Extreme undervaluation and accumulation signals define a bottoming range, not a bottoming moment. What June confirmed was a preliminary, not a final, exhaustion of sellers. A bear trap can explain a tactical rebound, but it cannot define a cyclical bottom.

In June, AUM grew 6.55% month-over-month, with a weighted APY of 62.34% and a realized yield APY of 28.65%, consistently generating excess returns for investors.

In May 2026, the fund's AUM grew by 4.61% month-over-month, with a cumulative weighted APY of 58.71%, consistently generating excess returns for investors.

This is a textbook case of "liquidity transmission failure" and a typical sample of the brutality of a deep bear market.