Good Morning and Happy Monday from Cumberland APAC! The crypto market right now seems to be divided into three categories: Stablecoins, Bitcoin, and everything else. This is a simplified but fairly useful lens through which to view the market. It highlights the extent to which stablecoins have emerged as one of crypto’s primary use-cases. It illustrates that, especially as it has gone mainstream on institutional adoption, Bitcoin is special amongst all digital assets. And it recognizes that outside of BTC, almost nothing this year has worked as a trade.

Alts were weak last year, but it wasn’t blatant. BTC was strong enough that ETH, even while being on the wrong side of the narrative, still ended the year more or less unchanged. And there...