it really is just a combination of all the following factors and so much more

A) crwv financial health
B) daisy-chain of funds blowing up
C) frontier labs profitability ramp
D) middle east uncertainty
E) russia / ukraine war flaring up

essentially what we're seeing is bad news is no longer good news, and good news is not good news. again, the bar is so much higher to clear for the market to determine something as good news given everything that has been tried - what we're simply seeing is the music stopping

what it would take for the music to start again is truly, some incredible outcome / reset; in these market environments, best to just let things flow and wait and see. in discretionary, the right position is almost always, flat