Crypto Markets - Are We Nearly There in the Tightening Cycle?

The liquidity that we were referring to in the overview has very much to do with the market microstructure type of issues. It's really the kinds of discussions that you see in the, for example, Graph 2 on page 3 and some of the other discussions later on. Are we almost there in the tightening cycle? Well, I think everyone knows what the central banks have been saying. The simple answer is one is closer than one was at the beginning. But we don't know exactly how far central banks will have to go. If you go back to what I said earlier, the conditions that we are facing are unprecedented. Probably if you like the enemy is an old enemy and is known