Jordi Visser

So when you're worried about your debt,

You go into the equity.

It's all cap structure things to kind of protect against losses.

But hedge funds in particular, remember, they're sending out monthly statements.

They're gonna be asked about the questions on their privates for SaaS.

And you go through the numbers of SaaS in terms of what percentage of the VC market it was.

And the numbers were enormous in 2021.

I think it was equal to the prior three years in terms of deal size.

And for crypto, it was at least that.

It may have been the entire time of crypto.

So these are linked.

They're all linked on the private side.

It doesn't excuse the fact that Bitcoin was falling before this.

But if you do the overlay in software, software has been weak for a while.

And I think this is directly related to AI.

The good news coming out of this is I did expect...

eventually software to come down in the Mag7 to start to go through a re-rating, I thought Bitcoin would start to diverge at the same time.

Instead, what's happened is this fall has been so violent and it's now getting into there's debt, there's everything.

It just reminds me that it falls.

The key thing will be for everyone who's watching, if this is what I'm saying, the privates will not bounce.