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Crypto is no longer the obvious volatility trade it once was. In this episode, we break down why Bitcoin and broader crypto are lagging equities, why the post 2020 volatility regime is still alive, and why the old central bank put is weaker than investors think. The key shift is simple: risk is no longer being absorbed by policymakers in the same way, which means markets need to price uncertainty more directly. For crypto investors, that makes selectivity more important than ever, especially as equities become a much stronger competitor for risk capital.

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