What changes in Kraken's role and operations during a bear market compared to a bull market?

We don't think it will fundamentally change. Our messaging doesn't drastically change. The bull markets in crypto are times for exchanges to really do everything they can to serve customers under incredible levels of peak demand. The slower times, when the market plateaus, are fantastic opportunities for us to work on scaling infrastructure and building new products. 

From where we stand at this point, we're familiar with the cycle and we see the benefits to our ability to internally focus, build a business, and bring value to clients.