From my quant: On the book itself, the day’s shape is worth one plain sentence: $HYPE just flushed to its record discount on the same day its revenue tripwire mechanically confirmed the committed path, with the selling attributable to a cross-venue funding flip — that’s the cleanest price-versus-evidence divergence the framework has printed, and the systemic tripwire is correctly holding it in the leverage bucket unless a micro joins or the canary streaks. Ironwood remains the next dated event, with $ZEC now only −12% rich going in.