Quick note on market structure vs 2021-22:
Back then, liquidity got pulled across the board—everything tanked together, no discrimination. Classic macro deleveraging.
What we're seeing now? Different animal. Selectivity matters. Not a broad liquidity drain. Specific pockets getting hit while others hold or even work.
That distinction is huge for positioning. In '22 you couldn't hide. Now you can actually play offense in the right spots.
Back then, liquidity got pulled across the board—everything tanked together, no discrimination. Classic macro deleveraging.
What we're seeing now? Different animal. Selectivity matters. Not a broad liquidity drain. Specific pockets getting hit while others hold or even work.
That distinction is huge for positioning. In '22 you couldn't hide. Now you can actually play offense in the right spots.