Think10 Capital Podcast: Recent Episodes
Think10 Capital
Welcome to the Think10 Capital podcast where we share financial market information and educational material. Join us in our journey as we deliver the latest updates in web3, crypto, technology, and the world of business. Tune in for daily updates and come find us on LinkedIn, Twitter, and Discord to continue the conversations. The information on this podcast is for general information only. It should not be taken as constituting professional advice from the podcast owner, Think10 Capital. Think10 Capital nor any of its employees are financial advisers. You should consider seeking independent legal, financial, taxation or other advice to check how the podcast information relates to your unique circumstances.Think10 Capital is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this podcast.
Today's Daily Alpha takes a quick glance at the regulatory landscape of digital assets. The US commodity futures trading commission, or CFTC has released their FY 2022 report which particularly addressed investment schemes and advertising in crypto. Tune-in to the latest episode for the full update!
Today's Daily Alpha takes a look at the latest institutional activity in the digital asset space. Fidelity Digital Assets has announced they’ll begin to offer ETH to institutions later this month, and the Grayscale Bitcoin Trust is going head to head with the SEC. Tune-in to the latest episode for the full update!
Today’s Daily Alpha takes a quick look at Layer 1 VC darling, Aptos, which went live today. The mainnet launch of Aptos has been a much anticipated event, but what was intended to be quite an exciting and celebratory launch turned a bit sticky when news began to circulate yesterday regarding Aptos’ missing some tokenomic transparency. Tune-in to today’s Daily Alpha for the full update!
Today’s episode of Daily Alpha dives right into the market totals. Tune-in for a general update and quick pulse on the markets!
Today's Daily Alpha takes a look at the past 24hrs of trading in what was a volatile session to say the least! The S&P saw its largest daily range since March 2020, and one of its most volatile intraday swings in its history. Tune-in to today's Alpha for the full update.
Today's Daily Alpha covers the latest institutional push in response to the growing demand for digital asset services. The world’s largest custodian bank, Bank of New York Mellon (BNY Mellon), has launched a Digital Asset Custody platform which will allow select clients to hold and transfer Bitcoin and Ether. Tune-in to the latest episode for the full update!
Today's episode of Daily Alpha covers the latest institutional partnership in the crypto and Web3 space, Google Cloud and Coinbase. These institutional powerhouses have paired up to support further adoption and innovation in Web3 and make things faster, easier, and more secure for users. Tune-in to today's Alpha for the full update!
Today’s Daily Alpha takes a look at an update on the recent halt on Binance’s BNB. Late last week, BNB chain was halted in response to a bridge hack worth some $566M, but from quick action, the figure was reduced to $100M. Tune-in to today’s episode for the latest update.
Today's Daily Alpha dives right into the market totals for the week. US markets maintained a slight lift and the crypto markets followed suit. Tune-in to today's Daily Alpha for the full update.
Binance Smart Chain was halted today after an exploit on a cross-chain bridge called BSC Token Hub. As a result, all validators were asked to temporarily suspend BSC, and the issue has since been contained, though an estimated $100M was successfully taken though the original potential vulnerability was upwards of $600M. Listen to today's episode for the full update!
Today's Daily Alpha provides an update on Nasdaq's recent announcement that they’ll be launching a new business targeting institutional-grade digital asset interest at scale and covers Forbes' latest article on Web3 and the Metaverse. Enjoy a listen for the full update!
Today's Daily Alpha covers the latest in Web3 and crypto. ARK invest has recently released an excellent report featuring William Clemente. On another note, the Elon Musk & Twitter saga continues with Musk recently agreeing to proceed with buying twitter. Tune-in to today's Alpha for the full update.
Tune-in to today’s episode of Daily Alpha. The latest update provides an update on one of the most high-profile casualties of this year’s crypto-market meltdown, Celsius Network Ltd. Enjoy a listen of today’s episode for the full update.
Today's Alpha covers all things Web3. Despite some of the significant headwinds, Web3 continues to evolve, grow, and expand, but before Web3 can become more fully established, it will need to successfully overcome some of its core challenges. Where it can do this, it has the potential to transform the next generation of the business landscape and meet the mainstream. Listen to the latest episode for the full update!
Today's Daily Alpha takes a look back into some of the big Merge narratives that were all the rage just a month ago. ETH derivatives, the Proof-of-Work ETHW fork, and ETH inflation rates. Tune-in to today's episode for the latest.
Today's Daily Alpha covers the Bank of England deploying £65bn and delaying quantitative tightening. We also discuss some quiet expansion plans for USDC from Circle as they build a cross-border, cross-chain tokenised dollar. Tune-in to today's episode for the latest.
Today's Daily Alpha covers more recent developments of some other big blowups from earlier this year - Celsius CEO Alex Mashinsky resigns, and the supposed crackdown on LUNA founder Do Kwon continues. Tune-in to today's episode for the latest.
Today's Daily Alpha covers both some recent developments in the crypto space and briefly addresses the importance of being self aware in our decision making. Voyager completes a successful auction with a winning bid from FTX US and how biases affect our mindset. Tune-in to today's episode for the latest.
Today's Daily Alpha covers the how the current macroeconomic situation is impacting global markets. The US Dollar keep strengthening and the financial markets can do naught but watch and wait. Tune-in to today's episode for the latest.
Today's Daily Alpha covers the latest global market drivers and addresses the most recent FOMC takeaways. Nasdaq is a launching a new business, "Nasdaq Digital Assets," which will provide marketplace technology for digital asset exchanges and advanced custody solutions. Tune-in to today's episode for the latest.
Today's Daily Alpha takes a look at the most recent $160M exploit in the crypto space. How do we reduce, or even eradicate some of these types of exploits in the future? Tune-in to today's episode for the latest.
Today's episode of Daily Alpha highlights some of the differences and similarities between Web3 and the Metaverse, and covers some of the US Federal Open Market Committee (FOMC) meeting this week. Tune-in for the full update!
Today's Alpha covers the latest international regulatory development in the digital asset space. The United States White House has released a first-ever comprehensive framework for development of digital assets. Onshore here in Australia, a Senator has introduced a bill to address digital asset regulation in the latest regulatory updates. Check out the full episode for the latest!
Today's Daily Alpha discusses three key things to consider when entering the Web3 space and covers the latest news of KKR tokenizing one of their private equity funds. Tune into the latest episode for the full update!
The Merge has gone Live! Today's Daily Alpha takes a look at The Merge, Funding, Options, and Derivatives activity leading into this historic event for Ethereum. We take a look at some of the complexities at using funding rates as a proxy for understanding where demand is, and cover a broad overview of some of the excitement surrounding the event. Tune-in to the latest episode for the full update!
Today's Daily Alpha covers the latest institutional activity in crypto, and a recent funding raise for NFT project, Doodles. Wall Street majors including Charles Schwab, Citadel, Fidelity Digital Assets, and Sequoia are among others backing a new crypto exchange called EDX Markets, and amidst a backdrop of rugged market conditions, Doodles have raised $54M in equity funding. Tune into the latest episode for the full update!
Today's Daily Alpha covers the latest in the digital asset space. Fidelity Investments is weighing in on plans to provide individual investors access to trading buying and trading BTC. Starbucks is brewing up a ‘revolutionary’ Web3 experience for rewards members. In the latest, the brewing giant has announced their NFT based loyalty program to be built on the Polygon network. Tune-in to today's alpha drop for the full update.
All eyes are on the Ethereum's Merge this week, and there are some significant global market events driving the week ahead with the US CPI release this week, and the FOMC next week. Tune-in to today's Daily Alpha podcast for the latest update.
Today's episode of Daily Alpha takes a look at Decentralised Exchanges, or DEXs, and covers a counter-conversation to the metaverse. What if consumers don't actually need the metaverse? Will metaverse related activity create significant impact in the world, or is it creating solution to a problem that doesn't exist? Listen to today's episode for the full update!
Today's Daily Alpha drop takes a look at the largest and most popular DeFi lending market, Aave and covers Fraxlend, a new product from the team behind the fractional reserve FRAX stablecoin. Tune-in to today's episode for the full update!
Continuing on a DeFi theme leading into The Merge, today's Daily Alpha looks into protocols that offer collateralised debt positions introduced by Maker with the Dai stablecoin andtakes a dive into the Abracadabra protocol. Tune-in to the latest episode for the full update!
Today's episode of Daily Alpha takes a high-level look at funding in the Web3, Crypto, and DeFi space and takes a look at the GMX protocol to give a glimpse into the ever-evolving DeFi world. Listen to today's episode for the full update.
Let’s cover some interesting points of data in today’s Daily Alpha that neatly capture the two biggest narratives affecting the crypto markets: The Merge and macro conditions. First, we cover derivatives volume in the crypto markets then look at the US Dollar Index: what’s been happening with it and some possible implications.
If you think that the metaverse is all about decentralization and self-ownership, Meta's recent announcements may put you off a bit. Decentralization and enabling a true web3 infrastructure is likely not exactly what Meta is aiming for. On another front, a16z crypto is launching NFT copyright licenses which will help define explicit rights of NFT creators and holders with one line of code. Listen to today's Daily Alpha for the latest.
Today's Alpha leans into web3 and covers the latest in the NFT and gaming space, covering the latest research done by Jigger regarding bots in the web3 gaming ecosystem, Meta’s efforts with NFTs on Facebook and Instagram, and Animoca brands $6B valuation. Tune-in for the full update!
Today's Daily Alpha Podcast covers all things Central Bank Digital Currencies (CBDCs). Will CBCDs play a pivotable role in shaping the future of value transfer, or are they just a different way of issuing currency? "Digital currencies, including CBDCs, crypto, stablecoins, fungible and non-fungible tokens, are just some of the ways that the very fabric of commercial and social transactions is being transformed." Listen to today's alpha drop for the full update.
Today's alpha drop provides a discussion on Bitcoin's place in the current macroeconomic backdrop. As inflation fires at 40-year highs, Bitcoin is poised to act as a 'hedge against inflation' as promised.... But why is it trading like a risk asset? Listen to today's episode for the full update.
Today’s Daily Alpha drop covers the latest developments on Tornado Cash OFAC sanctions and addresses macro landscapes with the big Powell-shaped-elephant in the room. Recent events have highlighted how important, but also how complex regulation is and will continue to be moving forward. Listen to today's episode for the full update.
Today's episode covers news from Alameda Research's CEO and the latest from The Sandbox where they're wrapping web3, NFTs, and the metaverse all into one platform. Listen in for the full update!
Dive into today's daily alpha for the latest in the metaverse and DeFi. Today's episode covers Meta's new ID system, the Meta Horizon Profile, and MakerDAO's $100M DAI loan in the first DeFi CeFi loan of its kind. Tune-in to today's episode for the full update.
Today's Daily Alpha pairs Pudgy Penguins and institutional ESG narratives. While the global financial markets and macroeconomists have been mulling over the idea of recession and the fed's solution to inflation, the Pudgy Penguins hit all time highs. Go figure! Tune-in to today's episode for the latest update.
In continuation of the narrative regarding how to address growing pains in the digital asset space and what we’ll learn from ongoing exploits, today's episode discusses immutability. Crypto's technological success will depend on the fundamental safety and security of the entire sector. Today's episode explores why crypto is not necessarily as immutable as the buzzword promises. Listen to the full episode for the latest update.
What is the solution? Over $1.9B was stolen in cross-chain hacks in the first half of 2022 and the trend doesn't seem to be reversing itself any time soon. While it has been far too easy to see some of the shortfalls and weak links in the broader crypto space of late, it's great to see those who are taking the lessons learned and putting work into the new foundations going forward.
On an average day, we'll see hundreds of billions of dollars of volume rotating through a variety of derivatives products within the ecosystem. For example, today’s volume was over $200B dollars derivatives traded across all exchanges. Today's Daily Alpha provides an intro on crypto perpetual futures and other derivative products.
Today’s Daily Alpha Podcast covers some of the latest institutional drivers in the digital asset space and a splash of DeFi. Some of the big players have invested over $6B into Blockchain and Crypto over the past 10 months, including top names like Google, BlackRock, Samsung, Paypal, and Microsoft. Tune-in to today's episode for the latest.
Do Kwon has appeared in his first major interview since the $40B collapse of Terra-Luna, and crypto lender, Celsius reported a $2.8B deficit as of July 29th, 2022. In today's episode of Daily Alpha, we revisit some of May and June's contagion events and the fallout that has continued to occur as a result.
Things have escalated quickly with Tornado cash. Has a criminal protocol been successfully sanctioned, or are attempts to sanction an attack on privacy and broader DeFi at large. Listen to today’s Daily Alpha for the full update.
BlackRock has launched a spot Bitcoin private trust, Ethereum core developers have agreed on scheduling for the Merge, and MakerDAO's co-founder has said it's 'almost inevitable' that DAI will abandon its USD peg. Tune-in to today's Daily Alpha for the latest.
Today’s daily alpha covers an update on Ethereum's testnet successful merge to Proof of Stake. As a transition from Proof of Work to Proof of Stake takes place, Ethereum will likely become cheaper to use and more energy efficient. For traders, however, is this turning out to be a 'buy the rumour, sell the news' event? Listen to today’s episode for the latest update.
Today's Daily Alpha covers all things cryptocurrency mixing protocols. In the latest sanction of crypto mixing service Tornado Cash, there have been some interesting questions come to the service. Today's episode covers what is Tornado.cash, why it was sanctioned, and USDC issuer Circle has blacklisted Tornado cash and frozen funds related to the protocol.
Today’s Daily Alpha takes a pulse on the markets leading into the week. In the crypto world, Ethereum’s Merge story has continued to develop as miners discuss a hard fork where the state of the blockchain will exist in two separate chains, one being a proof of work chain that still relies on miners, and the other being a proof of stake chain that will implement the planned changes from The Merge. Tune in to today's episode for the full update.
Today’s episode of Daily Alpha covers the latest news drivers in the crypto space, including BlackRock’s latest partnership with Coinbase, and Breven Howard's $1.5B flagship crypto fund.
In the Daily Alpha we intend to share the latest insights and drivers within the crypto and web3 space. While we'd like to highlight the positives, we also seek to share objective perspective. Of recent, there have been notable events that are important to address, particularly surrounding the latest hacks and exploits.
Today’s Daily Alpha follows up on the $190M Nomad Bridge hack and covers Michael Saylor’s latest announcement that he’ll be stepping down as CEO of MicroStrategy. Listen to today’s episode in full for the latest Nomad recovery response and Saylor’s “business-as-usual” transition.
Between Nomad's $190M hack and $300M Ponzi scheme allegations, today’s Daily Alpha covers growing pains in the crypto and web3 space that have occurred of recent. What happened? Listen to today's episode for the latest update.
Today’s Daily Alpha takes a look at the month in review. Bigger picture narratives pressed into the forefront with institutional drivers and improved sentiment, while traders navigated the crypto winter into appreciating prices and overall improved headlines.
Today's Daily Alpha covers a16z Crypto leading $50M round in VeeFriends and the latest in economic data. The Fed hiked 0.75% and markets rallied…. Why? It all started when Powell commented, ‘‘We are now at levels broadly in line with our estimates of neutral interest rates, and after front-loading our hiking cycle until now we will be much more data dependent going forward.’’
With the much-anticipated upgrade for Ethereum, devs have pencilled in "The Merge" scheduled for the end of Q3 this year, and for the first time it's more likely than not that the deadline will be met. Ethereum co-founder, Vitalik Buterin, recently shared his takes on the Ethereum roadmap and developer morale as the Merge approaches. In Buterin's words, "we are getting to the point where the system will be able to hold the incredibly massive amounts of usage in an actual mainstream adoption cycle and demand."
How stable is your stablecoin? Today's episode of daily alpha covers the latest with Aave and Curve's recent stablecoin announcements. In the last couple of years, stablecoins have reached central position in the crypto space, standing at an approximate $153B market cap. Stablecoins provide a fast, efficient, borderless and stable way to transfer value on the blockchain.
Aptos closed their $150M round led by FTX ventures and Jump Crypto. Global investment bank Moelis & Company launched their 'Global Blockchain Group' this week, providing bespoke advisory services to corporations utilizing blockchain and emerging blockchain companies. Lastly, the DeFi community has been busy building in the background, remaining warm and active amidst the icy cold.
Crypto Exchange KuCoin raises over $10M From Susquehanna International in their latest growth strategy. SBF is at it again, buying up businesses and taking over the wild world of crypto one major acquisition at a time - the latest? South Korean Crypto exchange Bithumb. FTX also offers to bail out Voyager customers in a joint liquidity proposal. Listen to today's episode of alpha for the latest.
Daily Alpha 025! Institutional drivers in the digital asset space and the phases of a market cycle. Check out today's episode where we cover the latest news regarding a Coinbase employee benefiting from insider trading, the SEC's classification of 9 crypto assets as securities, and the four phases of a market cycle.
It’s crypto winter out here. We’ve got our mittens on, wool socks and ear warmers. Not to mention a steaming cup of tea. Let’s share a few ideas on the crypto winter, bear markets, and market cycles on today’s Daily Alpha. Listen to today's episode of Daily Alpha for a breakdown of market cycles, and those with us on the crypto winter watch; Forbes, Tesla, and Grayscale.
Trading volume has increased on the short-term , there’s been quite a bit going on in the metaverse space of late: TIME magazine's latest issue was titled 'Into the Metaverse: The Next Digital Era Will Change Everything.'
The crypto community has found themselves quite perplexed in the recent news that Three Arrows Capital co-founder Zhu Su has filed a $5M claim against… his own company. The total estimated value of claims against 3AC comes to a modest $2.8B. Bitcoinclosed the daily candle up 7.91% and Ether closed the daily up18.22%. Over the past 24hrs nearly 150,000 traders have been liquidated in a combined total of $838.5M, predominantly from a small short squeeze.
Today's Daily alpha explores market drivers, significant ventures, and the latest in web3. Listen to the full episode to hear abouts Mysten Lab's $2B valuation search, Multicoin Capital's $430M raise, and Shanghai's $1.5B play on the Metaverse.
Today’s Daily Alpha covers latest updates on Circle’s stablecoin reserves, a follow-up on the human component of inflation, and addresses a particular relationship that we’ve observed in the ETH / BTC pair. Tune in to the latest episode for full detail.
Listen to today's Daily Alpha to be well equipped for your next work breakroom chat or coffee economics! This episode covers the latest on inflation data and provides an educational backdrop for listeners. What is inflation? What causes it? How is it measured? Tune in to today's episode to explore.
Referenced Forbes article: 'How Inflation Erodes the Value of Your Money'
Events involving Voyager, Sam Bankman-Fried's Alameda, 3AC, and Celsius keep having me scratching my head. At some point, I promise we can move on from the subject, I really do, but it has brought core issues to light that really need to be addressed. On the other side of digital assets maturing and global regulation efforts ramping up, there are some very specific events that highlight why regulatory oversight, improved disclosure practices, and mechanisms to manage potential conflicts of interest are necessary. Listen to today's Daily Alpha for the full update.
Let’s follow up on some of the latest updates on Voyager Digital and crypto platform Vauld in today’s daily alpha and let’s cover a quick look at the global macro backdrop. Between Voyager's bankruptcy and Nexo's acquisition offer of Vauld, there's plenty to discuss in today's Daily Alpha.
This past week we saw roughly $450M dollars in visible crypto deals, with quite a bit going on in the gaming space. Venture capital and private equity is homing in on the $200B+ videogame industry with particular focus on web3, and blockchain-based platforms. Listen to today's Daily Alpha for the latest.
Today we’ll follow up with our previous conversations around the global regulatory landscape of digital assets, the three JPMorgan execs that left the mega-bank to join the crypto industry, and the latest announcement from Reddit that they’ll be releasing a ‘collectible avatars’ project built on the Polygon blockchain. Listen to today's daily alpha for the full update.
Let’s dive into the metaverse, venture capital, and the network effect today. We’ll take a look at some of McKinsey & Company’s recent research, and cover the latest Joe Rogan Experience where Marc Andreessen, co-founder of VC group a16z was a guest on the most recent episode. Listen to today's daily alpha for the latest.
Today we wanted to share a few institutional news drivers, regulation updates, and a bit of on-chain technical analysis. One interesting thing about on-chain is that just like any form of data analysis there is a forensic nature to it, and like a proper analyst or researcher, data can provide a compelling thesis when the viewer is objective and observant to it...
On the surface of the market, and across the major news-drivers we’ve been seeing – there have been some pretty rough Headlines over the past couple of months. On the charts, in the orderbooks, and on-chain we’ve seen much of the same, on the short-term at least, but there have been early signs of market repair and accumulation beginning to show. Listen to today's release for the full update.
If you’ve been following our daily alpha this past month you’d be well familiar with major headlines like: Grayscale spot Bitcoin ETF application rejected, Goldman Sachs seeks to raise $2B dollars to buy up Celsius network assets, Three Arrows Capital defaults on $670M loan, and SEC-Chair, Gary Gensler publicly defines Bitcoin as a commodity. Now this past week, FTX US acquired BlockFi who is a crypto service provider...
A message from the founders of BlockFi: https://blockfi.com/a-message-from-our-founders-july-2022?utm_source=Twitter&utm_medium=organic-social&utm_campaign=Evergreen
So we’ve come to the end of the month, the quarter, and the first half of 2022. In the background, we're still seeing the bigger picture narratives trudge along as two spot Bitcoin ETF applications were rejected this week by the Securities and Exchange Commission. Let’s go back to November 2021, where the crypto markets rallied to their all-time highs on the back of a cluster of Futures ETF approvals… but market participants knew the true value would come from the approval of a spot ETF which would bring a new era of institutional exposure and adoption...
Today's Daily Alpha looks at a crossover of the equity and crypto worlds that's been unfolding regarding Sam Bankman-Fried, FTX, and Robinhood (HOOD) - a U.S. consumer fintech company that facilitates stock, ETF and crypto trading. We're sure you’re all well familiar with it, if not only for the Gamestop and AMC saga. Think smartphones, click trades, and gamification... Listen to today's release for the full update.
Gary Gensler, Chairman of the Securities and Exchange Commission, said that he was prepared to publicly label Bitcoin a commodity. It’s great to see high-level regulatory figures like Gensler acknowledging, accepting, and advocating for digital assets. The topic does bring up a thought-provoking question how to classify crypto. For Bitcoin, how is it classified? A pure store of value? A digital gold? A hedge against inflation? A risk asset? Listen to today's Daily Alpha for more.
In following up from the Three Arrows Capital saga, it has been officially released over the past 24hrs that 3AC has defaulted on their loan worth over $670M dollars. The entire situation with 3AC and Voyager has occurred within a context of a deleveraging market where hundreds of billions of dollars of value have been effectively evaporated.
One item of news that stood out to us is over the past few days was that investment banking powerhouse Goldman Sachs is looking to raise $2 billion dollars to buy up Celsius Network assets that are stuck in limbo, in the event of a bankruptcy.
This situation has sparked quite a bit of interest and conversation among digital asset investors and market participants. Most have been quick to unpack the context surrounding Celsius, key ownership, cross collateralization, contagion, and claim how Goldman’s interest in the space is something to watch – that it signifies further activity of institutional adoption, however, it’s important to point out that Goldman is not putting their own money at risk here.
On the surface we can see how much movement is happening in the NFT space at large. While the high-risk and speculative nature of valuing NFTs becomes increasingly apparent in market conditions like we’ve seen in the recent past, it’s also becoming increasingly clear how NFTs are rapidly changing the landscape of the creative industry; for creators, for collectors, and for communities. Perhaps somewhere underneath the visible hype, there is a fundamental human drive for connection, meaning, and value expressed through NFT culture.
In continuing with the Three Arrows Capital (3AC) debacle that we covered earlier this week, we’ve seen Voyager – which is a publicly traded crypto marketplace, reveal over a $600 million dollar exposure to 3AC (loan breakdown is part BTC, part USDC). Voyager has requested set repayments of their loan to 3AC and plans to issue notice of default if they fail to receive it.
Our team is thrilled to be on the ground at NFT NYC this year as a part of the Australian delegation. Roughly 15,000 people are in attendance in this 4th annual industry event that is claimed to be the 'Superbowl of NFTs’ with an anticipated 30,000 people coming for associated events. Keep an eye out over the next couple of days and stay tuned for some NFT goodness.
With the US observing a bank holiday overnight the crypto markets had a fairly quiet 24hrs, BTC staying above 20k and ETH holding around 1.1k. Today we'll go over some crypto oddities that have occurred over the past few days just to remind ourselves how, really, this market is still somewhat akin to the wild west, and we’ll brush up on the broader crypto market narrative right now.
This week we saw just under $1 billion in visible crypto deals. A fairly quiet Friday closed out the drawdown of last week's equity market performance. BTC closed the daily candle up 8.46% at $20.5k US, and ETH closed up 13.3% at $1100 US. With total market cap closing up 7.6% we’re now seeing $880B in the crypto markets.