My personal risk on signal for this final leg triggered I was waiting to see if BMNR and SBET would recover healthy premium to NAVs after the FIRST dip They have, and pumped well ahead of ETHs price in the past 72 hrs. This signals to us and tradfi that dips in these DATs will get eaten up, and so 1) dips will not last long from now on, front run 2) the premiums will allow debt issuance or equity sales to power further ETH buys Flywheel yada yada to the moon This doesn’t mean we don’t see dips, but it means ETH and ETH beta dips are for buying for the remainder of the cycle.