No way around it, today was challenging for those holding Digital Credit, and it was thoroughly tested. In the spirit of continuous learning, I do want to share what the data showed underneath the volatility, because it's particularly interesting and worth digesting. I truly believe we are building and witnessing the emergence of an entirely new asset class, and the growing pains associated with it. Here's the data that stood out to me: 1. SATA Volume / Volatility & Relativity: $SATA traded $153 Million in volume, representing the SECOND largest trading volume in the securities history (behind May 29th $162M). $153M of volume represents roughly 20% of the entire $SATA supply. Despite trading to an intraday low of $92.88, $SATA recovered to and closed at $97.71, which is within 1.3% of the target trading range ($99 - $101). 2. Liquidity Profile & Comparative Stats: ($PFF and $JPM.PD) Lets compare $SATA and $STRC to the largest preferred equity ETF on the planet $PFF (Blackrock's preferred equity ETF). $PFF has roughly $13.6 Billion in AuM, with a 30 day SEC yield of 6.3%. It traded $78 Million in volume today (0.57% of the AuM). $SATA is 5.5% of the size, yet traded nearly double the volume, with a yield twice the size. Another example, JPM-PD an alternative preferred equity (JP Morgan Preferred, 5.75% interest, non cumulative dividends) has $1.47 Billion outstanding, and traded $1.65M in volume today. SATA is roughly 1/2 the size of JPM PD, yet traded 92 times the volume. It has taken JPM PD the last 48 trading days (going back to April 13th 2026) to trade $153M in volume, and it has taken 111 days (going back to January 12th 2026) to trade 20% of the notional O/S, like $SATA did today (in a single day). Comparatively, $STRC did $941 Million in volume, 4th largest volume day in its history, and largest non-record date volume day. Takeaway: For large institutional capital, Liquidity is the whole question. Liquidity is what determines how large a position you can build, and how quickly you can exit it, without moving the market against yourself. A day like today is a real world test of Liquidity, not necessarily Credit (as the crowd of X profiles would suggest). As @ColeMacro accurately pointed out, a liquidation event and a credit event are not the same thing. Leverage appears to have been flushed, fundamentals intact, and the instruments absorbed the flow and found bids throughout the day. That is not a fragile market, this is data of a young market figuring out what it is made of. Hard times build strong men & strong securities. We will continue to work relentlessly for Bitcoin & Digital Credit. 🫡