Market Analysis - The previous Bitcoin price prediction of $90,000 was based on an expected liquidation cascade in altcoins, which has already occurred [1] - The need for Bitcoin to reach $90,000 to trigger altcoin liquidations is now diminished due to the historic altcoin liquidations already observed [1] - The industry needs to re-evaluate positions and strategies in light of recent market events [1] Trading Activity - 25% of profits from a Bitcoin short position have been realized [1] - 50% of profits from RSR and AVAX short positions have been realized [1] - Buy orders for certain altcoins have been triggered [1] - The strategy is to primarily hold cash and maintain a Bitcoin short position [1] - The current portfolio consists of a mix of existing positions and new short positions [1] - The industry emphasizes the importance of patience in executing new strategic orders [1]

Market Trends - Prices are finally increasing [1] - Perpetual DEXes (Perps DEX) are becoming a dominant trend [1] - The market is experiencing increased greed among participants [1] Trading Strategy & Risks - A strategy involves farming all Perps DEXes by simultaneously leveraging positions [1] - A potential "fomo trade of the year" is being promoted, possibly by CZ [1] - The "house" (market makers or institutions) may dump assets [1] - Liquidation cascades could occur [1] - Traders may face potential financial ruin [1]

Market Overview - The market is currently in a trapped state, indicating potential instability [1] - A significant liquidation cascade has begun, impacting numerous altcoin positions [1] - The anticipated impact on altcoins is expected to be substantial [1]

Risk Factors - Liquidation cascade triggered by 647 penguins defaulting [1] - 990% APY refinancing trap indicates unsustainable lending practices [1] - $6.5 million forced transfers suggest potential market manipulation or security breaches [1] - Blur lending concentration poses systemic risk [1] Market Indicators - Token pumping at $1.9 billion valuation raises concerns about market bubble [1] - NFTs dying at 10 ETH floor price reflects declining market interest [1] - Perfect decoupling trade strategy observed [1] Nansen Analysis - Zero Nansen pioneer positions suggest lack of confidence from leading investors [1]

Market Dynamics & Risk Assessment - A single large sell order of 100,000 units triggered a liquidation cascade on @quanto, causing IMF's value to plummet from $30 million to $5 million within an hour [1] - The rapid price decline prevented the protocol from liquidating IMF tokens at their loan values, resulting in USDS lenders losing approximately $600,000 [1] - This loss represented a 1% haircut to USDS lenders, as total USDS deposits on the platform amounted to around $60 million [1] - A similar cascade on coins with loans of $10+ million could have had more significant consequences, but is less likely due to higher liquidity [1] - Lending USDS on IMF exposes lenders to the aggregate risk of all borrowable coins on the platform, rather than the isolated risk of a single coin [1] - While this approach mitigates the risk of total loss from a single pool, it introduces contagion risk across the platform [1] IMF Recovery & Trading - IMF has shown strong recovery, increasing 4x from its lowest point after the cascade [1] - IMF is listed on @quanto with 10x leverage for trading [1] - Users can deposit IMF and use it to trade IMF [1]