A Post-Crash Pilot Debrief from The White Whale

$62M - gone in a flash. But as was repeatedly pounded into my head in pilot training: any landing you can walk away from is a good landing.

As I’ve been processing yesterday’s events, I want to share a few…

Many tokens just proved they have zero bid other than contracted MMs.

Thin orderbooks cuz no one wants to buy your dogshit token for a project valued at many billions FDV.

You are not bound to hold any token forever. Let this be a wake up call to sell…

I recommend thinking about flows when considering the next meta:

> Traders got hit the hardest. The next meta won’t be something small and solely onchain (e.g., PUMP or SOL eco, Perp DEXs)
> The next meta will probably have more focus on safety and utility…

Out of respect to others I am skeptical about posting this but after careful consideration I think I have something valuable to say

Yesterday barely even scratched my gains this cycle

There is many reasons for that but the biggest ones are:

#1. I had absolutely…

jez post mortem of yesterday

-lost my lighter acct (maybe get pts back)
-lost my dexaritrading comp acct
-spot port down 5-10%

am getting some qs on how im positioning into monday

maybe complacency, but i dont think its over yet, spot unch

75% spot
25%…

broadly speaking 2 types of players left: multicycle-surviving cockroaches and divinely protected individuals, both types hard to take money from

Some of the monthly median salary in the world :

Singapore $4300
USA $6000
Nigeria $100
Indonesia $190
India $200
South Korea $2800
Japan $3200
Bangladesh $200
UK $3300
Pakistan $200
Vietnam $400
France $2600
Turkey $850

Most of you see some people in web3…

i do think what happened yesterday will have profound implications on the future of the economic relationship among token holders, traders, and vault depositors

at hyperliquid tge, traders and token holders were basically the same group of people. in fact…

today was a hard day

had 4 conversations with friends that lost a lot of f*cking money yesterday, probably $50M in total

the sad thing, was many were in "safer" leverage positions simply to farm points on dexs (think 1.3x lev etc.), nothing crazy on paper…

I don’t think CT realize the scale of the wealth transfer that happened on Friday

Money moved from leverage gamblers who used to drive the market wild to pessimistic bears waiting to buy spot much lower or not buy at all

Not to mention that market makers…

The Black Friday event was scary, but I got out mostly untouched. I was delta neutral into the weekend on Lighter, and my shorts weren’t auto-closed, which happened on eg. Hyperliquid. On the long leg, I had spot positions only. I had no perp positions open…

@Finch_in_flight also good to note that CEX is always more bearish, DEX is always perma bullish

if ur using a dex, you gotta know how ot bridge to arbitrum, then bridge to hyperliquid, if you can do all of these, chances are you are native, and bullish,…

When I was 25 (26 years ago) I was worth 8 figures

When I was 30 I was worth negative figures and in jail

It leaves a scar. Coming back took a lot from me

I paid a hell of a price for hubris

Learn from me. When you win the game, stop playing