$40B Wiped Out. What’s Next?

At the peak of the alt season in December, open interest (OI) was $72B.

Now? $32B.

$40B gone. Just like that.

Key takeaways:

📉 BTC OI at $89K → $16.93B (+25% from Nov’s $13.5B at $70K).

📉 SOL & ETH already below pre-Trump levels.

But here’s the real kicker:

🔻 Excess margin positions? ~$2.5B.

🔻 Hedge funds flipping bearish—fast.

And the big picture?

Trump’s first term was all about stocks.

His second? Bonds.

If his team starts breaking things to push bond yields lower…

🔥 Stocks tank.

🔥 Crypto front-runs the collapse.

You ready for the next wave?