Epoch 8 - broad selloff, light dip-buys from cash

Epoch card

Executive summary

• Vault headline assets fell about $267.52 (−2.81% vs opening NAV). Share price moved −2.81% on the published epoch accounting.
• Oracle sleeve move (perps: Δ unrealised P&L; spot: notional; cash excluded): LITE +$6 vs CRCL −$38.
• Net flows this week: +$793.78 (deposits vs withdrawals).
• Liquidity / wallets: routine multisig → Hyperliquid buffer cadence; merged ledger shows no extra wallet hop worth calling out beyond the standard rails (see appendix).

Operator desk note

This week (1–7 June) a broad sell-off built across crypto first, then US equities in the final days, with heavy profit-taking on semiconductor and AI-linked names that had rallied hard since early April.

That correction risk was one reason the book had stayed ~80% in cash since the second half of May. When nearly every sleeve in traditional finance and crypto moves lower together, some NAV give-back is expected even with a defensive cash weight.

After the sharp down day on Friday 5 June, the portfolio started to add back lightly on a few names. We still think the weakness can run a bit longer into two near-term market events: the SpaceX IPO (12 June) and the first Fed rate meeting under Kevin Warsh (17 June).

Until price action shows a clear, fast return to the uptrend, we will not run large allocation adds. The Friday 5 June dip buys were modest:

Defensive energy. We added a US energy ETF (USENERGY), a sleeve we expect to hold up better in a risk-off tape.

Reinforcements. We added to CRWV, IBM, CRCL, and the NUCLEAR ETF.

Exit. We closed the remaining MSFT line. Recent price action no longer supports the software-rotation thesis we had been playing.

Several proprietary Volta signals (price levels, sector behaviour, US index action, oscillator oversold readings, and market panic gauges) will guide larger reinforcements and cash deployment into risk assets for the rest of June 2026 when they align.

Performance

Over 2026-06-01 → 2026-06-08, net share price printed low 1.008980 and high 1.046303. The largest drawdown from a running intra-week high landed at 3.57%. That is the clearest stress point on the path. Volatility showed up in the band: low to high spanned ~3.57% versus week-open net PPS. Into the last tick, PPS sat meaningfully below week open (≈ -2.62%), a soft weekly finish. Open Performance in the app for the same net PPS basis with full zoom.

What drove the week

From week-open to week-end oracle snaps (cash sleeves excluded; perps: Δ unrealised P&L; spot: notional), sleeve-level marks moved most in favour of LITE +$6 and most against CRCL −$38. Other listed names on the same basis moved: USAR −$18, NUCLEAR −$16, ROBOT −$9, IBM −$9, MSFT −$8, CRWV −$7, and BTC −$3.

Allocation by asset class & gross exposure

The clearest sleeve moves vs week open are Equities +2.2 pp and Cash −1.9 pp. Gross exposure (deployed notional / NAV) moved from 20.1% to 22.0% of NAV. (-3.4 pp on gross exposure vs prior week-end). Same asset-class bands as Allocations (History tab); figures are % of vault NAV.

Listed clips: Hyperliquid

Time (UTC)	Instrument	Side	Size	Price	Fee	Realised close P&L
2026-06-02 02:06:38	BTC	Close Long	0.0013	70297.0000	USDC 0.0392	-6.2890
2026-06-02 18:37:50	LITE	Close Long	0.0200	1033.6000	USDC 0.0018	3.4520
2026-06-04 00:30:27	BTC	Open Long	0.0016	63431.0000	USDC 0.0436	-
2026-06-04 23:03:10	USENERGY	Open Long	1.7100	58.7480	USDH 0.0087	-
2026-06-04 23:06:03	ROBOT	Close Long	0.6200	40.0880	USDH 0.0021	1.2163
2026-06-04 23:11:48	CRWV	Open Long	1.4000	107.5400	USDC 0.0130	-
2026-06-04 23:15:46	IBM	Open Long	0.5000	300.8800	USDC 0.0130	-
2026-06-04 23:17:41	CRCL	Open Long	0.3600	90.5680	USDC 0.0028	-
2026-06-04 23:19:04	NUCLEAR	Open Long	0.4000	133.7400	USDH 0.0046	-
2026-06-05 18:36:47	USAR	Open Long	2.2500	22.3740	USDC 0.0043	-
2026-06-05 18:37:26	MSFT	Close Long	0.2350	417.8300	USDC 0.0085	-2.4886
2026-06-05 20:56:07	HL spot / stable basket	Buy	499.9200	1.0002	USDH 0.0672	-

Realised P&L on closes (what Hyperliquid books when a position is closed):

• BTC −$6, about -6.94% vs the dollar size of that trade (size × price)
• LITE +$3, about +16.70% vs the dollar size of that trade (size × price)
• MSFT −$2, about -2.53% vs the dollar size of that trade (size × price)
• ROBOT +$1, about +4.89% vs the dollar size of that trade (size × price)

Total from these closes: about −$4, or about -0.04% of the vault’s opening NAV for the week. Trading fees on those fills are not subtracted here.

GET https://api.volta90.trade/transactions/VLT90/epoch/8/timeline?full=true
GET https://api.volta90.trade/oracle/VLT90/epochs
GET https://api.volta90.trade/oracle/VLT90/snapshots?sort=asc&limit=1000&from=[epoch-open]&to=[epoch-close]
POST GraphQL PeriodSummary (vault week anchor; indexer endpoint in volta ops docs)