Bottoms are formed by a shift in regime.
The Vector framework is still signaling a Strong Risk-Off environment for Bitcoin. However, under the surface, metrics are beginning to pivot. A potential bottom may be forming.
We'll alert you the second it confirms:
https://t.co/uX36Hambdi
🚨 HEDGE FUNDS ARE SELLING US TECH STOCKS AT THE FASTEST PACE IN A DECADE
And the timing couldn't be worse.
Goldman Sachs Prime Book data shows the week ending June 25th saw the single largest net selling of US Information Technology stocks in the entire dataset going back to 2017.
Tech, Media, and Telecom has seen the biggest and most sustained outflows of any US sector all year.
Here is what makes this dangerous.
While hedge funds are quietly reducing exposure, leverage in the system has never been higher.
US leveraged ETF assets just hit a record $200 billion.
Bank net equity repo positions, money banks lend to finance stock market leverage, have climbed to nearly the same level and have tracked leveraged ETF growth almost perfectly for two straight years.
That means the people who know the most are selling.
The people borrowing the most to hold stocks are still in.
When that gap closes, it could be dangerous.
FX positioning is diverging.
Dealers remain short gamma on broad FX, favoring larger EUR/USD moves, while FXY (yen) stands out with extreme long gamma and relatively cheap volatility.
EM ETFs continue to show more stabilizing positioning.
Jane Street generated a record $39.6 billion in 2025 trading revenue, exceeding JPMorgan's $35.6 billion and other major banks, as confirmed by Bloomberg and Reuters reports.
Jane Street generated a record $39.6 billion in 2025 trading revenue, exceeding JPMorgan's $35.6 billion and other major banks, as confirmed by Bloomberg and Reuters reports.
THIS IS INSANE
In 2022, FTX bought 5% of Anysphere's stake for $200,000.
Anysphere is the company behind the Cursor code editor.
In 2023, FTX sold its entire Cursor stake for $200,000.
Today, SpaceX announced its plans to buy "Cursor" for $60 billion.
If FTX hasn't sold it in 2023, the same stake would now be worth $3 billion, a 15,000x return.
The world is heading into a historic debt crisis:
Global government debt is projected to surge to 102% of GDP by 2031, a level previously seen only in the aftermath of World War II, according to the IMF.
World government debt already stands at ~94% of GDP.
Debt-to-GDP has risen +16 percentage points since 2015, with the US and China responsible for the majority of the increase.
This comes as the US is running a government deficit of 7-8% of GDP, with debt projected to rise to 142% of GDP by 2031.
At the same time, China’s Debt-to-GDP is expected to increase to 127% as the country’s deficit has widened to nearly 8% of GDP.
Global interest payments are expected to rise to ~5% of GDP by 2031 from the current ~3%, as governments refinance maturing debt at today's higher borrowing costs.
The global economy is being increasingly fueled by debt.