Why can't Bitcoin catch a bid when we're seeing risk gone?

I think it's a fantastic question.

I'm excited that equities are strong and that the economy is strong.

I'm excited that all these S&P 500 companies, about 60 or 70 percent have reported this earnings cycle and many of them, as you say, have beaten.

They seem to be earning so much that they can operate in this higher interest rate environment, that their financing cost is challenged by a higher yield curve, don't seem to be impeding their progress.

Even for growth companies who employing leverage and whose earnings or cash flows are far in the future seem to be kind of very resilient to higher interest rates.

Bitcoin, not as much, right? The crypto industry requires financing to be easier or at least more, well, clear.

Speaking of DeFi, what are DeFi markets signaling now, especially for those investors who don't watch the day-to-day moves in cryptos? What are they telling us about lending confidence? What are they telling us broadly?

What's the investment approach if we look under the hood?

Yeah, sure.

I mean, the idea of the product, and this was filed for before I arrived at GSR, but thankfully we had a way to make some changes and improvements and sort of contour the idea a little bit to face the market where it is today.

The idea is to answer the question like, what crypto should I own? It's the question we all get all the time.

And certainly with my background at CoinDesk Indices and thinking about weighting multi-asset portfolios and what is a good long-term holding, sort of core holding, you realize that market cap weighted crypto is one way to do things, but it's not always the way that gives you the representation that you want.

You may have too much altcoin exposure.

You may have too much Bitcoin and not enough of the other names.

And so I'll just very simply ask you, what has been your assessment of everything we've seen over the past, what, you know, six to 12 months?