CPI surprise reinforces rate-cut expectations, as crypto rallies with ETH moving to $4.7K and BTC closing in on $120K.
Extended macro tailwinds; Fed cut odds near certainty.
Leverage build-up across top altcoins hits a record $47 billion in Open Interest, raising volatility risk into resistance levels. Low implied volatility pricing across all maturities sets the stage for a possible sharp realized vol expansion.
As perps dominate crypto trading, exchanges are stitching together opaque insurance funds, credit extensions and ADL exemptions — a network of hidden leverage that leaves the ecosystem vulnerable to a cascading, cross-platform failure.
