I can NOT overemphasize this enough: DO NOT TRUST EMAILS DO NOT TRUST PHONE CALLS DO NOT TRUST SMS MESSAGES DO NOT TRUST CHAT MESSAGES DO NOT TRUST INCOMING COMMUNICATIONS! Any message saying there is a security problem with an account that needs to be urgently fixed is a 🚩

SCOTUS majority clear in Learning Resources that IEEPA doesn’t give carte blanche authority for executive action. We’ve written previously that the Court would be wary of overextending this 50-year-old statute (when Biden’s Treasury Dept tried to use IEEPA to sanction open source software). Two things of note (1) the Court left the door fairly open for tariffs under non-IEEPA authorities and (2) the Court doesn’t always split along ideological lines as everyone tends to suggest. Today is a prime example with two Trump appointees (Gorsuch and Barrett) ruling against his position. People forget that a Republican appointee wrote the majority in the original Roe v. Wade and a Democrat appointee wrote a dissent (!), Scalia provided the deciding vote against broad government searches in Kyllo and again in favor of the marijuana industry, etc. The list goes on.

Quick update on HYPE: We were initially positioned to reload sub-$17 to get ready for next cycle. But the framework has now materially changed. From a game theory perspective, the magnitude of the upside deviation should ultimately be mirrored by the magnitude of the downside reversion. In other words, the more reflexive and overextended the move becomes on the way up, the higher the probability of a violent overshoot to the downside. Our base case now is that HYPE cannot just revisit the $17-20 range anymore at this stage sadly, it will ultimately overextend well below $10 before establishing a true long-term cycle low. More importantly, the entire structure has now shifted. The $17-20 region is no longer looking like the optimal reload zone for the next expansion phase. Instead, there’s an increasing probability that this range ultimately becomes the distribution ceiling of the next cycle itself. We’ve seen this exact reflexive pattern play out before, EOS during the post-2018 unwind, LINK after its macro euphoric expansion. What once looked like “value accumulation” eventually became lower-high exit liquidity in the following cycle. Very interesting. So essentially, remove your HYPE orders around $17. That level is too obvious now after the expansion, which means you will get front-run by the market before any meaningful reversal materializes. We will keep you posted once HYPE forms a new bottom sub $10 (probably around $7-8) We will find the bottom together, and there should be a nice long to do, until the relief back to $17-20. Not guaranted that HYPE bounces back to $20, but highly highly likely This sould be an easy 2-2.5x at least And with leverage, we could probably pull a 10x Please be patient, we will revert in a few months For now, short only

🚨 THIS IS NOT NORMAL SpaceX, OpenAI, and Anthropic are preparing to go public. All at once. To absorb these giants, the market will need to find $200 BILLION in fresh liquidity. This is a brutal stress test for global investors. To buy into these IPOs, big funds need a lot of cash. They will ruthlessly cut overextended tech. First in line: NVIDIA, Microsoft, and Google. But these companies hold up the entire S&P 500. If they start to fall, the index will follow. We saw this before during the COVID bubble. Dozens of tech companies (Rivian, Coinbase, Robinhood) hit the market at crazy high prices. When the Fed hiked rates and liquidity dried up, these stocks crashed 80%. The AI and tech sectors are already running on fumes. Add a $200B drain, and you get a systemic flush. Get positioned before this massive rotation begins. As a reminder, I’ve called every major market turn for the last 10 years, including the $111K BTC peak in October. Turn on notifications. I will guide you through this liquidity squeeze, and when the real bottom finally forms, I’ll call it here publicly.

seedance prompt: Realistic Video Narration (15-Second Full Version - Pure First-Person POV): Presented in the style of unprocessed, handheld, unstable iPhone video footage. All camera settings are automatic, with no post-processing color grading or special effects. The footage captures the realistic breathing of the operator and slight, irregular hand shake. Autofocus frequently exhibits intense searching, brief out-of-focus periods, and delayed recovery. Auto white balance naturally shifts between warm and cool tones as it blends with the library lights and natural light from distant windows. The overall image is flat and slightly washed out, retaining realistic lens flare, edge purple-green iridescence, and slight overexposure or underexposure. Faint fingerprint artifacts occasionally appear at the bottom of the frame. Only natural ambient sound effects are used (the sound of turning pages, very light footsteps in the distance, the low hum of an air conditioner, suppressed breathing, and the subtle rustling of stockings against a cheongsam). All sounds are extremely suppressed, with slight microphone distortion at louder frequencies. The entire video employs a pure first-person POV perspective (student's subjective viewpoint), with camera movements completely following natural head rotations and gaze movements. The composition is occasionally imperfect, showing realistic breathing tremors and slight shaking during moments of tension. From 0-4 seconds, the camera, in a first-person perspective, rests on a desk in a secluded corner of the library, with noticeable breathing tremors. You can clearly see your legs in black trousers. A female teacher approaches from behind and sits directly opposite you, wearing a white, glossy cheongsam-style dress (high slit design, keyhole cutout at the chest, pink floral lace shoulder embellishments), paired with white suspender stockings and white garter belts. She suddenly leans forward, one hand reaching out to cover your mouth, the other pressing on the inside of your black trousers, whispering, "Don't make a sound... be good, sit still." Her voice is extremely low, yet carries a powerful seduction. The autofocus searches for the high slit of the white cheongsam and the white suspender stockings. Between 4 and 9 seconds, the teacher leans forward more proactively, the high slit of her glossy white cheongsam sliding upwards, revealing a large expanse of her fair thigh and white stockings. She whispers in your ear, "Watch closely... this is what you want to see." The camera instinctively lowers its focus, locking onto a close-up of your black trousers and the teacher's white stockings—the glossy cheongsam fabric taut, the stockings subtly reflective. Your breathing noticeably becomes heavier. Between 9 and 15 seconds, footsteps approach in the distance, and the teacher presses you down more aggressively, whispering a warning, "Someone's coming... but you can't move or make a sound." The high slit of the white cheongsam and the stockings are pressed tightly together, the image shakes violently, the tension reaching its peak. The footsteps grow closer, and the image freezes in an extremely oppressive atmosphere. The footage presents a realistic, unprocessed handheld video quality, a natural, imperfect feel reminiscent of a documentary, without any post-production color grading or special effects. All camera actions are consistent with the physical characteristics of iPhone automatic shooting.