equities if too heavily on crypto.(Alex Krüger)