🚨 What happened over the last 24 hours > US indices hit records, but rotation underneath is violent. > Dow strength shows old-economy names are catching bids, while Nasdaq remains driven by AI, chips, quantum, and software names. > Snowflake $SNOW ripping +36% while Salesforce $CRM dropped -2.8% says a lot. > AI infrastructure and agentic AI enablers are winning, while legacy SaaS is starting to feel the pressure. > The bigger shock was SpaceX’s S-1 allegedly revealing 18,712 BTC on its balance sheet, more than 2x what on-chain analysts had tracked. > Shows that on-chain analysis is not a complete market ledger. > It only shows what can be tracked. If SpaceX can hide over half its BTC exposure, other institutions may also be undercounted. > SpaceX’s upcoming IPO could become a liquidity drain for crypto, especially if capital starts chasing the reopened tech IPO market instead.