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On Tuesday, US crypto regulators will testify to Congress at the Securities and Exchange Commission's annual oversight hearing.

For a sneak peek, read this Coindesk article highlighting a few key points from a smaller hearing that served as a preface or prologue for this week’s larger full committee hearing.

Why do these hearings matter for the crypto market?

They don’t. They’re purely theater, like all Congressional hearings. The important work happens behind the scenes.

We have much more relevant things to look at.

If you have the same feed I do, you’re hearing one group of people lament the drop-off in ETF inflows, dangerous levels in the stock market, and economic metrics that foretell disaster. You’re also hearing another group of people preaching banana zones, rhyming cycles, and rate cuts.

In my most recent market update, I shared some perspective on the ETFs, along with some data, trends, and behaviors that matter more than what they're saying about “the macro.”

This week, I'll review some of the changes we've seen over the past few months and some new developments you need to know about.

Make sure you got my alert from Thursday!

Did you read or listen to my monthly free issue, Crypto Crossroad: Profit or Adoption?

Do that now.

Look for an altcoin report on Friday and more goodies later this year. Scroll down for some content you may enjoy.

You can reply to this email to contact me directly. Or, use this button to leave a comment at the bottom of any post.

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Chart of the Week

CertiK Ventures discloses $45M investment plan to boost Web3 

Bottom line: a crypto company plans to raise a lot of money for crypto technology (not new tokens).

My take: Certik is one of several funds aiming to grow sustainable businesses to support crypto. Let’s hope they get that money.

While we don't necessarily have an opportunity to make money from these businesses, their success is crucial for creating long-term, sustainable portfolio growth—the kind of wealth that comes with owning a stake in financial networks that people use.

Why you should care: Eventually, enough people will lose money on altcoins that they give up and we’ll need genuine, authentic usage to prop up the value of our tokens. It’s nice to see people working to solve that part of the investment equation.

Bitcoin: A Unique Diversifier 

I thought you might want to see Blackrock’s latest report to investors, Bitcoin: A Unique Diversifier.

In this report, the company advertises Bitcoin as a diversification tool, highlighting its non-correlation to other assets and suggesting it' unique characteristics defy the “risk-on” vs. “risk-off” paradigm.

Perhaps this report is simply reassurance for potentially skittish investors who worry about recent price performance. I'm happy with anything that encourages people to stay engaged and allocated.