• This week proved to be a continuation of last week, in a lot of different ways. The biggest piece of news has, of course, remained BTC’s rally, attaining a new all-time high of nearly $35k. Not much about the narrative there has changed – there’s been continued speculation that U.S. institutions are fueling this rally, and that narrative has been bolstered by pretty persistent premia on U.S. spot exchanges as compared to other spot exchanges (but Asian derivatives exchanges have driven a lot of the rally too, both via elevated premia and liquidations, as new all-time highs liquidate a lot of short positions). • Some altcoins had huge rallies this week, too – probably most notably ETH, which spent the day when BTC leveled off around$33k rallying quite a bit on its own (LTC and BCH, for instance, had similar trajectories, and so did a lot of other smaller coins). These coins tend to be the ones in U.S.-regulated funds like Grayscale’s and Bitwise’s – coins without that U.S. support like XRP have continued to flounder, with XRP in particular picking up even more negative news.