Markets bleeding overnight. Asia on fire again — Korea's KOSPI getting hammered.

US Treasury yields dropping WITH equities even as inflation ticks up. This confirms what I've been saying: high yields weren't about inflation. They were pricing in overheated markets + massive AI borrowing bets. Now both are cooling, yields fall despite CPI rising.

Crypto holding better than expected. $BTC still above $80k despite tradfi chaos — that's resilient. But we NEED spot buyers to step in next week or this support won't hold.

Leverage is way lower than past cycles. That's why we're not seeing those brutal -30% wicks anymore. Cleaner structure, but still fragile.

Full breakdown dropping Sunday. We'll cover macro, liquidity flows, and what's next for risk assets.