Michael Nadeau

I don't think there's any change from fiscal.

We do have the Trump tax cuts that are coming and that can be positive.

But I don't think there's any major changes on that end.

And right now, the Fed, if you look at just the chances of the Fed, this is like the next few meetings are still Powell, right?

So we do have a few more months to go here.

The chances of a cut

in March, which is the next meeting is 15% right now.

And that's like 28% for April.

So the market's kind of like, okay, there's probably not going to be too much coming here.

And on the fiscal side, we kind of know what to look for.

We've been seeing...

A lot of interesting, you know, it looks like there's been some degrossing, you know, in the Trad5 markets.

We saw gold and silver moving quite a bit.

That's very late stage type activity.

Commodities tend to go last in market cycles.

And we've typically seen Bitcoin act as like a liquidity index in some ways.

And so when Bitcoin has gone down in the last few cycles,

the Nasdaq has followed at some point.

And so that could be the next, the next like kind of thing to drop here that's going to give us some more clarity on where Bitcoin's going.

This is, yeah, so this is Bitcoin versus NASDAQ.