Caroline Hyde

And it's crazy to think that yesterday we were down 8% and thinking of all the macro condition that might have been leading to that drop.

So, you know, we were speaking to traders today and investors, and it seemed that although the price is up, the sentiment is still a bit cautious.

And volumes aren't as up as they were before.

I think people are sort of assessing crypto in reality has been on a downward spiral a bit since October 12th, the 11th when the price crashed.

And so while today we're a bit up in reality, you know, we're still pretty, pretty lower than we were around a month ago when Bitcoin reached its record highs.

I mean, negative Bitcoin funding rates, still an anxiety, extreme fear levels with CoinMarketCap's fear and greed index.

There's still a lot of comfort needed to an investor base that's been beaten up, particularly the retail trade, who have tried to gain exposure, not just by owning crypto, but by owning crypto-related assets, such as what leverage bets on microstrategy, now called strategy.

And talk to us about how much retail have hurt here, as well as institutional.

Yes, obviously, we know that retail investors are trying to get exposure into Bitcoin and crypto through buying ETFs that were exposed to strategy or strategy stock itself.

And that's fallen dramatically over the past year.

And so, you know, they've been hurting.

But at the same time, we've been trying to wait to see if more institutional buyers will come in and offset that.

But it seems to be, from what we're hearing, a sort of wait and see mode, partly waiting until the Fed decision next week.

So it's kind of, in a way, same old with crypto.

One day it goes down 8%, the next day it's up 5%.

The asset class seems to be maturing and there's more ways to invest in it, but maybe not much has changed.

Bloomberg, Anna Herrera, always great to have you.

Thank you very much.

And stay with Bloomberg because there's a conversation coming up you won't want to miss if you're in crypto.

Fong Lee, strategy president, CEO, coming up in the next hour on Bloomberg Crypto.