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Executive Summary This year has been exciting for crypto market participants. The following are the core themes driving the market. Bitcoin Treasury Companies & Regulatory progress Public companies added +74,983 BTC YTD, nearly 2x the new supply (+40,369 BTC) Genius Act passed in Senate (68–30): mandates audits and AML compliance for stablecoin issuers SEC has dropped multiple enforcement actions Clarity Act gaining momentum—aims to protect DeFi developers from moneytransmitter classification   Circle IPO, Strategy (ex-MicroStrategy), and Coinbase Circle’s IPO surged 80%

After a few months of hiatus, we’re excited to resume our market commentary following our rebranding to Matrixport Asset Management AG. Since the 2024 U.S. election, Bitcoin rallied 50% to its recent peak in late January. Since then, risk assets including equities and commodities have largely retraced their post-election gains. As of11 March 2025, the NASDAQ-100 sits around 3% below election levels, while Bitcoin remains at approximately 14% above election levels. The current risk-off environment is driven by U.S. tariff