Good Morning and Happy Monday from Cumberland APAC! Last week was a big one for crypto, both from a price and a headline perspective. There’s been an interesting flow of price action, and it has felt in some ways like a throwback to 2021. The initial movement came from the macro space, where equities mostly recovered from a damaging April amidst positive trade developments. BTC had been stuck in a tension between comparisons to Gold, which had an amazing April, and equities, which reminded Bitcoiners that BTC was still broadly a risk asset. The easing of the macro headwinds allowed BTC to recover to the high $90ks, and the breakthrough came on Thursday, when BTC broke above $103k and has not really retraced since.

What is interesting here...