Philip Patrick

dot com forward slash Bannon, or they can text Bannon to 989898.

As I say all the time, get the information, immerse yourself, learn, and then we'll be here to fill in any gaps and answer any questions.

Yeah, I think absolutely.

First of all, it was just a huge amount wiped off the crypto market in a very short space of time, as you say.

This isn't just a price drop that we saw.

It was a forced deleveraging event.

And I think once the big drawdown started, every leveraged player in the space had to

unwind positions, and that turns what is a downturn into a cascade.

When it comes to crypto, there's stress in a number of different areas.

Funding rates have flipped deeply negative, so traders are now paying to stay short.

Stablecoin flows have now gone flat, so there's no fresh money entering into the system.

And exchanges have seen the biggest sell-off since 2022.

People are taking assets off the platform.

That isn't speculation.

It's fear.

But as you mentioned, when you zoom out, there's another layer to this.

Crypto was supposed to be the high beta expression of the AI boom.

But now we've got the AI story wobbling.

We've got liquidity thinning.

We've got a Fed that's split right down the middle.