This Wednesday, BTC outpaced stocks as launchpads rose. More importantly, this week’s update highlights a clear structural shift in how crypto markets are being distributed. We also take a look at M&A and fundraising over the past year, and note the drastic growth of mergers and acquisitions activity in crypto. Together, these trends point to a market where infrastructure, not listings, is becoming the primary driver of scale and access. Markets leaned modestly risk-on over the last session, with crypto and growth assets leading while defensives lagged. BTC outperformed on the day (+1.6%), while the Nasdaq 100 ... (full story)