Alex Svanevik

I think basically they just announced that you can now trade crypto ETS on their platforms or yeah, their products.

I don't know if it's flows or sentiment, a bit of both.

I'm not sure actually, but yeah.

That's why I think you could argue that the bull market has been over for retail for a long time.

Probably since January.

For retail.

But I think that's the thing.

This is me becoming a little bit like data scientist again.

But if you have multiple different distributions that you add up, it can create actually a pretty flat picture.

But then one had a peak here and another one had a peak there.

So I think actually you could argue that we've been in a retail bear market for many months, if not almost a full year.

But I think, like I said, a lot of it is being held up by new sources of capital.

You're even seeing it to some extent in like the M&A sector of crypto where large companies that have access to capital are getting the capital and then they're buying smaller players that are like out of capital or are not doing that great.

or they frankly just want to be part of like a bigger platform and so a few examples that come to mind these are great products so that they were not struggling at all but think of like privy being acquired by stripe dynamic being acquired by fireblocks and then there's a bunch of other ones we're not a huge player but we bought a staking provider a year ago which has been fantastic for us we've grown that business many times over just in one year when we

acquired that staking company, they had $60 million staked with their validators that we run for different networks and we basically crossed $2 billion asset staked in less than eight months after acquiring them.

So sometimes it just makes sense to be a smaller player, part of the bigger platform.

The capital structure now seems to support this as well, where like big players might have access to capital.

They can use that to actually scoop up some of these smaller companies and make them part of their offering.

It depends on what decisions you're making.

I think for product decisions, largely, at least product vision and product strategy, I really try to think long term.