🐋 WHALE WATCH: 1. The DeFi institutional dream just took a massive hit. MEV Capital’s AUM has imploded by 80% in just four months—crashing from $1.5B to $300M. This isn't just a "bad quarter"; it’s a full-scale liquidation event. 2. What happened ? It all traces back to October 2025. The deUSD (Elixir) depeg triggered a "industrial catastrophe." Automatic liquidations across protocols led to $10M+ in direct losses. 3. The numbers are brutal: Gross Revenue: $10.6M (Q1 '25) => $804k (Q1 '26). That is a 92% drop in revenue. Earnings ? Down to a mere $99k last quarter. 4. The fallout: CEO Laurent Bourquin (ex-SocGen) has stepped back. 10 out of 15 employees have left. Belem Capital has terminated their mandate and "internalized" the team to salvage what’s left of the risk framework. 5. Midas has already jumped ship, appointing RockawayX to manage their mMEV and mevBTC products. The lesson ? Even "institutional grade" DeFi strategies are only as strong as their weakest stablecoin peg.(Whale Factor)