Saw two new updates this morning: 1) The latest IMF report warns that tokenized finance and stablecoins could amplify risks during extreme market conditions, and settlement is best anchored to central bank currencies. 2) Nevada court continues to block Kalshi's sports prediction contracts—regulators are tightening the reins on gambling-like and derivative-like products. Quick take: The narrative is still there, but regulation hasn’t eased. BTC seems more like weak consolidation for now—don’t expect too much from the rebound until we see fresh inflows.