Spot market liquidity improved 18% on Binance and Coinbase. Increased bid depth suggests that "investing in bitcoins" can sustain larger transactions without sharp price impact, much like large-cap equity behavior. After that transition, Ether could no longer be mined. Instead, it could be staked -- or locked up on the blockchain for interest-like rewards. As a PoS blockchain, Ethereum also gained support for smart contracts, which are used to create decentralized apps (dApps), non-fungible tokens (NFTs), and other tokenized assets. I found an email you wrote in July 2013, stating: "The predicted Bitcoin correction is happening soon. Bitcoin is now trading at $65, which is exactly half of the price when we first met. I think we should be buying aggressively now. I will personally buy 30,000 Bitcoins this weekend. The fund can choose whether to participate in this purchase; I just want to be involved." Dan, can you tell us what the situation was like back then? BTC’s 30-day volatility dropped to 2.8%, comparable to mid-cap tech stocks during consolidation phases. This stability makes "investing in bitcoins" appealing for portfolio balancing strategies amidst equity market uncertainty.