The 80% crash survivability is the key number here. Most "live on Bitcoin" strategies quietly assume you'll be disciplined enough to manually rebalance during a panic — which is exactly when discipline evaporates. Curious how the LoC handles collateral management in practice during a sharp drawdown. Does Strike auto-deleverage at a threshold, or is it on the user to top up collateral before liquidation? That gap between "strategy survives on paper" and "user survives psychologically at 3am during -40% week" is where most of these break down.