“People are refocused on crypto as a growth asset or an asset that represents network value. The ability of it as a technology and transfer of value mechanism, and that means that it’s gonna be more correlated to other assets that are also pretty growthy like Nasdaq, tech equities, those sorts of things.”

 “Since the beginning of 2024, you’ve seen the S&P 500 and Bitcoin quite positively correlated, which is unusual and shatters that theory completely of it being a store of value... I really do think the main reason why we’re seeing it hit its highs at the moment is because of how the ETFs hit real maturity, being some of the fastest growing ETFs in history.”

 “It’ll be interesting then to see what happens if the Fed does cuts rates in the months ahead. I wonder if Bitcoin will behave in the same way as it did previously, being that kind of riskier-seen asset or whether it’ll start actually becoming just an alternative asset viewed by traditional markets.”

 “Those were a lot of motivators for traditional allocators outside of crypto to pay attention to the asset class and start buying into it... Now that those catalysts are behind us, there’s more focus on just the broader macro picture.”

 “If the Fed lowers rates, I think generally speaking, that would be bullish for risk assets. And so that would also be bullish for crypto.”

 “ETH's position as the center of DeFi is also unlikely to be displaced in our view due to the widespread adoption of the EVM and its layer 2 innovations.”