Some macro-level game expectations: 1. Liquidity is still a big issue right now, fully exposed during the government shutdown; 2. The December rate cut is still uncertain. Just because Fed officials are out calming emotions doesn’t mean a rate cut is guaranteed. If there’s no cut, then what? A crash? 3. On 11/12, the government announced reopening, but crypto plummeted because expectations shifted to the December rate cut. If the December expectation is confirmed, what’s the next expectation?