This week on Token Narratives, Graham, David, and Andrei unpack the macro shifts steering both traditional markets and crypto. The Federal Reserve’s quiet pivot on balance sheet tightening signals tides turning — but does more liquidity mean a bull run is back on?David breaks down the mechanics and implications of the Fed’s balance sheet adjustments and why Arthur Hayes and others believe quantitative easing is imminent. The crew also dives deep into China’s economic model, potential global re-shoring, and how these forces impact Bitcoin’s trajectory.Other highlights include: • How the rise in gold diverges from the crypto rally • The “Great Rotation” out of U.S. equities into international markets • Tokenized real-world assets and BlackRock’s $1B BUIDL Fund • The upcoming XRP ETF and why the SEC’s shift matters • Ethereum’s long-overdue bullish case — is it finally ETH’s time? • The Solana ad debacle and a discussion on crypto culture warsAnd yes, we talk Elon’s magic money computers.