Aya Kantorovich

And we have a lot of the headwinds that will take us there, whether it's the Vanguard news, whether it's the Bank of America news.

We are looking to see new entrants come into the market via the ETFs.

Look, I think at the end of the day, he is probably feeling some of the pressure that some of these other institutional players are feeling, which is diversification and having to manage some of that downside risk.

And if you do have leverage, having to manage your margin calls.

And so at the end of the day, you know, was that a great headline for the space?

No, of course not.

But these do these things operate in cycles.

And we are at the end of that cycle.

That also was announced recently.

before the Vanguard news and before the Bank of America news.

And so, you know, I think there are, again, headwinds into Q1.

But I agree with you.

I think, you know, looking at where we are and then the next three weeks into year end, it's probably not going to be as optimistic, but means that 2026 can start that news cycle over again.

Look, I think what people haven't realized yet is tokenization of everything is happening.

And it started with stable coins, as you mentioned, but it's going much broader than that.

So if you look at even equities trading on chain, you saw the MAG7 come to hyperliquid.

That was, you know, following NVIDIA's earnings, one of the largest days of volume for hyperliquid in November.

And so you're seeing a lot of that come on chain.

And you're also seeing a lot of traditional assets get tokenized.

And so, you know, we're seeing on our side a lot of tokenization of assets, strategies.