According to @KobeissiLetter, heading into President Trump's 100% China tariff announcement, markets were positioned with elevated leverage and looking for a catalyst to pull back, making the post the reason for a selloff within a broader uptrend, source: @KobeissiLetter. The author notes the S&P 500 had not seen a 2%+ decline for six months, highlighting stretched risk appetite ahead of the move, source: @KobeissiLetter. The author reports nearly $20 billion was liquidated in crypto within 24 hours, indicating excessive leverage and forced deleveraging across digital assets, source: @KobeissiLetter. The move is framed as driven by fear and greed dynamics that had tipped too far toward greed, with the guidance to ignore noise and follow the prevailing trend, source: @KobeissiLetter.