$CASH - Michael has moved to 70% cash position for the first time since 2022, scaling out of risk assets due to late-cycle concerns and expecting Bitcoin to revisit $60k levels
Bearish:
$BTC - Michael has strong conviction that Bitcoin will revisit $60k, willing to miss potential 30% upside to position defensively
$MEME - Michael sold memecoins as part of risk-off positioning, not wanting to hold these assets through a potential bear market
$ETH - Michael identifies excessive leverage in ETH markets with twice as much long exposure as actual collateral on exchanges
$BANKING - Michael sees warning signals in banking sector with SOFR rates exceeding Fed funds, indicating liquidity drying up