Yesterday was likely the largest market liquidation event in crypto history, and the most significant one I have experienced. For context, during the Covid crash, liquidations reached about $1.2 billion. During the FTX crash, it was around $1.6 billion. Yesterday, a record of over $19 billion got liquidated. It was a cascade. Some of the biggest exchanges failed under pressure, freezing, crashing, DDoSed, overwhelmed by a wave of simultaneous user actions. Top altcoins fell over 90%. A few, like ATOM, TON, and others, briefly touched near zero. For everyone, it was (and still is) soul-crushing. During these moments people lose the quiet belief that tomorrow could be better. But the world doesn’t stop here. It moves forward, it heals, and rebuilds. And it will get better. If you have friends in crypto, reach out. Some kindness will go a long way. So what seem to be the causes? (a) The trigger: President Trump’s new tariff announcement on China, seemed like a macro shock that rattled markets. (b) The dynamite: massive structural leverage. Built up quietly over time, turned out to be dynamite waiting for a spark. (c) The reaction: "rumors" point to some big overleveraged exchange or market maker collapsing under the weight of their own overleverage, amplifying the entire effect. It's hard to overstate how much more susceptible the hyperconnected markets have become asymmetric butterfly effects. Moments like these remind us of vital things that are easy to forget: Build something that cannot disappear overnight. No market flush, no black swan, should be able to erase what you’ve built with substance. Own only what you truly believe in. Pain becomes bearable when there’s a good reason, tied to conviction. Think in longer time horizons. Everything that truly matters, takes time to build. Give yourself the space to see the fruit of your labour. Lastly, if you’ve found the thing you believe in, this moment is a gift. Use it wisely. We are here to build a better, more robust system for global finance, that lasts. A system that becomes stronger, with every new challenge. And in times like these, we see more clearly than ever why it must exist. So, don't get distracted. Go touch some grass, get some fresh air. Better days will come. Effort and patience will be rewarded. The future is still bright, and it's ours to build.