According to a recent “Midyear outlook: Global crypto assets” analysis by Bloomberg Intelligence, Cryptos were a leading indicator of speculative excesses in 2020-21 and are likely poised to resume outperforming most risk assets when the dust settles from the great reversion of 2022. Slightly below $1 trillion at the start of 1H, the crypto market cap is a fraction of the about $25 trillion wiped out from global stock markets. The sharpest drawdown of US stock market wealth to GDP since 1970 shows the rounding error status of crypto assets, which appear more likely to continue rising. At about 1% of global stock-market capitalization at the start of July, cryptos are down from their peak of about 2%, but up roughly 10x from closer to 0.1% in 2017. What’s also notable is cryptos’ recent entrance on the stage of risk assets. The rising adoption of Bitcoin as global collateral in a world going digital and the proliferation of crypto dollars are trends in their early days.