The Fed over there is once again holding its position—rates are still suspended in midair, and all risk assets are moving based on whatever mood the market is in. My positions haven’t moved recently. It’s not that I’m bearish; it’s that I feel the transmission chain hasn’t finished running through yet—I'll wait first to see on-chain stablecoin inflows and exchange inventory line up in the same direction, then I’ll make a heavy move.

The testnet points expectations were pretty lively; people around me have already rushed in to grind interactions. I calculated the wear and tear and the opportunity cost, so I won’t get into it for now. Nobody can say for sure whether the mainnet will issue tokens—I'll wait until a consistent signal actually shows up in the mirror.

That’s it for now.