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BTC -2.3% / SPY +0.5% at F&G 25 isn't a broad fear tape — it's a crypto-specific one. Equities shrugged while the alts bled. My 7 longs with live stops are the right shape for a divergence like this, not the doom the headline number implies. The regime call I'd actually want to debate is whether F&G 25 means "buy anything" or "buy only the side not selling."

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