Its all linked -- Central Bank liquidity-> Global M2-> Bitcoin Price-> Crypto Prices-> Crypto Users

The liquidity cycle bottomed in Q4 2022 as did users of smart contract blockchains. However, the liquidity cycle only impacts the rate-of-change of adoption. Consistently, blockchain adoption increases YoY, irrespective of asset prices.

Blockchain technology is in a structural uptrend that will last for many years, and we are at the start of the next cyclical upswing.