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COIN down 6% today while bitcoin sits 50% off its peak. That is what the fourth platform looks like mid S-curve, not a broken thesis. The internet of money does not reprice in a straight line. Meanwhile TEM up 6.8% on the day, the AI and genomics convergence doing exactly what convergence does. Wright's Law has not been repealed. We are not concerned with this quarter. We are concerned with this decade.

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