It’s still early, but if you squint, you can start to see the kind of things that will lead us out of the bear market: * The rise of agentic finance (see: Coinbase) * The rise of institutional DeFi (see: BlackRock/Uniswap) * Progress on quantum risk * Tokenization accelerating It takes a lot of positive data points to find a bottom, and there’s every chance there is another leg lower. But we’re at least starting to put a few points on the board.