I expect geopolitical risk over the weekend due to tariff letters. I like the Givers’ thought process: 1. Friday Drops Trump typically announces bad news on Fridays, so a negative impact on risk assets is likely. 2. Post BBB backdrop His BBB has just passed, and he can now announce bad news that he strategically held back. Altcoins tend to overreact on the way down and underperform Bitcoin in risk-off environments: • #Launchcoin – Has now reverted the July move and is pricing in a total retracement of Ethereum back to the previous range low at $2,400. In my opinion, a bit low. • #Useless – Price action is how I would expect a strong altcoin to behave in the current environment. It reverted around one-third of the July move, which goes hand in hand with Ethereum. • #Startup – Trades like a leveraged Useless with the same ratio of overperformance and underperformance in the two moves since July, respectively. Bottom line: Head into Friday with some caution. Be extra careful if you have any leveraged position on volatile altcoins, especially if it’s a leveraged long on Launchcoin. It’s possible that altcoins front-run the news and price in the bulk of the move already