According to Michaël van de Poppe, MN Fund returned +9.82% in December 2025 and +10.13% since inception in July 2025, highlighting resilient performance during a difficult quarter (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update cited in the thread). Over the same period, Bitcoin corrected by roughly 18%, resulting in a +34.49% return versus BTC for the fund in 2025, indicating strong benchmark outperformance (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update). Q4 2025 acted as a stress test with thinning liquidity and elevated volatility, yet the fund continued to generate returns while many assets revisited October lows (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update). A flash crash on October 10 marked the fund’s largest positive trading day, underscoring the robustness of its disciplined volatility strategy (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update). Looking to 2026, the fund stated that macro headwinds turning into tailwinds and rising market volatility and volume could support continued outperformance versus BTC (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update).

According to @alice_und_bob, taking roughly half of compensation in vesting tokens created a corporate tax liability because token compensation is treated as company revenue, while the tokens could not be sold to build cash reserves (source: @alice_und_bob on X, Dec 5, 2025). The author states year 2 tax obligations were estimated off stronger year 1 revenue, with corporate taxes for both years due in September of year 2, just as the token price fell 70 percent (source: @alice_und_bob on X, Dec 5, 2025). As a result, the author reports being unable to meet tax payments either by selling tokens or using cash, creating acute liquidity stress and potential insolvency next year (source: @alice_und_bob on X, Dec 5, 2025). The author adds they are still exploring whether token losses can offset year 2 earnings, underscoring how vesting restrictions and tax timing can decouple liabilities from market liquidity, heightening downside and credit risk for token-funded operators (source: @alice_und_bob on X, Dec 5, 2025). For traders, this case highlights tax-driven overhang risks around vesting schedules and filing deadlines when token prices decline sharply, amplifying sell pressure and counterparty risk in crypto markets (source: @alice_und_bob on X, Dec 5, 2025).

According to @BullTheoryio, the Federal Reserve injected $13.5B via overnight repo operations, the second-largest daily spike since COVID, indicating acute short-term cash needs at smaller banks and balance-sheet pressures (source: @BullTheoryio). According to @BullTheoryio, this mirrors late 2019 when repo spikes, small-bank funding stress, and quiet Fed support preceded the onset of QE (source: @BullTheoryio). According to @BullTheoryio, if repo spikes persist, the Fed could shift toward some form of easing by early 2026, with crypto markets such as BTC and ETH historically reacting early to liquidity expansions (source: @BullTheoryio). According to @BullTheoryio, traders should monitor overnight repo volumes, bank funding spreads, and near-term volatility over the next 3–6 months as continued liquidity pressure has historically aligned with easing cycles that lift risk assets (source: @BullTheoryio).

According to @52kskew, 24h trading volume in high-beta altcoins was marginally higher than the single-asset 24h stats of BTC and ETH, while majors still dominate positioning and overall volume. Source: X post by @52kskew on Nov 8, 2025 https://twitter.com/52kskew/status/1987000454178648190. According to @52kskew, since Oct 10 the altcoin market has exhibited clear illiquidity following market-maker blow-ups, making nearly 50B of volume running through that segment notably extreme. Source: X post by @52kskew on Nov 8, 2025 https://twitter.com/52kskew/status/1987000454178648190. According to @52kskew, traders should watch for exit-liquidity pumps and shorting blowoffs in high-beta alts during these conditions to capture both sides of the trend. Source: X post by @52kskew on Nov 8, 2025 https://twitter.com/52kskew/status/1987000454178648190.