Where are we at, Dan? Like what are you looking at to get actual signal on kind of the broader picture here?

Yeah, so I think there's a couple of things.

Like one is there's like a basket of outperforming names that's continued to outperform.

And I think that's a pretty good proxy in the market of like whether people are like de-risking, right? So like it's Hype, Lit, Near, Zcash, Deezer, vvd what do you like what do you technically call vvd like what is the case is it that like how okay um because i was like do you say it's venice i i don't know um anyway like that basket like if people are continuing to bid that like on dips and like that sort of so strength that gives the idea that there's money sort of still flowing i think in um that so that's like one proxy as long as like the winners sort of keep being bid that's like an interesting one i think like the bigger one though is just you unfortunately have like equity markets sort of driving things in the short term here.

So like really just paying attention to like where that's going.

Not that you're gonna like predict where it's going, but just seeing what it's doing on a day to day.

And this just like drives more into the macro thing where like crypto like doesn't, there's not enough flows inside of crypto, just unique to crypto to sort of drive it still, in my opinion.

just a podcaster.

here um and then all the rwa kind of stablecoin stuff you know also still percolating you know the banks building stuff and whatnot outside of the bitcoin and ether story what do you make of robin hood's um you know formal entrance here

yeah um robin hood's got a great position because they have like obviously their existing like equities business and like the rest of their brokerage sort of business so they're like uniquely in a great spot to like drag this stuff in and like have a user base already that can do it um i think it's great like i think like the fact of the matter is like we're gonna have like equities on chain like it's more robust i mean if you look at it it's like a line straight up right like it's growing like pretty rapidly there's we're in a weird spot it's almost like remember when circle launched usdc and there was there was really like four that got launched at the same time it was like uh g usd packs usd or whatever it was um USDC, and then the...

What was the fourth one? Oh, HUSD, which was kind of like the combo.

There was like four at once, and the market was trying to figure out which one they really wanted, and it was consolidating.

You kind of have that with the RWAs right now, where there's...

You've got... wrapped versions of, like, Nvidia trading in, like, five different, like, ways, and they're not, like, fungible, and, like, we're gonna have to, like, figure out which is gonna be the winner.

Robinhood has, like, a really good ability to probably set that, and they might just be exerting that, like, power over it.

Like, is there a space for stock tokens versus stock perps?