Crypto Donovan

Founder/creative director, Sublime Port Design | artist/DJ @whereisbastion | member @FWBtweets | crypto native since 2016

[Crypto Donovan @traderdonovan]

@elliotrades You’re an idiot

[Mayne @Tradermayne]

You wanna buy spot in Q4 of this year.

Cause the 4 year cycle has always remained intact.

Whether we make new lows below $60k, highly likely imo, or not you still want to buy spot in Q4 at the yearly cycle low.

[Benjamin Cowen @benjamincowen]

Bitcoin has fallen back below the bear market resistance band. Bear market likely to continue, just like it has in prior midterm years.

[Crypto Donovan @traderdonovan]

Imagine being able to move BTC price over 1% with a single trade, that’s some 2016 sht

[Crypto Donovan @traderdonovan]

Your size is not size

[Alex Thorn @intangiblecoins]

massive $1.289 billion IBIT block sale by unknown party through dark pool at 10:30am today, biggest such trade i've ever seen

[Crypto Donovan @traderdonovan]

Can someone make a bot to counter trade the analysts lol

[Crypto Donovan @traderdonovan]

@APompliano Perhaps the dumbest thing you’ve ever tweeted

[Crypto Donovan @traderdonovan]

is TradingView's news summary bot giving anyone else trading setups / FA today or just me...?

[dan nolan @dannolan]

I’m not dying from some fucking hentai virus

[Crypto Donovan @traderdonovan]

Bro what

[soothsayer @iamasoothsayer]

2023: Corona ended
2026: Hantavirus

[rasmr @rasmr_eth]

You can fucking hold oil prices down with like 10 million dollars on a crude oil perp and you motherfuckers dont think the CIA and fucking Mossad are in these orderbooks are you fucking retarded. close every trade you have, you are not going to nail this oil shit

[Crypto Donovan @traderdonovan]

@GwartyGwart @TrustlessState True

[Morning Brew ☕️ @MorningBrew]

"Hey man, you're probably going to jail"

Supermicro co-founder: 😭😭😭

[Algod @AlgodTrading]

S&P500 trading as if Binance listed it

[Autism Capital 🧩 @AutismCapital]

Is Trump saying “We don’t need the Strait of Hormuz” the same as the kid who doesn’t get the toy and says “I never wanted to play anyways?”

[Lyn Alden @LynAldenContact]

For context, since macro numbers are so big they tend to feel almost meaningless, $200 billion equates to approximately $1,500 per American household.

[Will @WClemente]

Honey, make sure we’re budgeting for derivatives on agricultural commodities to hedge our grocery price exposure

[Crypto Donovan @traderdonovan]

I can’t believe I bought and held this pos company thru a downtrend just to be stopped out over this treacherous hairbrained smuggling scheme like wtf

[Watcher.Guru @WatcherGuru]

JUST IN: Super Micro Computer $SMCI crashes 27% after its co-founder was charged with smuggling $2.5 billion worth of Nvidia AI chips to China.

[Beaver 🦁 @beaverd]

I was unaware robinhood is made of gas fields in the middle east

[Nick Nemeth (Mispriced Assets) @NickNemo17]

TLDR: I am a recovering alcoholic with no fund, no credentials, and no lobbyist. I rebuilt myself from nothing. Then I broke into finance with no degree, no pedigree, and no permission.

I parsed SEC filings for a $31.5 billion private credit fund called Cliffwater. Not because anyone asked me to. Because nobody else would. The filings are public, but they are buried in footnotes that are not indexed, not searchable, and not structured for analysis. I have been told by fund managers that nobody even attempts this.

Billions of dollars in pension capital, and the people who manage money for a living do not bother to read the filings.

So I read them. Every loan. Every amendment. Every semi-annual PIK disclosure. 2,330 positions. I hand-researched fifty.

I found 189 loans where borrowers are paying interest with more debt instead of cash. I found over 50 loans that are not generating enough cash to service their debt at all — carried at par on the books of a fund that has never reported a losing month in 41 months.

The fund's Sharpe ratio is 3.75. Bernie Madoff — who was fabricating returns and could pick any number he wanted — ran a 3.5. He got caught because the numbers were too smooth by Markopolos. The greatest quant fund in history, Renaissance Technologies, runs a five or six.

Cliffwater is claiming risk-adjusted returns that would be impossible even if you insider-traded with perfect information every single time, because the volatility of the underlying markets would still prevent it.

Nobody asked questions.

Bloomberg confirmed 14% redemptions 48 hours after I published. S&P cut the fund's outlook to negative this week. Cash on hand fell 76% in six months.

This is not an isolated fund. This is the structure. $9.4 trillion in private equity. $3.5 trillion in private credit. They all pay their own valuation agents. The valuation agents decide what the funds are worth. No valuation agent has ever been fired for saying the number was too high.

The marks produce the NAV. The NAV produces the fees. The fees come from pensions. The pensions come from firefighters and teachers and nurses in Oregon and California and Illinois who will never read a private placement memorandum in their lives.

Wall Street ran out of rich people. The endowments were full. The sovereign wealth funds were tapped. So they went downstream — to 401(k)s, to retirement accounts, to interval funds sold to people who have no idea what they own.

1. Direct the SEC and FSOC to examine Level 3 fair value practices across interval funds and BDCs.

2. Require that valuation agents be independent of the funds they mark.

3. State publicly that the current self-marking regime creates systemic risk.

4. Mandate position-level mark disclosure for every fund that accepts pension capital.

There are two ways this ends. It breaks all at once like 2008 and we fix it. Or it rots slowly like Japan: one fund blows up, six weeks of quiet, another one, and nobody connects it for a decade while a generation of retirees gets destroyed.

I am not asking anyone to take my word for it. I am asking them to read the filings.

If you know someone in the administration, a regulator, or anyone on a legislative committee, please send this to them. One person learned this from a one-bedroom apartment. Your government can too.

The will is what is missing.