The TRUMP launch has changed the fabric of crypto in many ways. But it's not as simple as "bullish" or "bearish". It's nuanced, with clear bullish implications - and clear bearish ones. Here are both sides, broken down.👇 Pros: • Bullish SOL - chosen as "America's chain" • Solidifies Trump's pro-crypto position - endorsement on the biggest stage • Odds of SBR, pro-crypto policy now higher? Could be a positive tailwind for BTC, RWA, DeFi and alts which are most impacted • May accelerate net new inflows (Moonshot hitting #1 on the app store is an example of this) - it will get even more exposure next week once it hits mainstream media • Opens the door for more launches/innovation/crypto capital inflow in the US - clear "green light" signal (argument can also be flipped in reverse which we'll discuss in the "cons" section) Cons: • Liquidity suck (the higher TRUMP goes, the more liquidity is sucked from on-chain alts) • Makes crypto look bad in congress (could this actually impede Trump's ability to pass legislation?) • Incentivises more meme launches, will more celebs/public figures follow suit? (leads more dilution overall, also more exposure and onboarding - double-edged sword) • Accelerates the cycle (typically rising volatility happens in the lead up to the climax) - I think the odds we're approaching a top have significantly increased vs 1-2 weeks ago • Bearish ETH - this is an obvious one, but the SOL/ETH trade has clearly strengthened and will lead to further capitulation This is my mental framework I'm operating under for now, we'll get even more info over the next 1-2 days once Trump speaks/we see what initial steps he takes in his first few days of presidency. I'll post an updated framework as things evolve (adaptivity is especially key in this environment). Eyes glued to the screen for the next few days.