TLDR:

• XRPL Foundation has expanded its leadership roles to improve coordination across developers and validators.
• XRP continues acting as liquidity bridge across settlement flows and tokenized asset markets.
• Compliance tools like credentials and permissioned domains support regulated XRPL participation.
• Lending, escrow, and payment channels advance XRPL’s programmable settlement infrastructure layer.

XRP Ledger Foundation advances ecosystem coordination as XRPL development intensifies across liquidity, compliance, and settlement design.

The latest structural updates place XRP at the center of network activity, while new leadership roles expand collaboration across developers, validators, and institutions globally.

XRPL Foundation Reshapes Governance and Ecosystem Coordination

The XRP Ledger Foundation new leadership roles now span engineering, operations, and community engagement to streamline protocol development cycles.

This structure will strengthen alignment between validators, developers, and infrastructure operators participating in network upgrades.

The organisation’s coordination model aims to reduce fragmentation across technical proposals and amendment processes.

Public collaboration has become central, with structured communication channels connecting core contributors globally. Regular updates and documentation efforts are now supporting clearer alignment between ecosystem participants.

Leadership changes also reflect a shift toward transparent ecosystem development and broader stakeholder participation.

The foundation continues engaging validators and developers through structured forums and technical working groups.

This approach positions XRPL governance for more consistent delivery of upgrades and protocol enhancements. Stakeholder engagement has increased through public events, livestreams, and community-led technical discussions.

These efforts aim to strengthen feedback loops between infrastructure operators and protocol engineers. The expanded structure reflects a growing emphasis on coordinated development across the XRPL ecosystem layers.

It also supports clearer decision-making processes for amendments and validator consensus upgrades. Overall coordination improvements are expected to enhance XRPL’s long-term technical stability.

The foundation continues positioning itself as a central facilitator across ecosystem governance. This transition supports broader institutional alignment globally across markets.

XRP Expands Role in Liquidity, Compliance, and Settlement Design

This is as XRP continues to function as a liquidity bridge asset across XRPL-based settlement flows. It is increasingly used for transactions requiring cross-currency routing without direct trading pairs.

This structure enhances settlement efficiency across institutional and retail payment environments globally. On-chain orderbook systems and automated market makers continue supporting decentralized trading activity.

Token standards across the ledger include IOUs, NFTs, and semi-fungible asset representations. These mechanisms improve liquidity distribution while maintaining native settlement characteristics of the network.

Compliance-oriented tools such as credentials and permissioned domains are gaining attention within XRPL development. These features aim to support regulated participation without compromising core ledger efficiency or performance.

Permissioned DEX concepts are being evaluated to enable controlled trading environments for institutions. Lending infrastructure under development targets both institutional credit markets and retail participation models.

XRP will remain central to settlement flows, particularly in bridging liquidity across asset classes. Its role extends across both retail payments and institutional-grade financial infrastructure use cases.

The asset continues to support ecosystem expansion across global payment corridors and tokenized markets. Market participants continue monitoring XRPL upgrades as adoption of compliant infrastructure grows steadily.

The ecosystem developments aim to support broader interoperability across global blockchain-based financial systems over time frameworks.

TLDR:

• MSTR targets doubling Bitcoin exposure per share every 7 years through strategic leverage and management execution.
  
• A 14-year projection shows MSTR potentially delivering a 75x return compared to Bitcoin’s estimated 13x gain.
  
• Buying MSTR alongside spot Bitcoin lets investors compound exposure without selling or replacing their core holdings.
  
• The core trade-off is clear: MSTR carries more risk but offers greater purchasing power protection than spot Bitcoin alone.

Investors seeking Bitcoin exposure increasingly look beyond spot holdings toward MicroStrategy (MSTR) as an alternative vehicle.

The question of why someone would buy MSTR instead of Bitcoin comes down to one core objective: maximizing purchasing power through amplified exposure.

While both assets track Bitcoin’s growth, their mechanics differ significantly, and those differences matter greatly depending on an investor’s goals.

MSTR Offers a Different Path to Bitcoin Exposure

MicroStrategy operates as a leveraged Bitcoin holding company. Every share represents indirect but amplified exposure to Bitcoin’s price movements. This structure appeals to investors who want more Bitcoin per dollar invested over time.

Adam Livingston, a Bitcoin advocate, framed this clearly. He explained, “If I take $180 and buy 1 MSTR share, the management is acting to increase my Bitcoin exposure per share, currently with a stated goal of doubling my Bitcoin per share over 7 years.”

Compare that to buying spot Bitcoin directly. A $180 investment in Bitcoin locks in a fixed amount of the asset. That exposure never grows unless the investor adds more capital. MSTR, by contrast, works to compound Bitcoin holdings per share through strategic leverage.

Management execution remains the key variable here. If MicroStrategy delivers on its stated goals, shareholders benefit from growing Bitcoin exposure without actively adding capital. That compounding effect is what separates MSTR from simply holding spot Bitcoin in a wallet.

The Math Behind Choosing MSTR Over Bitcoin

Numbers help clarify why risk-tolerant investors favor MSTR. Livingston outlined a 14-year projection using realistic assumptions. With Bitcoin growing at 20% annually and MSTR maintaining a 33% amplification ratio, the results diverge sharply over time.

Under those conditions, Bitcoin delivers roughly a 13x return over 14 years. MSTR, factoring in leverage and a mNAV re-rating to 1.5x, projects closer to a 75x return over the same period. That gap represents a meaningful difference in preserved and grown purchasing power.

Livingston acknowledged the trade-off directly. He noted, “Am I accepting more risk? Absolutely, 100%. But when you actually run the math it is very easy to see why people take the risk.” The risk is real, but so is the potential reward for investors who understand what they are buying.

MSTR also fits within a Bitcoin-standard framework. Investors can price their returns in Bitcoin terms rather than fiat, making MSTR a rational allocation of risk capital alongside spot holdings.

Buying MSTR does not replace Bitcoin — it works alongside it for those seeking greater exposure. For investors focused on protecting and growing purchasing power, MSTR presents a mathematically sound, though higher-risk, alternative to holding Bitcoin alone.

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TLDR:

• TRX price climbed to $0.35 while total token transfers fell sharply from 17.3 billion to 12.2 billion.
  
• The drop in network activity during a price rally points to speculation rather than organic on-chain demand.
  
• Tron Inc. acquired 142,957 TRX at $0.3498, pushing total treasury holdings past 695.2 million tokens.
  
• Analysts warn the $0.35 price level remains fragile without a recovery in on-chain transfer volume.

Tron (TRX) has climbed back to $0.35, matching its recent price high. However, on-chain data tells a different story beneath the surface.

Network token transfers have dropped sharply, falling from 17.3 billion to 12.2 billion. This gap between price and activity has raised red flags among analysts. The divergence points to a rally that may lack the organic support needed for sustained momentum.

On-Chain Data Reveals a Growing Gap Between Price and Network Activity

Tron’s price recovery to $0.35 looks strong on charts at first glance. Yet the underlying network data does not confirm the move.

Token transfer volume on the Tron blockchain has declined steeply over the past month. That kind of drop during a price rally is a classic bearish divergence signal.

Source: Cryptoquant

A healthy price rally is typically backed by rising network usage and real utility. When prices rise while transfers fall, it suggests fewer users are actively moving tokens.

This pattern often points to speculative buying rather than organic demand. Traders watching on-chain metrics would treat this as a cautionary sign.

The gap between price performance and transfer volume has widened considerably. Moving from 17.3 billion to 12.2 billion in total transfers is not a minor dip.

It reflects a measurable decline in actual network participation. That level of drop during a price surge is worth taking seriously.

If buying pressure fades without network activity to support the price, a correction becomes more likely. The $0.35 level may struggle to hold under those conditions.

Analysts tracking these signals tend to wait for transfer volume to recover before calling a rally sustainable. Until then, caution remains the appropriate stance.

Tron Inc. Continues Accumulating TRX Despite Market Warning Signs

While market analysts flag the divergence, corporate activity around TRX continues. Tron Inc., listed on NASDAQ under the ticker TRON, recently disclosed a fresh purchase. According to an update shared on X, the company acquired 142,957 TRX tokens at an average price of $0.3498.

That purchase brought Tron Inc.’s total TRX treasury holdings to over 695.2 million tokens. The company stated that it aims to grow its Tron DAT holdings further.

The goal, as outlined in the announcement, is to enhance long-term shareholder value. A designated on-chain wallet tracks these treasury movements in real time.

Corporate accumulation at the $0.35 level adds an interesting layer to the current picture. Large buyers stepping in at these prices can sometimes slow or delay a correction.

However, institutional buying alone does not resolve the underlying network activity concern. Transfer volume would still need to recover to confirm a healthier rally.

The contrast between institutional accumulation and declining on-chain usage reflects the tension in TRX’s current market position.

Traders are watching both sets of data closely. The next move in price may depend on which force proves stronger. Network activity picking back up would be the cleaner bullish signal to watch for.

TLDR:

• ETF inflows and treasury demand continue to support expectations of a potential market cycle peak
• Macro rate expectations and equity correlation remain key drivers of short-term crypto sentiment
• Exchange reserve trends and derivatives positioning show mixed sentiment across trading venues
• Price consolidation near resistance suggests accumulation with potential breakout formation ahead

Bitcoin Return Prediction from VanEck targets a new all-time high within 12 months. The outlook draws strength from institutional demand, ETF inflows, and shifting macro conditions that shape liquidity across global crypto markets. Market participants track flow data and positioning for directional confirmation.

Institutional Flows and Market Structure Support

VanEck builds its outlook on rising institutional participation in regulated Bitcoin products. ETFs attract continuous capital, and this strengthens spot market liquidity. Corporate treasuries also expand allocations, which adds steady buy-side pressure across cycles.

Market structure reflects this demand. Bitcoin is consolidating below resistance while buyers absorb supply on dips. Price action holds higher lows, which signals accumulation instead of distribution across recent sessions.

Macro conditions reinforce this setup. Interest rate expectations and equity performance drive risk appetite in digital assets. Institutions adjust exposure through spot accumulation and hedged derivatives based on volatility shifts.

Exchange data supports the trend. Traders withdraw Bitcoin from exchanges at a steady pace, which reduces available sell-side liquidity. This pattern aligns with long-term holding behavior and stronger market phases.

Macro Drivers, Risk Factors, and Price Structure

VanEck links the new high projection to global liquidity conditions. Easier liquidity pushes capital into risk assets like Bitcoin. In contrast, tighter policy conditions slow momentum and reduce upside speed.

Regulation remains a key variable. Policy shifts across major economies affect institutional participation and capital allocation. Market participants monitor these developments closely as they adjust positioning.

Bitcoin trades in a tight range below resistance. Buyers defend higher support levels and maintain structure across short-term charts. This compression often leads to expansion when volume returns.

Momentum indicators recover gradually. Price avoids overextension, which leaves room for continuation if demand strengthens. Traders watch breakout confirmation through volume expansion and follow-through.

Derivatives positioning remains split. Some traders hedge risk, while others build selective long exposure. This reflects uncertainty in timing, not direction.

Overall, Bitcoin holds a structured consolidation phase. ETF inflows and macro signals continue to guide sentiment as the market waits for a breakout that could validate the move toward a new cycle high.

TLDR:

• ONDO has rallied over 100% from its local lows and is now testing major Fibonacci resistance.
• Elliott Wave structure suggests the current move may still be a corrective rally within a bearish trend.
• A breakout above $0.598 could invalidate the bearish setup and support further upside momentum.
• Ondo’s RWA narrative gains traction through ties with JPMorgan, Mastercard, and Ripple pilots.

The ONDO price is shifting toward whether ONDO can sustain momentum or face renewed selling pressure at overhead resistance. 

ONDO Price Analysis Signals Caution Near Major Resistance

ONDO has posted an aggressive recovery since bouncing from the February capitulation zone near $0.19. The move delivered a strong upside reaction after months of sustained downside pressure across the broader altcoin market.

The current rally has now pushed the price directly into the $0.486 to $0.598 region. This zone represents the 50% to 61.8% Fibonacci retracement of the prior decline, making it a critical technical barrier.

In Elliott Wave analysis, this area often acts as the termination point for wave 4 recoveries before the broader downtrend resumes.

Although price action has remained constructive, the structure of the rally continues to raise caution. The advance shows overlapping internal moves rather than the clean breakout behavior usually associated with a fresh bullish impulse. This suggests the recent recovery may still be corrective.

The bearish structure remains valid while ONDO trades below $0.598. If price fails to clear this resistance cluster, downside pressure could return quickly. The first major downside trigger remains a break below $0.35, which would suggest the rally has likely topped.

In that scenario, ONDO could revisit the $0.24 support zone initially. Additional weakness may expose the prior capitulation floor near $0.19 once again.

Institutional RWA Narrative Keeps ONDO in Spotlight

Despite technical caution, ONDO continues attracting strong attention due to its expanding role in tokenized finance.

The recent collaboration involving JPMorgan Chase, Mastercard, Ripple, and Ondo Finance has strengthened market confidence in the project’s long-term narrative.

The pilot reportedly demonstrated tokenized US Treasury settlement across institutions in under five seconds. This development addresses one of traditional finance’s major inefficiencies by improving settlement speed and cross-border liquidity movement.

As tokenized Treasuries gain traction, ONDO is increasingly being positioned within the infrastructure layer of the Real World Asset market.

Analysts view this as a strong narrative catalyst, especially as institutions continue exploring blockchain settlement solutions.

From a technical perspective, maintaining support above $0.35 to $0.40 keeps the medium-term bullish structure intact. However, a confirmed breakout above $0.598 remains the most important trigger for trend continuation.

If bulls secure that move, ONDO could open a path toward $0.70, with momentum potentially extending toward the $0.85 region in the next expansion phase.

TLDR:

• Pompliano declared confidence that Bitcoin’s cycle bottom was established at the $60K price level.
• Institutional accumulation by buyers like MicroStrategy created consistent demand against Bitcoin’s fixed supply.
• Pomp argues volatility compression has broken Bitcoin out of its traditional four-year market cycle.
• Bitcoin, stablecoins, and tokenization are the assets Pompliano sees surviving and leading crypto’s next phase.

Bitcoin’s recent price action has renewed debate over whether the market has already seen its cycle low. Anthony Pompliano, widely known as “Pomp,” made a bold claim, stating, “I’m pretty confident that was the bottom at $60K.”

His comments came during a broader discussion on Bitcoin’s fundamentals, institutional adoption, and long-term outlook. The statement has since drawn significant attention from investors watching Bitcoin’s next move closely.

Pompliano Points to $60K as the Cycle Bottom

Pompliano’s confidence in the $60K bottom is rooted in Bitcoin’s core fundamentals. He described Bitcoin as offering “certainty” that traditional assets simply cannot provide.

Unlike gold or U.S. Treasuries, Bitcoin’s fixed supply and transparent monetary policy give investors a clear picture of what they own. That clarity, he argues, is what separates Bitcoin from every other asset class available today.

He also noted that the shift from fear to confidence among investors played a major role in establishing that floor. When prices hovered around $60K, many retail and institutional participants were still hesitant.

Pompliano described this period as one where the market needed to move from “fear to confidence” before a sustained recovery could take hold. That transition, in his view, defined the bottom.

Institutional activity also supported the case for $60K as a turning point. Buyers like Michael Saylor and MicroStrategy were accumulating during that period, adding consistent demand against a fixed supply.

However, Pompliano was careful not to overstate any single buyer’s role, calling the recovery a “confluence of events” rather than the result of one catalyst. Each factor reinforced the other, creating a durable floor.

Pompliano also challenged the traditional four-year Bitcoin cycle, arguing that “volatility compression” has changed how the market behaves entirely. Price movements now happen faster and with less dramatic drawdowns than in previous cycles.

If that pattern holds, the $60K level may represent the deepest pullback of this cycle. Investors waiting for lower prices, he suggested, may have already missed their entry point.

Bitcoin’s Fundamentals Back the Bullish Case

Beyond the price call, Pompliano laid out the structural reasons Bitcoin is well-positioned from here. He described Bitcoin as “the only asset” offering digital scarcity, decentralization, and a predictable monetary policy at the same time.

In periods of geopolitical tension and economic volatility, those qualities attract serious capital. Investors seeking certainty are finding fewer alternatives outside of Bitcoin.

He also addressed the growing intersection of artificial intelligence and crypto. Pompliano argued that AI systems will increasingly require assets like Bitcoin and stablecoins to operate, framing both industries under the broader theme of “automation.”

Crypto infrastructure, therefore, becomes a foundational layer for the emerging automation economy. Venture firm a16z has already raised a dedicated fund targeting exactly this convergence.

On surviving assets within crypto, Pompliano was direct and unambiguous. He expressed strong conviction in Bitcoin, stablecoins, equity infrastructure, and tokenization as the areas that will endure.

Most altcoins and meme coins, he argued, are unlikely to recover meaningfully. The smarter approach, in his words, is to “provide the venue” for speculation rather than being the one speculating.

While acknowledging that Bitcoin’s days of delivering 100x returns are behind it, Pompliano remains firmly bullish on its long-term performance. He expects Bitcoin to outperform equities over a sustained period.

For investors who missed the $60K entry, his message is straightforward — “the bottom,” by his assessment, is already in.

TLDR:

• Digital Asset is targeting $300M at a $2B valuation, with a16z crypto set to lead the funding round.
• Canton Network has processed over $6 trillion in tokenized assets, drawing major institutional backers globally.
• A16z crypto raised $2.2B for its fifth fund, bringing total dedicated crypto capital to roughly $10 billion.
• Crypto venture deal counts dropped sharply to 97 in Q1 2026, down from 427 in the same quarter last year.

Digital Asset Holdings, the company behind the Canton Network blockchain, is in talks to raise approximately $300 million at a valuation of around $2 billion.

Bloomberg reported the round on Sunday, citing sources familiar with the matter. The financing, led by a16z crypto, is expected to close within weeks. Final figures could still shift before the deal is sealed.

a16z Crypto Takes the Lead in Major Institutional Blockchain Bet

The raise marks a sharp jump from Digital Asset’s earlier funding rounds. In June 2025, the company secured $135 million led by DRW Venture Capital and Tradeweb Markets. Goldman Sachs, Citadel Securities, and DTCC also participated in that round.

A follow-on raise of $50 million came in December 2025 from BNY Mellon, Nasdaq, S&P Global, and iCapital. The new $300 million round would therefore represent a substantial step up in both size and valuation.

For a16z crypto, the investment follows the firm raising $2.2 billion for its fifth dedicated crypto fund. That brings the firm’s total crypto capital to roughly $10 billion across five vehicles.

A16z general partner Ali Yahya addressed the privacy question directly in January, writing that privacy is “the critical missing feature preventing global finance from fully moving onchain.”

That view aligns directly with what Canton Network offers. Unlike Ethereum or Solana, Canton is built with protocol-level privacy and confidentiality guarantees. Those features are central to its pitch for institutional adoption.

Canton Network Gains Traction Across Institutional Finance

Canton is a public, permissionless Layer 1 blockchain with configurable privacy tools. It supports smart contracts written in Digital Asset’s open-source language, Daml.

The network is designed to handle tokenized asset workflows while keeping transaction data confidential between parties.

Institutional momentum has been building steadily. More than $6 trillion in tokenized assets have been issued or processed on the network. In March, Visa became a Canton Super Validator, marking the payments company’s first blockchain governance role.

Visa later added Canton to its stablecoin settlement pilot in April, alongside Base, Polygon, Arc, and Tempo. Also in March, a project called Zenith completed atomic swaps between Canton and an EVM-compatible environment, opening a potential bridge to Ethereum developers.

In November, Canton Strategic Holdings raised $540 million to build a Canton Coin treasury. Backers included DRW, ARK Invest, and Kraken. The broader venture picture, however, remains uneven.

Quarterly crypto deal counts fell to 97 in Q1 2026, down from 427 in the same period a year earlier, per The Block. Some historically active crypto funds are increasingly shifting focus toward AI and robotics.

Michael Saylor, co-founder of Strategy, signaled that the Bitcoin treasury company will resume its BTC purchases this week, following an earnings call on Tuesday, during which he said the company may periodically sell portions of its treasury.

“Back to work, BTC,” Saylor said in an X post on Sunday, messaging that has previously preceded a BTC purchase, which typically the day after his posts.

The company last purchased BTC on April 27, buying 3,273 coins for about $255 million, which brought its total holdings to 818,334 BTC. Those holdings were worth about $61.8 billion, according to Strategy’s website at the time of publication.

Strategy’s history of Bitcoin purchases since 2020. Source: SaylorTracker.com

The company paused its BTC buying streak for one week ahead of Tuesday’s first quarter 2026 earnings call, in which Saylor said that the company could sell portions of its Bitcoin holdings periodically to pay dividends to holders of its credit instruments.

The announcement appeared to contradict the company’s previous stance of never selling BTC, and the sales could weigh on Bitcoin’s market price by introducing new selling pressure, critics of the move say.

Related: Bitcoin’s recent rally is largely fueled by Strategy purchases: Bitwise’s Hougan

Strategy CEO says dividend-funding sale could “inoculate” the market

“We’ll probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it,” Saylor said during Strategy’s Q1 earnings call.

The announcement drew mixed reactions from the Bitcoin community, with some, like Strategy investor Adam Livingston, arguing that periodic sales will be accretive for the company’s treasury, allowing it to finance the purchase of more BTC in the future.

Strategy’s Bitcoin per share since 2020, measured in sats, the base unit of Bitcoin. Source: SaylorTracker.com

Bitcoin advocate Samson Mow said Strategy’s ability to sell BTC gives it optionality and greater room to maneuver in the financial markets.

Others social media sentiment posited that Strategy’s Bitcoin sales and credit instruments will create a “doom loop” that suppresses the spot market price of BTC.

Strategy CEO Phong Le clarified that the company would only sell BTC in specific instances, including paying dividend yields and deferring taxes, and that neither its sales nor purchases should affect Bitcoin’s market price.

Bitcoin’s average daily trading volume of more than $60 billion could easily absorb Strategy’s $1.5 billion in annual dividend payments owed to holders of its corporate credit products, he said.

“I don’t think we’re driving the price up or down,” Le told CNBC, adding that the company owns about 4% of the total BTC supply. 

Magazine: Big Questions: Can Bitcoin save you from the dreaded Cantillon Effect?

TLDR:

• • Bitcoin’s realized cap monthly growth has returned to +0.25%, ending a steep -2.6% decline recorded in February 2025.
    
  • The February correction triggered realized losses as investors who bought BTC at higher prices exited their positions.
    
  • The downturn reflected a weak-to-strong hands transfer, with patient buyers absorbing supply from loss-realizing sellers.
  • Analysts now watch whether rising profit-taking will slow recovery or if fresh demand will sustain the positive cap trend.

Bitcoin’s realized cap has moved back into positive monthly growth, posting a gain of +0.25% after a steep decline.

This shift follows a difficult correction period that pushed the metric to -2.6% in February. The realized cap tracks the difference between realized profits and realized losses in the market.

It is considered one of the clearest measures of capital movement. Analysts are now watching closely to see whether the trend can hold as market conditions improve.

Realized Cap Drop Reflected Investor Losses During Correction

The February decline in Bitcoin’s realized cap came as investors sold holdings at a loss. Many of those investors had purchased BTC at higher price levels earlier in the cycle. As selling pressure grew, the realized cap pulled back sharply, reflecting capital destruction in the market.

Crypto analyst Darkfost explained the pattern on X, noting that the realized cap measures “the difference between realized profits and realized losses.” During the downturn, this balance tilted heavily toward losses. That shift dragged the monthly growth rate deep into negative territory.

The correction phase also produced a shift in ownership. Investors unwilling to absorb further losses exited their positions and transferred holdings to buyers at lower prices.

This process is commonly referred to as a transfer from weak hands to strong hands. It is a pattern that has appeared in previous Bitcoin market cycles.

Even so, overall sentiment during the correction remained cautious. New capital did not immediately return to the market after prices fell. Buyers waited for valuations to reach levels they considered attractive before committing fresh funds to Bitcoin.

Positive Shift Suggests New Capital Is Returning to Bitcoin

Now that the realized cap has turned positive again, the market dynamic appears to be changing. According to Darkfost, “investor sentiment is improving as capital begins flowing back into the market.”

That change is reflected in the monthly growth figure moving above zero for the first time since the downturn.

The +0.25% reading is modest on its own. However, coming directly after a -2.6% monthly decline, it carries weight as a directional shift. Analysts tend to look at this kind of recovery as an early sign that buyers are returning with confidence.

Capital inflows at this stage often reflect improved sentiment among both retail and institutional participants. When new money enters the market, it tends to push realized profits higher. That, in turn, supports further growth in the realized cap over subsequent months.

The central question, as Darkfost noted, is whether this recovery can continue as more investors take profits. If selling pressure increases alongside rising prices, the growth rate could stall again. However, if demand absorbs that supply, the realized cap is likely to continue its upward trend.