Good Morning and Happy Pi Day from Cumberland APAC! BTC is trading just below its all-time highs, spurred by the first day of $1b inflow into the ETF on Tuesday. Two numbers stand out there: an $850m inflow into IBIT, which was the largest single-fund inflow yet, and only $80m outflow on GBTC, compared to an average of $350m per day during the previous week and a half. A combination of the largest fund picking up while, at the same time, the GBTC outflow has slowed down, is likely why BTC has pushed to its highs.

Interestingly enough, BTC isn’t even the main story this week. There are two other stories which, on most trading desks, are getting more attention.

Alts have been going this week. Unlike the memecoin rally of last week, we’ve...