Matthew Sigel

So if you look at what you have to pay for puts versus calls, it's like we're in the 99th percentile here of folks paying up for protection.

That's a contrarian long signal.

Another thing that's happened is the the OG selling the the coins that are kind of three to five years old that haven't moved in three to five years.

We started to see those move.

a lot in Q4 and into Q1 of this year.

So folks who looks like they bought the cycle well and taking profits, some of that selling has eased up in recent weeks.

Now, Mara is a counterexample to that and I think Mara will still be a seller and the Bitcoin miners will still be a seller.

But a lot of that OG selling seems to have washed through.

So, we're still bullish, but we haven't added maybe as much as you might expect given that kind of respect the cycle, respect the four-year cycle.

What about alts?

Alts as a house, we have very little.

And-

Part of that was after the election when alts doubled, but app usage did not.

In the hedge fund, my colleague Pranav took down almost all of his alts exposure and moved into equities.

In Node, we're less than 5% alts, right?

That's how we've outperformed Bitcoin so much, focusing on the Bitcoin miners.

And we haven't really released many new ETFs.

Either.

Right.

So we have Avalanche that we launched and we have BNB, which is in the pipeline.