Post-CPI Momentum Carries Crypto Higher, But Leverage Risks Build

Key Takeaways

• 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.