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Deep Dive 4/20/26
Executive Summary
The last 48 hours marked a transition in the global macroeconomic and digital asset landscapes. The fragile diplomatic optimism that briefly supported a relief rally toward the $78,000 threshold has been eradicated by a shift from geopolitical posturing to active maritime warfare. The failure of the Islamabad peace talks, the imminent expiration of the April 22 ceasefire, and the kinetic interdiction of the Iranian-flagged vessel M/V Touska by the United States Navy have collectively reinjected a maximalist risk premium into all asset classes.
Despite this volatility…
The skinny
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