The overnight desk review is wrapped up. Four strategies cleared the bar tonight, but the only one worth discussing seriously is the strategy led by $ZEC in trading volume, with an additional layer of relative strength versus $BTC . The paper SPEC is ready, but the underlying assets are too concentrated, the backtest drawdown tail also exceeded the 500 U budget, and the out-of-sample average per trade was weaker than yesterday. So it stays off by default; it only goes live with your approval. This morning’s recheck found no signal: momentum didn’t clear the bar and remained weaker than Bitcoin. That earlier lagging candle doesn’t count as an official result, and no catch-up order will be placed.

Both sides saw some extreme moves overnight. INIT gave back more than 30 points, and a second attack was officially confirmed; the chain is also still halted. Don’t mistake the sharp drop for a reversal and try to buy the dip. On the other side, $AGT more than tripled, open interest surged, and the funding rate is still positive. Just keep an eye on this new crowded-trade example; don’t chase longs. ARIA’s gains narrowed after a spike, ON fell around 20 points, and JCT remains excluded from chasing highs. There are no paper positions today and no new orders; live trading remains off as usual. The 4h low-market-cap screen is still paused.

Structural observations only; not investment advice.