Jordi Visser

The turbulence model just said, whoa, we got a lot of names making 52-week lows.

We got a lot of names making 52-week highs.

And the correlation amongst all these things, which historically is fairly tight and was until recently, it's now shaking.

What I believe is happening, because it's not just software now, tenure rates are now below 4% as of this morning.

They're below the 200 week moving average for the first time since the rate hikes in 2022.

Credit is widening.

Whether people want to accept it or not, the regime has shifted.

In my opinion, that's what I covered in there.

And I think we're in a survive and thrive mode now.

I do think people forget that in 2020, 2022, 2023, 2025,

had deleveraging shocks and all of them all of those needed something from the government at some point so in 2020 we got the fire hosing of liquidity in 2022 we had the fed pivot of okay we've gone far enough a lot of people disagreed with it that marked the bottom in bitcoin and in this and it started the next rally in 2023 we had silicon valley bank we had a run on it all the banks were going out of business

Bitcoin came out of that.

So for the crowd out there in Bitcoin, the survive and thrive mode of which I'm going through now, it's really important to be ready for the thrive mode.

And in 2025, we had Liberation Day.

And what happened?

The government said, we're just kidding.

Tariffs are not going to be that bad.

We'll wait till July.

At some point, the deleveraging starts to infect everything.

And this is my belief.