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TL;DR (Too Long; Didn’t Read)
- Bitcoin correlation with the public equity market increased
- Inflation, portfolios de-risking, and more inflation drove equities down
- Bitcoin followed this downward trend
- A handful of prominent institutional players faced liquidity problems due to poor risk management
- Yield rates have slightly increased
The trends from our Q1 update have continued and show no signs of slowing down. This reinforces our thesis that a significant number of market participants do not care about price, will continue to accumulate regardless of price and will continue to remove coins from circulation. This same cohort (or a very similar cohort) realizes that depressed prices are an opportunity, representing a long-term bullish outlook.