Asian equities bleeding hard. $650B+ wiped out overnight.

🇰🇷 KOSPI -5.5%
🇯🇵 Nikkei -3.1%
🇨🇳 Shanghai -2%
🇹🇼 Taiwan -1.5%

Semiconductor and AI names getting crushed. Investors rotating out of last year's strongest narrative.

This bleeds into crypto. When global risk appetite shifts, $BTC follows liquidity and positioning changes.

Two scenarios:

1. Healthy reset after parabolic run
2. Start of broader risk-off

Liquidity is the tell. When trad markets move this violent, alpha shows up on both sides.

Stay sharp.