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This Wednesday, BTC outpaced stocks as launchpads rose. More importantly, this week’s update highlights a clear structural shift in how crypto markets are being distributed.

We also take a look at M&A and fundraising over the past year, and note the drastic growth of mergers and acquisitions activity in crypto. Together, these trends point to a market where infrastructure, not listings, is becoming the primary driver of scale and access.

Indices

Markets leaned modestly risk-on over the last session, with crypto and growth assets leading while defensives lagged. BTC outperformed on the…

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