Michael Burry, the investor who predicted the 2008 housing crash, has issued a public warning on Nvidia stock and a phenomenon he calls AI "tokenmaxxing" — the inflation of compute demand through excessive token consumption. The warning raises specific questions about whether Nvidia's premium valuation prices in a demand baseline that may prove artificial.

Fresh U.S. airstrikes on Iran near the Strait of Hormuit triggered a crypto market crash that pushed Bitcoin below $73,000 and wiped more than 3% from total market cap in a single session. The selloff's severity, however, reflects weeks of institutional ETF outflows and nearly $1 billion in forced liquidations — not just geopolitical shock.

Washington's legislative calendar has quietly replaced Bitcoin's price as the dominant catalyst for the crypto market's next major move. This analysis examines what the shift means for institutional capital, incumbents, and the industry's competitive structure.