Skeptical That “The Lows” Are In, but Risk/Reward Has Improved, Deploying Some Dry Powder (Portfolio Rebalance)
Feb 2, 2026
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Important Notice: I will be out of the office through Friday and will publish selectively if warranted by market conditions.
Portfolios
NOTE: See the end of this note for additional details on the latest rebalance.
Stops Get Hunted
The crypto selloff accelerated throughout the weekend, with BTC falling to ~$74k, ETH to ~$2,150, and SOL to ~$96.
24-hour liquidations across perpetual futures markets reached roughly $2.5 billion, a meaningful portion of which appears to have come from a single trader on Hyperliquid who ...Finish reading this report for free
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