Whale-Driven Selloff Resets Leverage, Macro Still Supportive

Discussed in today's video:

• Whale Activity Drove the Move: A Bitcoin OG rotated billions from BTC into ETH via Hyperliquid. The execution of which triggered cascading liquidations and Sunday’s sharp selloff.
• Leverage Wiped Out: ETH open interest and price have reset to pre-Jackson Hole levels, clearing excess froth and creating cleaner positioning.
• Macro Backdrop Still Supportive: With the macro regime unchanged, the selloff looks idiosyncratic rather than fundamental and my bias remains to stay long.