All right, welcome back to Consensus Live from Consensus Hong Kong.

The markets are on edge. Everyone is asking what's next.

Joining us to break down the data is Marcus Thielen, founder and CEO of 10X research,

known for his pinpoint accuracy and institutional grade analysis.

Marcus is here to tell us if this is just a dip or a deeper trend.

Marcus, welcome.

Yeah, thanks for having me.

All right, we all have to ask.

I mean, the last weeks have been kind of crazy in crypto.

Some people were blaming actually this region for some of the challenge that was going on.

What's your take of what's happened over the last couple of weeks?

Yeah, I mean, of course there's a long story and a short story, right?

I think the sort of medium story is that since the summer, we have seen a lot of the OG wallets selling,

but the ETS were still buying, and that has really reversed sort of like end of last year.

But what also happened is actually a lot of the crypto hedge funds were underwater really in Q4.

And that usually means within the one month to three months' lag, you're going to see a lot of redemptions.

And of course, these hedge funds need to liquidate some positions to kind of fulfill those redemptions.

And that's when we have seen the Coinbase premium, so where Bitcoin trades on Coinbase basically

in negative, so in discount really.

So we can see a lot of institutional investors worth selling relative to global investors.

That was how we really came into the new year.

But then really beginning of this year, we expected that the ETFs would start

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