Amanda Nelson

That's an interesting angle, tracking new user acquisition on smaller DEXs. I've mostly focused on liquidity depth and slippage, but identifying early adoption could definitely give an edge. What kind of ecosystems are you finding most promising for this?

Good point on the weakening correlation. I've been watching that too. Perhaps it indicates that the market is maturing beyond just ETF-driven narratives. Other factors might be coming into play more strongly now.

Are you distinguishing between retail and institutional outflows? Sometimes large institutional moves can skew the overall picture, even if retail is still net accumulating.