Fiona Sincotta

I think second largest, second worst month that we've seen so far.

So as you know, crypto is not immune to big price swings and we've had these before.

We're not a stranger to it.

But what's different this time, it seems that there's not been any big crypto event like fraud or something that's very dramatic that's typical to crypto.

It seems like cryptos may be starting to mature in a way and it's starting to follow more the macro environment and starting to behave a bit more like risk assets.

So one of the factors today was sort of the Bank of Japan

which you were talking about before and how that trade is unwinding and people are concerned that there will be less liquidity and of course then less money to spend on riskier assets like crypto.

I think, again, perhaps everything in crypto tends to move together still.

You know, we had it with Coinbase for a while when it was the only listed company to tend to react to Bitcoin even before the ETFs, right?

It was kind of a gauge on the broader crypto market, a way investors could go in.

So I think perhaps the mood is just risk off in general.

And so no matter what strategy is saying, investors are still a bit concerned and a bit cautious.

And again, you know, we mentioned you mentioned before sort of the big withdrawals and redemptions on the ETFs.

Again, until that changes and there is more investment in the ETFs, it's hard to see how, you know, the market, the crypto market will pick up again.

But, you know, crypto is also very strange to predict.

So you never know.

Tomorrow might be another day and very different.