CFTC, ETFS, AND THE SHAPE OF THIS BULL

Summary from the TLDR Crypto newsletter

The current bull market will be driven by ETFs, centralized exchanges, and digital asset treasuries. Retail enthusiasm for onchain “gambling” like memecoins and NFTs has faded. DeFi will benefit if ETF investors push into onchain financial infrastructure while broader crypto adoption shifts toward payments, global settlement of USD/RWAs, and BTC/ETH as stores of value.