Positioning got punished, not the thesis.
Post-Fed whiplash defined the week: leveraged longs unwound, BTC ETFs saw ~$258M outflows, and $1.5B in liquidations hit markets. Yet macro data held steady, policy support stayed intact, and issuers lined up new ETFs under streamlined SEC rules. Tether expanded leadership ahead of USAT, miners pivoted to AI/HPC, and Solana DAT listings gained momentum.
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