Alex Svanevik

So that's one I have active.

I have some pudgy penguins related alerts.

My shoes here have some beautiful pudgy penguins.

So I have some pengu alerts.

And I have a lot of my own wallets too, because it makes me feel good because if suddenly someone compromised wallet, like I would know very quickly.

It's been a very strange year, because if you look at retail activity, it's been pretty poor.

Without sounding judgmental, the low end of the retail, like smaller wallets, maybe lower net worth retail, has been largely absent since.

January so if you look at websites like coin gecko coin market cap deck screener and so on They're down like 50 to 80 percent in traffic.

Well clearly They're not the ones holding up the market and markets been like a little bit up and down But it seems like a lot of the flows are actually institutionally driven especially for Bitcoin and

ETH, Solana, and so on, the major L1s.

And so when you think about institutions, I think you can separate between crypto-native institutions, like market makers, like Wintermute or large funds like A6NC, and then the TradFi Wall Street institutions.

And I think now you're kind of getting the rails in place, like ETFs, DATs, which are kind of unwinding to some extent, in place.

So I think the Vanguard...

announcement I think one or two days ago was pretty bullish in that sense because it creates new inroads for capital into crypto.

So yeah, it's kind of a mixed picture.

I think the lower end crypto native retail has not had a great year, but then there's kind of a almost like passing on the baton to a different cohort, like high capital, high net worth, more institutional type

investors.

But yeah, I think our view is that every asset is going to come on-chain eventually.

And so we just focus on building a really great product for on-chain.

And the belief is that retail institutions, everyone's going to come on-chain.