Liquid crypto markets in 2025 continue to drive what I consider to be one of the most interesting years for deploying capital into liquid opportunities. YTD median altcoin return is about -50%. Market participants ascribing belief to the four year cycle will continue to produce attempts at timing the market with maximizing their deployments into tokens, which has been led to a violent underperformance and significant drawdowns for select liquid funds in addition to a majority of marginal buyers. There are a number of reasons that justify why the overall altcoin market is significantly underperforming BTC, but to me the key core issue is there is simply a lack in historical inelastic buyside demand coupled with an excess in new tokens bringing supply-side to the market. The end result has been the emergence in narrative tokens, which are incredibly difficult to time on entering and exiting positions. I expect good assets led by good teams to continue driving increases in token holder wealth. My capital is parked on this expectation. Believers in the fundamentals paradigm have the incentive to back and partner with these good teams to build scalable businesses continue to drive adoption both external and internal to crypto-powered infrastructure. This investing framework has played out favorably in 2025 for those who are driven to take the effort in finding these asymmetric opportunities. As we head into the remainder of the year, I expect that capital allocators will continue to reverse previously held beliefs that the rising liquidity tide will produce astronomical valuations for the fundamentally-lacking assets. Based on this assumption, so far this year I have been placing capital into positions I expect to be the largest beneficiaries of this change in investing framework.