Chris Burniske, a former head of Ark Invest's crypto business and now a partner at Placeholder VC, wrote on X that market sentiment has been reset, leverage has been purged, and most high-quality crypto assets are at much higher lows than we saw in 2023. At the same time, global central banks are about to be forced to ease policy, and market volatility is expected to intensify in the third quarter. In any case, this is a good early form of a bull market.