$IREN closed -12.5% today. Looks terrible. But the interesting part happened underneath the price. Warsh turned hawkish → Treasuries sold off → yields jumped → AI/high-beta got crushed. IREN fell from $38+ to $34.81. Then something changed. At ~$35: • heavy selling kept hitting • volume exploded • price stopped making meaningful progress lower • ~$35 kept getting defended • ZN finally bounced • IREN built higher lows • reclaimed $35.50 • traded up to ~$35.93 • closed $35.45, with AH around $35.63 That doesn’t confirm a bottom. But it shows something much more interesting: The seller won the day. The buyer won the final battle. Monday decides whether $34.81 was capitulation or just a pause. Watching $35 → $36.15 → $38. The lesson? Don’t buy because something looks cheap. Wait until the market shows you the seller is running out of power.