Caroline Hyde

I mean, sure, it's just a bucket.

And we still have more than a billion dollars in assets.

But you see flows drying up.

I think investors have been spoiled because it used to be always green on the screen, inflows after inflows.

When Bitcoin ETFs launched in 2024, which is crazy, it's two years ago, it made records after records.

And now, I mean...

Some would say it's consolidation.

Some would say, oh, great, now I can buy.

It's an attractive entry point because for a while Bitcoin has been too high.

And if it's too high, I mean, how will that be an attractive entry point?

So it's a mixed sentiment out there.

But for now, you can't deny that there's some gloom in crypto world.

Some blue for Michael Saylor in particular.

I mean, just talk to us about these digital asset treasury companies and how much this pain must be hurting them.

Just like Bitcoin, I think digital asset treasuries are, whether you love them or you hate them, but today headlines are making for Michael Saylor because for the first time, the plunge, token's price fell below the purchase cost of Michael Saylor's leveraged Bitcoin proxy and strategy.

So that's really something.

There are no margin calls yet.

I want to make sure there's no immediate financial stress, no expectation to sell Bitcoin, but it's just something worth noting.

Could this be the beginning of something?

Maybe, but maybe it's also just like a bad day, a bad week, a bad month, but it's definitely...