Was the speed of the fill a tell in itself? $500M filled in 12 minutes. Impressive on the surface, but speed isn't always strength. Sometimes, it’s a symptom. When everyone rushes to get in, without blinking, without thinking, it’s often because they’re not investing, they’re positioning to flip. The speed of the fill wasn't a vote of confidence in the project; it was a vote of confidence in the exit liquidity. That alone sets the tone. If the presalers were truly long-term aligned, you’d see staggered entries, thoughtful sizing, more patience. But this felt like a race, not a thesis. And when a pool is filled with fast hands, you know how the post-launch behavior unfolds. Few will hold for a 3x. Most won’t even wait for a 2x. The irony of the “free 2x” is that no one wants to be the one holding while others cash out. When upside is front-run by participants who all expect the same easy multiple, the path to profit gets crowded and unstable. So, who gets excited at launch? The most eager already got in. Without new inflows, launch is just a redistribution.