All right. What do you make of this decline when it comes to crypto. We keep talking about these leverage positions being unwound.Does that change the narrative of crypto's rise at least this year. The fact that there's so much leverage in this market. >> Yeah.So, I think you need to put it in perspective where really since the start of last year, Bitcoin is still up over 100% um since then. And over the past few years, I mean, it's it's it's been a tremendously performing asset. So, um, I think you also ha ...

Investment & Market Trends - Crypto's latest Wall Street play involves altcoin DATs (Digital Asset Trusts) [1] - Discussion revolves around StablecoinX buying $ENA and the demand for these wrappers [1] - The debate questions whether this demand is real or another bubble [1] - Some DATs are trading at eye-popping premiums [1] Company Strategy & Structure - Ethena collaborated with a team launching an ENA corporate treasury company [1] - Exploration of ways to structure public crypto treasury vehicles [1] - Dragonfly backed TLGY but skipped other Bitcoin, ETH, or SOL plays [1] - The structure of these public vehicles shapes their value [1] Risk & Opportunity - Consideration of whether treasury vehicles are just a flashy wrapper for vaporware [1] - Assessment of whether this trend is legitimate or just another bubble waiting to pop [1]

Market Trends - US crypto treasury vehicles' weekly trading volume reached a 7-month high of $411 billion [1]