Debasement

Deficits get inflated away; scarce assets reprice. Position built during the stress test, not the party

Δ todayModest BTC ETF inflow reversal after heavy outflows is mild support, but mNAV at 0.86x discount and STRC at 88.16 (-11.8% to par) weigh against immediate re-rating.

→ watch tomorrow: Whether ETF inflows accelerate beyond the small $273M two-week print and if STRC can stabilize or reclaim toward 95.