The line I was watching closely decided to teach me a lesson today. ZEC dropped more than 10% overnight. On the 9th, I was still stubbornly saying it had a license, that rotation would move on without it. But today, it's the reddest one in the room. The root cause? Last night's PPI—5.4, exceeded expectations. Rate hikes are back on the table. Bitcoin is grinding around $77K, down 5% in a week. ETF outflows for three consecutive days. High-beta assets die first, and the storytellers get smashed first. Licenses mean nothing in the face of macro factors. Next week, the Fed meeting is coming up. I'm betting $76K won't hold.