📈Ithaca Protocol Market Update

► "Trump 'chickening out'" is trending on Weibo; 4D chess is in trouble as Japan balks at the deal, and damage to the real economy is unfolding in real-time. The market sees through it and has stabilized in all red zones, is oversold, and crypto is anticipating inevitable easing.

► Bessent's presser was not what the doctor ordered; starting as a strategist rather than a client-facing person catches up with you.

► Trump's approval ratings are taking the expected hit post-honeymoon and the big reveal of "winging it based on (correct) instincts" versus reality disconnect.

► Market breadth also signals a market bottom.

► Research reports by Citi and JPM on stablecoins; crypto's killer app has been with us for some time.

► "US equity selloff driven by aggressive de-risking by hedge funds; not much foreign selling, and domestics have been buying" (hint: HFs need to cover at some point).

► Yes, the new SEC chairman, who is a notable crypto advocate, is not just a one-day headline.