1 The SPY is an ETF that tracks the S&P 500.

2 The QQQ is an ETF that tracks the Nasdaq-100.

3 New York time, which we’ll stick to throughout.

4 The number is the option’s strike price.
The C means it’s a call, i.e. an option to buy.

5 5e2qRc1DNEXmyxP8qwPwJhRWjef7usLyi7v5xjqLr5G7

6 Actually as of 11 March 2025: this part of the newsletter was written, then shelved. I didn’t redo the whole investigation, since it doesn’t change the substance.

7 Trump's meme coin made nearly $100 million in trading fees, as small traders lost money, Tom Wilson and Michelle Conlin, Reuters, 3 February 2025

8 All-time high.

9 TRUMP Token Takedown-Did Insiders Plan The Crash?, Trading View, 13 March 2025

10 OK, fine, since then there’s been the Argentinian clown.

11 How the Trump family took over a crypto firm as it raised hundreds of millions, Tom Wilson, Tom Bergin, Lawrence Delevingne and Michelle Conlin, Reuters, 1 April 2025

12 “American Bitcoin” : la famille Trump se lance dans le minage de BTC avec Hut 8 ! [“American Bitcoin”: the Trump family moves into Bitcoin mining with Hut 8!], Journal du Coin, 31 March 2025