Ryan Adams

And that is not anything I would characterize as a conflict coming to its conclusion.

Yes.

It still feels very middle gamey, not end gamey for this whole thing.

Donald Trump, when he announced this conflict, he predicted we will be in this for at least some weeks, if not a month.

We are 19 days in, so we still have some time on that month long earlier.

It's not winding up, not this weekend yet.

Yeah, it does not seem like we are winding this up anytime soon.

Okay, so how have crypto markets reacted to this?

Bitcoin down 1%, 1.4% on the week.

ETH up 3.2% on the week.

So interesting small amount of divergence between Bitcoin and Ether.

But even though that Bitcoin is down 1.4% on the week, it is still outperforming equities and mainly gold.

And so actually Bitcoin as a performer lately, and especially since the start of the war, has been an outperformer, which is interesting to watch.

Yeah.

S&P is down 4%.

NASDAQ is down about 4%.

Gold is down even more than like the 8% since the start of the war.

Now, I will say that... I think I gave this take last week or two weeks ago.

Bitcoin or gold has been doing this very...

euphoric bubbly run-up thing that popped at 5,500 ounces for gold like a little over a month ago.