Near-term pressure from ETF outflows, MicroStrategy losing premium, and miner stress, but long-term momentum still intact. “There’s definitely risks in the near term… we’ll need one of those structural things to change.” - Sean McNulty, Derivatives trading lead APAC, FalconX Short-term chop. Long-term runway. Incase you missed it listen to the original space here: https://x.com/i/spaces/1ZkJzZVdoRoJv?s=20(Deribit)