• BTC broke another milestone this week, breaking \$40k (a few times) and maintaining its long-term momentum amidst the continued narrative that U.S.-based institutions and other more traditional companies continue entering the crypto markets. It’s spent much of the time since it first broke over \$40k bouncing between about \$35k and \$41k, with large leveraged positions in both directions getting continually liquidated back and forth and exacerbating legitimate and organic price discovery happening across the market. As the U.S. markets open for another week, presumably the continued evolution of this narrative will keep fueling the broader crypto market.

• Many altcoins had crazy weeks this week, as well, with coins like XLM, DOGE, and BSV (as well as many other smaller, “niche” shitcoins) shooting up (and sometimes back down) quite a bit. A lot of these are idiosyncratic (for instance, the recent EOS downturn was fueld by EOS-specific news, the DOGE craziness was likely fueled at least partially by Elon Musk and popularity on Robinhood, XLM’s big rally was likely via comparison to its relative XRP, etc.). But there’s also a continued narrative that altcoins are over-performing generally because they were lagging BTC during its run-up, and that sort of narrative (in concert with resulting liquidations) can tend to be quite self-fulfilling.