🐋 WHALE WATCH : Hedge funds are now sitting on $2.5 TRILLION in US Treasuries. That is larger than Chinas entire foreign stockpile and exposure has doubled since 2023. Heres the catch: New Fed Chair Kevin Warsh is officially ditching forward guidance. Without the Fed hand holding the market any volatility spike risks triggering massive basis trade unwinds and margin calls. The central bank built a shadow leverage monster. Now they are turning off the nightlight.(Whale Factor)