The setup
Volatility compressed through the summer while yields held firm. We used the calm to rebalance toward income-generating positions and trim exposure to the most reflexive parts of the digital-asset book.
What we're watching
- Rate expectations and their effect on real-estate financing
- Stablecoin flows as a liquidity signal
- Dispersion between quality and speculative names
Every position is reported in your dashboard; this note is context, not advice.