Steph McGovern

Because we all thought the administration's adoption of crypto in many ways would just continue the asset classes rise.

It was October the 19th, I think.

It was over the course of a weekend.

Just an awful lot of leverage got pulled out of the system because of a sudden jarring move in crypto.

And everyone then had to sort of, well, they were margin called, it would feel like.

Yes.

Why would we not have heard of certain blow-ups?

Or what could have therefore been more broadly making everyone more nervous about training this going forward?

I think we're looking at certain ETF flows.

They've been more than 50 billion since their creation, but we've seen about 2 billion pulled out in the last couple of months.

Where are we feeling the most pain?

Is it in Bitcoin?

Is it the larger areas?

Or is it some of the more, well, certainly riskier altcoins that have been traded and whipsawed a little harder?

But people are still buying.

We just had Jay Jacobson, BlackRock saying for many a pullback in certain of their ETFs means people actually buy into it.

I'm seeing Michael Saylor.

I mean, obviously, OG crypto buyer and treasury stocker upper of he's doubled down on his digital asset treasury, it feels like.

So is he making the most of lower Bitcoin prices?

Bloomberg's Miao Shen, you've got to follow her, all of her work across crypto.