Value, Volatility and Volume – these 3 words became the key focus for digital assets this last week. There was a blast from the Zerohedge on the drop in bitcoin volumeand that some maybe confusing lower liquidity with lower volatility – lack of interest doesn’t make a market safer. The value proposition kicks in with the lower volatility as the other key story this week was the Yale endowment investing in another crypto hedge fund. The headlines matter in a market driving on flows and hoping for new money. The problem with the VVV world in crypto rests on the more fundamental backdrop being ignored by this nascent asset class – global rates moved up sharply last week and the holding of any money in any space has to consider the value against 2% plus “risk free” US return in the O/N or 3% in 3 years. This is a game changer for those that are pretenders in the game, and the war chest needed to successfully change the world using bitcoins, ether, blockchains and tokens will require real economics. The best story for the space was its lack of correlation to bond and stock market pain that dominated global markets last week.