We interrupt your regularly scheduled programming to tell you what you already know…

Crypto is crashing.

Every headline screams disaster: Binance dumping. BlackRock dumping. Wintermute dumping.

Over a billion dollars’ worth of Bitcoin hitting the market.

But there’s a reason this crash feels more violent than it should…

Let’s break that down first—then I’ll show you what’s catching our attention now.

Because, while the selloff has been brutal…

No doubt about that…

It’s also slowly birthing one of the most asymmetric setups we’ve seen all cycle.

10/10… Still Our Problem Child

This crash in part traces back to October 10th…

When over $16 billion in positions were forcibly liquidated.

Since then, a lot of market makers—Wintermute, Jump, even smaller desks—pulled back or reduced exposure.

That’s one reason we’re seeing such dramatic moves.

In this environment, prices gap down faster, slippage spikes, and fear spreads quicker.

Combine that with tighter dollar liquidity overall and the whole crypto complex is running on less oxygen.

So here’s what we’re doing (and NOT doing).

The Biggest Losers

First things first…

The biggest losers are the ones using leverage.

Leverage is the fast lane to financial suicide. Especially in crypto.

The whales, the market makers, the exchanges see every hand the levered are playing.

And they have much bigger jaws.

(As usual, DCA is our friend.)

While the sentiment sucks, the on-chain data is telling us three things:

→ Exchange reserves are still sitting at six-year lows, meaning less crypto is available on centralized platforms and more is being moved into self-custody—typically a sign of long-term confidence rather than near-term selling.

→ At the same time, some large holders (“whales”) are beginning to quietly accumulate, adding to positions as prices pull back.

→ Meanwhile, retail investors remain cautious and skeptical, still scarred from past drawdowns and hesitant to re-enter.

Currently, we’re doing the same thing we always do…

Slowly accumulating projects with real utility and adoption and holding them through the noise.

And watching select projects closely.

Here’s what’s on our radar right now.

“Broken Mirror” Setups

Right now, a handful of Digital Asset Treasuries (DATs) are trading at steep discounts to the value of the tokens they hold.

Think of it like buying a wallet with $100 inside for $50.

Say, for example, one of them tracks a major “blue chip” token that’s already been hammered—yet the stock trades at almost half its NAV.

These are the kind of “broken-mirror” moments we like… when panic distorts price and value doesn’t line up.

All in all…

Strip away the panic, and crypto’s core story hasn’t changed one bit.

The world’s largest financial system—the United States—now officially recognizes digital assets as a legitimate asset class.

The pipes are being built. The rails are going live. The market structure bill is coming.

More on what to expect in the coming months tomorrow.