The crypto bull market is in its early stages, and we must not get carried away with our enthusiasm. Simply put, I have deployed enough capital, meaning sold fiat and bought crypto, for this stage of the cycle. Pace of RRP DeclineIf the RRP is run down close to zero by early March, the financial markets will start sagging. With more supply and higher yields on T-bills, money market funds (MMF) would be financially incentivised to use cash parked in the RRP to purchase T-bills. The market must bring pain upon financial asset holders to force the Fed and Treasury back into the business of printing money.