In the lead-up to the previous halving, there was so much talk about whether it was priced in. I don’t see that this time. Maybe we are just battered bulls and the macro picture is less clear, but let me ask anyway: is the halving priced in? Is a possible spot ETF priced in? Is there any future outcome that’s priced in at this point?

It doesn’t really feel like it. Bitcoin is starting to seem like an asymmetric bet again.