Trump white house + republican senate = unambiguously bullish for crypto. Biggest winners are those altcoins with strong fundamentals (and even large cash flows) that haven't been able to monetize or distribute value to tokenholders due to regulatory constraints. Macro - we're seeing dollar (DXY) strong (and probably because of that, gold and silver weak in dollar terms), bond yields up small, equities strong. IMO, that's a setup for a healthy sustained rally in crypto (if that macro pattern continues). If we saw BTC spiking with gold on geopolitical chaos, that'd be less sustainable, far more likely to revert. But this? IMO, feels like we trend higher for next 6-12 months generally. Market microstructure currently fairly calm, moderate leverage in the system at moderate funding rates. If/when bull market progresses and leverage builds up, we should expect more volatility and spiky liquidations on the path higher.