Crypto firms are going public, fast. Here’s what I’m watching:

Despite weak liquidity, public market crypto proxies, especially compliant, cash-flow-generating firms, have outperformed most altcoins. That says a lot.

However, the “crypto treasury” trend seems to be growing too fast. It’s giving SPAC déjà vu. Great narrative, but shaky fundamentals.

My ideal sustainable play would be: stablecoin issuers/exchanges with audited reserves + profits + strong governance + regulatory alignment.

Zooming out, Bitcoin and global risk assets are now in a narrative vacuum. The market lacks fresh catalyst and strong momentum. We’re all waiting on one thing: macro alignment on rate cuts (and Powell is still stalling).

Until then, alpha lives where credibility meets compliance.