Market momentum's grinding to a halt as structural headwinds mount. The policy landscape is shifting—tariffs are reshaping trade dynamics and rippling through risk assets, and crypto sits right in the crosshairs of broader economic uncertainty. Meanwhile, the IPO pipeline for digital assets is heating up. What does this convergence mean for positioning? Traditional market cycles suggest consolidation periods often precede significant moves. Whether that's a launchpad for the next wave of crypto public offerings or a extended chop-fest remains to be seen. The macro backdrop matters more than ever.