Markets had a flood of liquidations on Monday, and traders lost over $1.5 billion in positions. So, why are liquidations spiking? Is this a warning or a blip? 
Also, could a flood of DAT issuance be setting the stage for not just a crypto winter, but a crypto “nuclear” winter? If so, hedge funds and market structure could accelerate the pain. 
This week on Bits + Bips, Steven Ehrlich, Ram Ahluwalia, Austin Campbell, and Vinny Lingham talk about why mNAVs could compress and whether even MicroStrategy’s stack is more fragile than it looks. 
They debate the bull case for gold (yes, even at these ATHs), how tokenized stocks and changing reporting cadences could open new insider edges, and what the U.S. macro picture looks like.