Ryan Adams

But it buys you more.

Did you know, right, that Bitmine is 75% of its way to 5% of the total supply of Ether?

That's incredible.

We're just going to hold the course.

So while the Fed left rates unchanged, there is something that did change in the poly market, Ryan, is that we have a new leader for the how many Fed rate cuts in 2026 market there is.

It used to be pricing in, we were going to get one rate cut at 25 bps.

There was going to be a 32% chance that was the dominant market.

That has now flipped into second place.

And now what is first place is zero, no change, 34% coming in at number one.

And so the market, I mean, it's kind of

It's like a three-way race right now between zero, one, and two cuts.

So zero bips, 25 bips, 50 bips.

But right now we did get a flip in the last week from one cut to zero cuts.

We're getting clarity.

the act this is like everything we've wanted so david and i are going to discuss this when we get back but before we do we want to thank the sponsors that made this episode possible galaxy operates where digital assets and next generation infrastructure come together serving institutions end to end on the market side galaxy is a leading institutional platform providing access to spot derivatives structured products defi lending investment banking and financing with more than 1600 trading counterparties galaxy helps institutions navigate every phase of the market cycle the

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