On today’s episode, Andrew and Alex talk about crypto’s stellar start to 2023. Since the beginning of the year, Bitcoin and Ethereum are up more than 20% while some smaller names like Solana have fared even better. Is this a dead cat bounce? Short covering? A macro-driven rally lifting all risk-on boats? Or is this the start of a new bull market? Next they talk about how Ethereum is becoming ‘ultra-sound’ meaning net new-issuance of tokens is flat or declining. How does Ethereum compare to other big profitable enterprises like Apple who use excess profit to buy back stock much in the same way the Ethereum network uses excess network fees to retire ETH (a process known as ‘burning’). As always, a little knowledge of traditional finance is helpful to understanding Web3!