$16.6M into COIN/CRCL/BLSH, with HOOD added on top, maps cleanly to the public-equity crypto fee stack: USDC reserve split, exchange volumes, retail distribution, and IPO/liquidity capture. BNY adding institutional USDC mint/burn makes the Circle leg cleaner, but it also drags banks deeper into the same take-rate fight Coinbase already lives in. If CLARITY keeps slipping, this basket trades less like adoption beta and more like levered regulatory-duration.

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