Crypto Market Pulse 👀 A nice bounce today, backed by a fifth consecutive ETF inflow day. The streak is building, and the market is responding to it. Encouraging — but the Coinbase Premium remains deeply negative, which continues to put a ceiling on our conviction. On the regulatory front, more positive headlines around the CLARITY Act. Progress is real but the vote has not happened yet and we have learned not to front-run Washington. Too early to draw conclusions. Our base case has not changed. We expect the rally to continue as we head into August, followed by a correction heading into September. We hold current exposure and continue to monitor closely.