Before you post PnL STOP You have to consider the feelings of the people on the other side of your trade. It's not NICE for you to celebrate when other people lose. We need to find a way where everyone can win trading.

We've derisked quite a bit. After derisking higher we kept re-adding. That has completely stopped. This isn't purely an alpha based call. I don't have a good read on the market, we're up a lot into year end and want to crystallize gains, and I'm worried about what's coming. Short term, crypto may be uninvestable. Democrats are probably going Gensler 2.0. There are plenty of nasty outcomes: - DATs made illegal and forced to unwind -Warren Banking Oversight - Protocols pushing memecoins getting prosecuted - Privacy tokens treated as hostile Mid to long term, this is obviously a net good for Bitcoin. Democrats will likely accelerate spending and fiat debasement, and the industry may come out better once it gets "cleaned up." Expect a tremendous amount of volatility. It will present incredible buying opportunities. Note: The democrats cannot replace the CFTC chair who has been ruling favorably for stock perps and DeFi generally, so some assets may not be totally evisercated.

A departure from my usual gloating: If you lost all your money today, I'm sorry that happened. However you must understand that it was deserved. It means you had critical leaks in your trading and you need to take a break. Days like this happen infrequently but they will continue to happen for entirety of your trading career. Being levered is reserved for only the specialist of situations, you should almost never leverage. Never allow yourself to be in the position of a forced seller. If you're having dark thoughts, or feel like you've taken 10 steps backwards and want to do something drastic, please don't. Life is far longer and opportunities are abundant. Do not trade anytime soon. Go back and reflect on what your leak was (risk management, sloppy order placement, etc.) and learn. You paid your tuition. If you continue trading without being self critical you are not a trader you are a PROBLEM GAMBLER. Investing, trading and the journey to becoming wealthy rarely happens overnight. The only way to become profitable is to become your own harshest critic.

We've decided to close nearly all of our equity shorts into last nights emotional selling. One of our most profitable months ever. Thank you to our counterparties on those trades. While the next year looks challenging for equity markets, I don't think it continues to make sense to be directionally short. While sitting nearly 50% cash, we continue to hold large HYPE and Bitcoin positions.