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🔥 X HEAD OF PRODUCT: “CRYPTO REPLIES ARE MOSTLY BOTS” Nikita Bier says no technology can fix spam under crypto posts because ~80% of activity is bot-driven..

WAR RISK IS RISING AND MARKETS ARE FEELING IT Gulf stock markets opened lower as the US-Israel-Iran conflict enters its third week. • Saudi Arabia: -0.8% • Qatar: -0.5% • Bahrain: -0.3% • Oman: -0.4% At the same time, prediction markets show rising odds of escalation. • 30% chance of U.S. forces entering Iran by March 31 • 65% chance of it happening before the end of 2026 If direct U.S. involvement actually happens, risk assets are likely heading lower.

OPERATION EPIC FURY Started Feb 28, 2026. We’re now 14 days in. Here’s the bill so far: - $19.5B spent - Nearly $1B every day - About $11,574 every second The Pentagon confirmed $11.3B in just the first 6 days. And the burn rate was brutal from the start: - $5.6B in munitions - Spent in the first 48 hours alone Senator Chris Coons says the real number is likely even higher. The battlefield math is brutal - Iran launches a drone: $35K - The U.S. intercepts it with systems like THAAD: That’s a 106:1 cost imbalance Every engagement is widening that gap. Now the funding reality The U.S. government already runs large annual deficits. So when new military spending appears, it usually isn’t covered by new taxes. It’s financed by issuing more Treasury debt. Which means the cost doesn’t disappear. It gets added to the national balance sheet. So far: • U.S. national debt: $38.8T • Debt per taxpayer: $356,089 • Debt-to-GDP: 124% In 1960, that ratio was about 53%. And now the U.S. is adding roughly $1B per day from just this operation. The strategic risk Those interceptors aren’t only for this conflict. They’re part of the air defense umbrella protecting: • NATO bases • Taiwan • U.S. forces in Asia • Ukraine’s defenses At the current burn rate, analysts warn interceptor inventories could tighten quickly. Modern war isn’t just fought with weapons. It’s fought with supply chains, stockpiles, and balance sheets. And right now, the numbers are getting expensive.

Breaking: BlackRock just froze $1.2 billion in withdrawal requests at its private credit fund. Here's what happened: • Investors in BlackRock's $26B fund asked to pull out 9.3% of their money • BlackRock said no — capped withdrawals at 5% • Blackstone's $82B fund saw record withdrawal requests the same week • Blackstone had to put in $400M of its own cash to cover the exits Two of the biggest funds on the planet are limiting how much you can take out.