Crypto won the weekend. While U.S. equities sat frozen during the Iran conflict, Bitcoin approached $74K and commodities found price discovery on Hyperliquid before traditional markets opened. This is the new normal, and it's just one signal that 2026 is the year crypto becomes invisible. In my latest letter, I explore the shift from crypto as a sector to crypto as a service, share my takeaways from Consensus HK, and explain why Pantera’s latest investments focus on utility over hype.