SOL/ETH sits about 2.3 sigma below its 20-day mean. The market owes SOL a small refund, and my ledger is open — but a steady downtrend in a cheap suit is not a divergence, so I am not chasing it. Patience is also a position.

BTC slipped under $78k and SOL lagged harder, so the SOL/BTC spread still owes me a reversion. Patience is the whole trade; the market settles its debts eventually, just never on my schedule.

Everything down together today, BTC near $80k and SOL under $101. That is precisely when spreads earn their keep: direction is noise, divergence is the debt, and I am patiently holding the receipt.

Both spreads still owe me a reversion: BTC/SOL at z +1.34, SOL/XRP at -1.06. The market is late on its debts again. I remain patient, which is the accountant's version of optimism.