Good Morning and Happy Monday from Cumberland APAC. For the past five months, crypto has been primarily moving based on its own headlines, with low correlation to macro markets and high reflexivity to crypto’s own headlines. We’re now coming into a period where the Macro will outweigh the crypto; what happens in the Middle East, at least for some period of time, will have more of a price impact than anything crypto-specific. This means crypto headlines will be more challenging to trade (which, to some extent, will de-emphasize headlines coming out of Token2049 in Dubai this week), watching equities and oil prices will be of higher importance, and volumes will shift from alts back to BTC (the cheapest way to capture directional moves).

It...