Welcome to the Data Debrief! It was another low-volatility week for crypto markets, though plenty still happened. Visa expanded stablecoin settlement to Solana, the London Stock Exchange Group is exploring plans for a digital asset business, and three DeFi protocols were hit with CFTC enforcement actions. This week, we explore:

• Liquidity trends on U.S. vs. offshore exchanges
• Long-term volatility for crypto and traditional assets
• TUSD trade volume after the end of Binance's zero-fee promotion

Tomorrow: Markets are soaring and crashing on any news around a spot bitcoin ETF. In our September analyst ca