So what are you seeing in terms of that?

Yeah, so two things.

I would say first, the nature of Bitcoin and crypto, and there's some element of this in other assets as well, but it's particularly true for Bitcoin and crypto, is that it tends to draw in energy and attention and ultimately flows when it's rising.

And much less so when it's declining.

And so we've seen that consistently through Bitcoin cycles, which now we've seen five full cycles in Bitcoin's history of these extraordinary, extraordinary bull market rallies and then fairly violent corrections.

with each cycle landing and attaining higher and higher levels relative to the last through that volatility.

So that has certainly been the case.

Is there anything in particular you would expand on here in terms of how investors might think about Bitcoin moving forward?

Is it changing? Do you see from the data that maybe Bitcoin is attracting a different investor now two years into these products?

Yeah, there's been a sort of steady evolution over the history of this.

When it first launched, it was 80% end investors direct.

And quarter by quarter, that mix has shifted to be more institutional and more wealth advisory, where today it's about 50% end investors and about 50% insti and wealth.

And part of that's been supported by just a steady progression of approvals that this has gotten on the largest bank wealth advisory platforms in the world and non-bank wealth advisory platforms too, of course.

I think a lot of people don't realize that that took – in the fastest case, about a year for the first large platform to get to be able to approve for advisors to put their clients in iBit.

And many of the largest are still coming through, and they're really pretty indifferent to price direction.

How do you think about how that market has performed, how it's held up against expectations?