Private sector momentum is accelerating. The latest data shows real GDP growth excluding government spending has reached 4.7% on an annualized basis over the past two quarters—a notable shift in economic dynamics. This stands in stark contrast to the previous period, when government-led expansion fueled significant inflationary pressures and crowded out private growth. The divergence illustrates how different policy approaches reshape market conditions. For crypto investors tracking macro trends, this kind of economic reorientation matters: asset valuations don't exist in a vacuum. When private capital flows strengthen relative to government stimulus, the entire risk-on/risk-off calculus changes. Something to watch as we navigate these shifting economic currents.