Liquidity Flow has been improving, driven primarily by an increase in credit liquidity. As a result, our liquidity-based fair value for Bitcoin has now moved above spot price - something we haven't really seen since late '24. Historically, when credit conditions ease, Bitcoin's
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Liquidity Flow has been improving, driven primarily by an increase in credit liquidity. As a result, our liquidity-based fair value for Bitcoin has now moved above spot price - something we haven't really seen since late '24. Historically, when credit conditions ease, Bitcoin's