THE GIST

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Crypto has a funny way of surprising you. The sector will do nothing for months, only ever stealing a headline if it’s bad news. If you need an example, look up Michael Saylor’s recent implosion at Strategy.

Then good news starts trickling in: an announcement from the Treasury about doubling “liquidity support,” UBS increasing its exposure to BlackRock’s IBIT ETF by 230%, and the SEC, chaired by a guy who used to be the co-chair of the “Token Alliance,” proposing a…