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It's going to get into it and you're going to get into it and you're going to be taking us through three or four charts.

And we're going to be starting with a bit of on chain.

And then we're going to go into some kind of liquidity

and broader issues.

And I think there's a bunch of questions that are going to come out from all of this.

So I'm really interested and intrigued because you come at this data very differently, really, from anybody else in this the space and a lot of this is your own custom content and so I'm keen to get started so I'm going to let you share your screen.

Yeah, so what I thought I might do just before we get into the on chain data.

I think it's really helpful to sort of frame why

Bitcoin is important and how it sort of fits in within sort of the macro landscape.

So I thought what I might do is I just bring this up and you can hopefully tell me whether that's all clear on your own.

Yep, you see that.

Okay.

Talk about sort of liquidity, because it's,

if you're following Bitcoin, you're always seeing liquidity being used as a reason for

...