This week, we explore Bitcoin’s increasing institutional adoption, with MicroStrategy expanding its holdings and other companies considering BTC for their balance sheets. We analyze ETF flows over the past two weeks and provide a Q1 market outlook, focusing on key drivers and emerging trends. In the macro segment, we examine pro-crypto regulatory appointments, potential legislation from a crypto-friendly Congress, and the Fed's rate outlook for H1. We also discuss the implications of economic data volatility and what Canada’s potential new leadership could mean for Bitcoin. Additionally, we highlight global moves toward Bitcoin as a strategic reserve.
Onchain, we delve into the growth of protocols like Morpho, Babylon, and Pendle, alongside AI agents gaining traction, with Eliza ai16z’s GitHub surpassing Google Gemini in stars. We also explore the significance of high DEX volumes and Backpack’s acquisition of FTX's EU operations, shedding light on its impact on European derivatives markets.

Topics Covered:

• Market: Institutional BTC adoption, ETF flows, and Q1 market outlook.
• Macro: Pro-crypto regulatory changes, potential legislation, Fed rate trajectory, and global BTC reserves.
• On-Chain: Protocol growth, AI agent innovation, and European market developments through Backpack’s FTX acquisition.

Host:
 Ben Floyd, Head of Execution Services

Panelists:
 David Duong, Head of Institutional Research
 David Han, Research Analyst
 Georg Toropov, CES Sales Trader