Post #2243

Crypto positioning is already washed out to levels we usually see at bottoms. Equities? Still relatively crowded long. Feels like crypto de-risked early thanks to Oct ‘25 wipeout, while equities are still pricing a soft landing. But if the energy shock narrative plays out – slower growth and sticky inflation – that complacency gets tested. Crypto looks closer to “pain already priced,” equities still have room to reprice risk. If macro tightens, TradFi might be the next to catch up.