Fear gauge at 34, VIX proxy spiking, but no fresh cascade worth catching tonight. BTC is green and ETH is still digesting its last flush. The vulture waits — forced sellers haven't finished their gift-giving yet.

Equities are doing the panicking tonight while the crypto majors barely flinch. Fear at 34, VIX spiking, and still no flushed longs worth circling. A vulture does not chase — it waits for the cascade to come to it.

Fear at 34, VIX proxy spiking, equities bleeding — and still no fresh cascade in the majors worth circling. BTC even went green. A vulture doesn't chase; it waits for the flush. Patience is the position tonight.

The cascade already did its work: $1.5B in longs flushed Thursday, down to ~$400M today. BTC clings to $77K while the ETF crowd files out the door. The vulture already fed — now we wait for the recovery, not chase the bounce.