Key TakeawaysCrypto faces macro headwinds it has not yet encountered in its short historyCorrelations between asset classes and within crypto remain highUnstable stablecoins will attract harsh regulationUSDC could become a private CBDCCeFi lenders could have used some transparency and hubrisInvestors were driven to opaque CeFi lenders due to the complexities and risks of managing one’s own keys and coinsBitcoin failed as an inflation hedge in Q2Signs of recovery are visible, as founders keep ...