Good Morning and Happy Monday from Cumberland APAC! After spending about a week trading below the $62k level, BTC is back around where it traded a week ago. (BTC is up 1% over the past seven days, while ETH is down 4% and SOL is up 5%.) Crypto price action seems somewhat rudderless at the moment; we are currently trading in the middle of a range after testing the bottoms of it, and there’s a wide spread of catalysts and indicators that folks are watching.

• Last week’s FOMC minutes were probably the most closely-watched of the past six months. In 2023, market sentiment around rates certainly got ahead of themselves (and I was certainly guilty of this fallacy) with both rates curves as well as commentators assuming a sharp tightening cycle...