In fact, if we summarize the first half of the year, all the various favorable expectations from last year have materialized:

-- Bitcoin U.S. strategic reserves

-- Stablecoin bill passed

-- Relaxation of SEC regulations (FIT21 bill)

-- Crypto companies starting to go public

-- U.S. stocks on-chain/RWA trend

-- The wave of listed companies issuing bonds to buy cryptocurrencies, driven by MicroStrategy models

Perhaps the market fully priced in these expectations in the second half of last year, so the summary for the first half of the year is:

Constant good news, but profits are hard to come by.