Crypto Macro Brief

Crypto markets stabilized near $110,000 for BTC and under $4,000 for ETH after a sharp early-November correction, with total market cap still down 20% from October highs. Macro headwinds—sticky inflation, strong USD, uncertain Fed/ECB policy—are balanced by regulatory clarity (EU MiCA), robust stablecoin inflows, and technical rebounds. The US shutdown resolution and dovish central bank signals lifted sentiment, but outflows from ETFs and persistent volatility highlight ongoing caution. Key catalysts ahead include US CPI (20 Nov), Fed Chair speech (4 Dec), and EU MiCA stablecoin rules (11 Dec), which could determine whether digital assets break out of their current consolidation or remain range-bound through year-end.

Crypto markets remained under pressure this week, with Bitcoin and majors falling 2–4% and total crypto market cap hitting multi-month lows as risk appetite weakened. Institutional ETF inflows have slowed, reflecting macro headwinds as U.S. and EU inflation prints reinforced expectations for persistently high rates. Stablecoin issuance and DeFi activity continue to stagnate, mirroring flat on-chain demand. Regulatory developments were mixed: the U.S. SEC delayed spot ETH ETF decisions and increased enforcement, while the EU and UK advanced digital asset frameworks. Upcoming U.S. CPI data and SEC ETF deadlines are critical—if inflation cools or ETFs advance, crypto could rebound, but if macro or regulatory headwinds persist, further downside risk remains.

US inflation surprised higher this week, driving global yields and the dollar up while risk assets—including crypto—sold off sharply. Bitcoin dropped below $95k, its worst weekly loss since March, as ETF inflows and institutional interest provided only partial support. Stablecoin issuance flattened, reflecting tighter USD liquidity, and regulatory developments were mixed: US ETF approvals accelerated institutional flows, but enforcement actions and China's FX controls weighed on sentiment. Upcoming releases—including US PCE, ECB minutes, and major ETF rebalances—will shape the next phase for BTC, ETH, majors, and DeFi. Macro headwinds remain strong, but structural tailwinds from market maturity and ETF growth persist.

US core inflation prints surprised to the upside, keeping real yields high and the Fed on hold, while the DXY dollar index remained firm, pressuring risk assets and crypto beta. Regulatory clarity took a step forward as the Clarity Act advanced in the US Senate, raising hopes for new institutional inflows if passed. Crypto majors (BTC, ETH) held steady, underpinned by ETF inflows and improving market structure, but faced choppy flows as stablecoin issuance and on-chain leverage stayed flat. Liquidity is tightening as central banks continue quantitative tightening and US Treasury cash drawdowns slow, dampening the net liquidity tailwind. Key catalysts ahead include US PCE data, global PMIs, and further regulatory milestones—each with potential to reset crypto market direction.

US inflation surprised to the upside, pushing back rate-cut hopes and driving the dollar higher, which pressured both equities and crypto—triggering billions in crypto outflows and a risk-off tone across digital assets. Stablecoin issuance stagnated, ETF inflows into BTC and ETH held up, and regulatory actions in the US and UK intensified, creating mixed signals for majors and DeFi. The interplay of sticky inflation, USD strength, and heightened policy scrutiny are key headwinds, while ETF demand and real-world asset adoption offer selective support. Key upcoming catalysts include US PCE, FOMC minutes, and Eurozone PMIs, which will likely shape crypto’s next move.

US yields eased and equities rebounded this week after softer inflation data and dovish Fed signals, fueling a surge in crypto as BTC briefly topped $108,000 before retracing. Liquidity conditions remain mixed: Fed balance sheet contraction continues, but stablecoin flows turned modestly positive, boosting DeFi activity. Regulatory headwinds persist with SEC delays on ETH ETF approvals, while global disinflation trends support risk assets. Near-term, US CPI (13 Nov), EU HICP (29 Nov), and the FOMC (19 Dec) are set to drive volatility and sentiment in digital assets. Traders should watch for shifts in real yields, USD strength, and upcoming policy decisions.

US CPI remained sticky last week, keeping real yields elevated and stalling Bitcoin’s relief rally, with year-end record highs now seen as unlikely. The dollar eased slightly but FX markets offered no clear risk-on signal; global equities softened and stablecoin flows stayed flat, reflecting subdued crypto risk appetite. Major regulatory steps—US ETF approvals in progress and Europe’s MiCA implementation—add policy uncertainty, while global central banks keep tightening liquidity. Key upcoming catalysts include US CPI (13 Nov), the year’s final ECB meeting (14 Dec), and Fed dot plot (18 Dec). Crypto’s next moves hinge on USD liquidity, inflation data, and regulatory developments.

Crypto markets entered November under heavy macro pressure, with Bitcoin down more than 9% on the week, breaching $100,000 and erasing nearly all 2025 gains. US spot Bitcoin and Ether ETFs saw brief inflows, but institutional demand and stablecoin issuance remain weak, signaling persistent risk aversion. High global interest rates, sticky inflation, and ongoing central bank QT continue to sap liquidity and weigh on sentiment. Altcoins and DeFi have lagged, while regulatory uncertainty and technical breakdowns amplify volatility. Key catalysts ahead include US CPI (13 Nov), FOMC minutes, and ETF-related flows. Until macro conditions improve, crypto markets are likely to remain in a defensive, consolidation phase.

Bitcoin briefly fell below $100,000 this week, deepening a five-week selloff that has left digital assets 15–20% off recent highs. Weak US consumer sentiment and softer jobs data reignited hopes for a December Fed rate cut, sparking modest crypto relief, but liquidity remains tight as central bank balance sheets continue to shrink. Regulatory uncertainty—including pending US spot BTC ETF approvals and new DeFi enforcement—adds to volatility. Near-term, crypto direction hinges on inflation prints, Fed guidance, and ETF flows, with the four-year cycle's maturity raising bear market risks. Key macro catalysts loom in the weeks ahead.

Crypto markets staged a rebound this week as US yields and the dollar retreated from recent highs, easing macro headwinds. Softer US jobs and ISM data helped markets price out further Fed hikes, supporting BTC and ETH stabilization after last month’s selloff. Regulatory uncertainty lingers, with the SEC’s ETF decision window approaching and MiCA standards advancing in the EU. Stablecoin net issuance remains flat, signaling ongoing risk aversion. Key upcoming catalysts include US CPI and the SEC’s ETF ruling, which could trigger renewed volatility or fuel a continued crypto recovery. Macro volatility and liquidity shifts remain critical for digital assets.

Macro cross-currents intensified this week: US Treasury yields fell on soft ISM and jobs data, providing fleeting relief to crypto, but real rates and the USD remain high, capping upside. Bitcoin is struggling to hold $100k as ETF inflows slow and stablecoin supply stays flat, signaling cautious sentiment. In Washington, bipartisan crypto legislation is gaining traction, offering longer-term tailwinds if passed. Key catalysts ahead—US CPI (13 Nov), FOMC minutes, and EU/UK inflation—will determine whether digital assets break higher or remain range-bound. Global liquidity remains tight, and core inflation persists, keeping volatility elevated and crypto markets reactive to each macro print.

US yields retreated and labor data cooled, but sticky core inflation kept Fed rate cut odds uncertain—maintaining macro volatility for crypto. Bitcoin fell 3.2% this week to $107,000, its lowest since June, even as equities rallied. Stablecoin net issuance contracted, signaling tighter USD liquidity. ECB continued QT and eurozone PMIs weakened, adding to risk-off sentiment in Europe. China’s credit impulse stabilized but property sector remains a drag. Regulatory developments—especially US ETF flows and pending SEC decisions—are key catalysts ahead. Macro headwinds persist, but upcoming US CPI (12 Nov), ETF flow data (14 Nov), and ECB meeting (21 Nov) could shift crypto market beta as we enter a pivotal month.

Macro conditions for crypto remain cautious as the Fed’s rate cut failed to ignite risk appetite, with hawkish guidance and sticky US inflation keeping USD liquidity tight. Spot Bitcoin ETFs saw ~$191M of outflows last week, highlighting waning institutional demand and weighing on BTC, which consolidates near $110,000. Equities saw only a modest rebound, while global data (stagnant EU/UK inflation, China’s stabilizing credit) signal persistent cross-asset fragility. US CPI (13 Nov), Fed minutes (19 Nov), and ongoing ETF flows are key near-term catalysts. Regulatory headlines—like new IRS tax guidance and UK enforcement—add headwinds, leaving crypto in a holding pattern and vulnerable to risk-off macro surprises.

Macro conditions remain finely balanced: US rates are steady but sticky core inflation and a strong dollar keep central banks cautious, sustaining tight USD liquidity—a headwind for crypto. Bitcoin consolidates near $109k and ETH above $3,800, supported by ETF inflows and declining exchange supply. Stablecoin net issuance ticks up, while regulatory clarity advances with more BTC ETFs in the US and new EU MiCA rules. Key catalysts ahead include US CPI (13 Nov), FOMC minutes, and ETF flows. Volatility is low, but any macro surprise could quickly reprice crypto risk.

Crypto markets were rocked by a historic $19bn leverage wipeout in mid-October 2025, triggering a sharp BTC/ETH drawdown and exposing systemic fragilities. Sticky US inflation (CPI 3.3% YoY) and surging real yields dashed hopes for Fed cuts, while the dollar’s rally intensified global risk aversion. Liquidity tightened further as the Fed’s balance sheet shrank and Treasury cash balances rose, compounding crypto’s woes. Stablecoin supply contracted, ETF inflows paused, and regulatory scrutiny increased in the US and EU. The recent forced deleveraging may reduce near-term crash risk, but macro headwinds—especially from high real yields and USD strength—remain formidable, making upcoming inflation data and ETF rulings the top catalysts for crypto direction.

Macro volatility intensified last week as US and European yields surged, prompting a risk-off shift that pressured both major equities and digital assets—BTC and ETH fell in tandem with stocks. Sticky inflation across US, EU, and UK kept rate-cut hopes subdued, while stagnant stablecoin issuance capped crypto liquidity. Regulatory momentum is mixed: US spot BTC ETF approvals face delays, but the EU finalized stablecoin rules, and China cracked down on OTC crypto activity. Key catalysts ahead include US payrolls (Nov 1), BoE policy (Nov 7), and US CPI (Nov 13), which will drive volatility and shape near-term crypto beta. Persistent high real yields and global liquidity drag remain the biggest headwinds, while ETF approval hopes and resilient labor data offer potential tailwinds.

US yields surged to new cycle highs as sticky inflation and delayed Fed rate cuts drove the dollar up and pressured risk assets, but crypto majors like BTC held firm above $111,000 amid stalled ETF inflows and cautious positioning. Stablecoin issuance rose modestly, signaling continued on-chain demand even as liquidity remains tight across the US, EU, and UK, with China’s credit easing offering a limited offset. Regulatory uncertainty deepened with the SEC delaying ETH ETF decisions and the EU’s MiCA deadline approaching, casting a shadow over altcoins and DeFi. The next 2–6 weeks hinge on critical US labor and CPI data, global central bank meetings, and potential ETF approvals—all set to shape crypto risk appetite and flows.

Macro conditions remain tough for crypto as a $20B wipeout earlier in October leaves sentiment fragile and technicals in recovery. Bitcoin consolidates above $111k, awaiting a breakout, while institutional crypto derivatives volumes hit record highs. Rising US real yields and a strong dollar weigh on risk assets, tightening liquidity globally. However, stablecoin market cap near $300B and regulatory advances on ETFs and stablecoins provide structural support. Upcoming US/EU inflation data, central bank meetings, and key ETF decisions are critical catalysts. The next few weeks will test whether crypto can regain momentum or faces renewed macro headwinds.

Crypto markets are recovering from October’s historic $20bn liquidation—the largest ever—with Bitcoin stabilizing but altcoins down over 18% since mid-month. Despite the turmoil, Q3 saw record institutional activity, as crypto derivatives volume topped $900bn and stablecoin usage surged, with stablecoin supply exceeding $300bn and on-chain volumes now rivaling legacy payment rails. Macro headwinds endure: US real yields and the dollar remain elevated, tightening global liquidity and weighing on risk assets. Yet, regulatory momentum on spot ETFs and stablecoins offers structural support. Key catalysts ahead—US PCE inflation, FOMC, and SEC ETF decisions—will set the tone for crypto into November. Markets remain highly sensitive to liquidity shifts and macro data.

Crypto markets remain fragile after an historic $20 billion wipeout in October, with sentiment shaken by tightening global liquidity, persistent inflation, and geopolitical tensions. The Fed and ECB held rates steady but signaled ongoing caution, while Bitcoin is expected by some strategists to dip below $100,000 before rebounding. Stablecoin issuance is flat to negative, and DeFi TVL remains subdued as risk appetite stays low. Key upcoming catalysts—US PCE inflation, FOMC, and ETF decisions—will determine if crypto can find a bottom or faces renewed downside. Regulatory moves, particularly around ETFs, could offer relief if clarity advances.

Global macro volatility remains high as US yields climb to new cycle highs, the dollar strengthens, and central banks hold steady amid persistent inflation. Crypto markets saw heavy swings: Bitcoin tested $100k before retracing, while Q3 crypto derivatives volumes hit all-time records, reflecting deepening institutional engagement. Stablecoin supply is rebounding, supporting DeFi, but pending US ETF approvals and Europe's MiCA rollout keep regulatory risk in focus. Near-term, key catalysts—including Core PCE, FOMC, and SEC ETF deadlines—will shape risk appetite and drive the next move for majors, DeFi, and stablecoins.

Digital assets rallied this week as macro conditions improved: Bitcoin surged above $111,000 (+4% WoW) amid a global risk-on rebound and easing USD liquidity. US yields stabilized while the DXY softened, boosting risk appetite. CME crypto futures and options volumes set a new record, signaling renewed institutional engagement. Regulatory momentum was mixed—stablecoin oversight advanced in the US, but EU and UK delayed tighter DeFi rules, reducing immediate legal headwinds. Key catalysts ahead include US PCE data (25 Oct), the Fed’s policy meeting (30 Oct), and ECB decision (6 Nov), all of which will steer crypto flows and volatility in coming weeks.

Crypto markets rebounded after the surprise Trump-Xi summit announcement, easing geopolitical tensions and lifting BTC and ETH by 2–3%. Japanese regulators considering allowing banks to hold crypto assets signals growing institutional acceptance in Asia. However, US regulatory headwinds persist, highlighted by the Tornado Cash case and delayed ETF approvals. Real yields and USD remain elevated, pressuring digital assets as risk-off sentiment dominates. Futures and options volumes set records, especially for ETH and newer majors, indicating rising institutional activity amid market uncertainty. Key upcoming catalysts include the Fed and ECB meetings, US/EU inflation prints, and the Trump-Xi summit, all likely to shape risk appetite and crypto flows in the coming weeks.

Macro volatility surged as US CPI surprised to the upside, driving yields higher and triggering risk-off moves across crypto, with BTC dropping ~4% to hover near technical support at $106,400. Fed balance sheet runoff and rising TGA/RRP balances drained USD liquidity, amplifying headwinds for digital assets. DXY climbed 1.2% WoW, further weighing on crypto sentiment. ETF inflows provided a partial offset, but regulatory uncertainty persists in the US and EU. China’s weak credit impulse and rising energy prices add to the global stagflation risk. Near-term, crypto remains vulnerable to higher real rates and tight liquidity, with key catalysts ahead in US PCE (24 Oct), ECB meeting (31 Oct), and SEC ETF decisions (1 Nov) shaping market direction.

Crypto markets suffered a sharp selloff this week, with Bitcoin dropping below $106,000 and Ethereum under $3,700 as deepening US bank credit fears and accelerating ETF outflows drove a global risk-off move. Nearly $1 trillion was wiped from the crypto market cap in under an hour, with major altcoins also plunging. Macro headwinds—rising real yields, a stronger US dollar, and sticky inflation—continue to constrain risk appetite, while regulatory uncertainty and liquidity contraction add pressure. Upcoming US GDP and jobs data, Eurozone inflation, and central bank meetings are now critical for crypto's direction, while confidence remains fragile amid low trading volumes and persistent macro stress.

Crypto markets experienced an unprecedented crash this week, with nearly $1 trillion erased from total market cap in just one hour following a sudden US-China trade escalation and record-setting liquidations. Bitcoin plunged about 14% to $104,000, while altcoins suffered even deeper losses, as macro headwinds intensified with surging US real yields, a stronger USD, and renewed global risk aversion. Liquidity tightened sharply, and confidence remains fragile despite a partial bounce. Regulatory actions and slowing ETF inflows added to uncertainty. The path ahead hinges on policy signals, upcoming macro data, and volatility trends—leaving digital assets at a critical inflection point.

A US political shock triggered a 15–20% flash crash in BTC, ETH, and major digital assets last week, exposing ETF and OTC desk liquidity risks just as US rates and the dollar surged on sticky inflation data. Stablecoin supply shrank and ETF NAV discounts widened, highlighting systemic stress in crypto’s new institutional era. Global equities and credit softened while safe havens rallied, reinforcing risk-off sentiment. With US CPI, Fed signals, and ETF flows in focus, macro volatility and market structure will shape crypto’s next move.

Bitcoin shattered previous records, surging past $126,000 as a dovish Fed pivot, record ETF inflows, and historic US regulatory clarity converged to create a structurally bullish environment for crypto. September’s volatility gave way to a supply squeeze, with long-term holders absorbing coins and institutional demand dominating. Lower US yields, a weaker dollar, and expanding stablecoin supply fueled fresh capital flows across BTC, ETH, and DeFi. Key risks include profit-taking at highs and potential macro shocks, but with robust on-chain and policy tailwinds, crypto enters Q4 with strong momentum and a positive outlook.

US inflation surprised to the upside this week, prompting a hawkish Fed tone and driving up Treasury yields and the dollar. Growth data from the eurozone and UK disappointed, highlighting deepening divergence with the US. Crypto markets faced pressure from rising real yields and risk-off sentiment, with stablecoin issuance flat and DeFi TVL drifting lower. Regulatory developments were mixed: US spot ETH ETF inflows slowed, but the EU advanced its MiCA framework. The macro backdrop remains challenging for crypto, with upcoming US CPI, central bank meetings, and liquidity trends set to drive direction in the weeks ahead.

US inflation surprised to the upside last week, sending the dollar and Treasury yields higher and setting a risk-off tone for crypto. Equities and crypto majors weakened, while stablecoin net issuance picked up moderately, hinting at cautious on-chain demand. ETF approval optimism and EU stablecoin regulation offer tailwinds, but sticky US inflation, high real yields, and ongoing regulatory uncertainty remain key headwinds. With major catalysts ahead—US CPI and SEC ETF decision windows—crypto is likely to stay rangebound, tracking broader macro and liquidity signals.

US Treasury yields and the dollar rose further this week, tightening global liquidity and sparking renewed risk-off flows across equities and crypto. Bitcoin outperformed as dominance increased, but altcoins and DeFi lagged amid regulatory uncertainty and stagnant stablecoin issuance. The Fed reaffirmed its 'higher for longer' stance, pushing out rate cut expectations; meanwhile, EU and UK growth data softened and China’s credit pulse remained modest. Key upcoming events—US CPI (10 Oct), Fed Minutes (16 Oct), and the ECB meeting (24 Oct)—will be pivotal for rates, liquidity, and the next move in digital assets. Macro headwinds remain strong; BTC leadership persists.

Macro volatility surged this week as the US government shutdown drove safe-haven flows into crypto, propelling Bitcoin to a new all-time high and fueling altcoin rallies. Sticky US core inflation and hawkish Fed rhetoric supported elevated yields, pressuring risk assets and limiting crypto upside. Stablecoin net issuance increased, bolstering on-chain liquidity, while ETF inflows continued but slowed ahead of key regulatory deadlines. China’s PMI misses and renewed property stress weighed on global growth sentiment. The coming weeks hinge on US CPI (10 Oct), Fed FOMC (29 Oct), and SEC ETF ruling (31 Oct), with macro risk-off flows and policy tailwinds supporting crypto, but persistent inflation and regulatory uncertainty posing headwinds.

Global macro conditions tightened this week as US yields and the dollar surged, draining liquidity and driving risk-off sentiment across equities and credit. Crypto markets held up, with bitcoin steady above $65k thanks to robust ETF inflows and resilient long-term positioning. Regulatory momentum picked up in the US and EU, signaling more institutional adoption. Stablecoin supply remained flat, supporting crypto beta even as global liquidity shrank. Key upcoming catalysts—US CPI, Fed minutes, and ETF approval windows—will set the tone for digital assets in October, with inflation and rate policy driving volatility. Crypto sits at a macro inflection point, awaiting clarity on rates, liquidity, and regulatory flows.

US yields and the dollar surged this week after strong labor and ISM data, pushing risk assets—including BTC and ETH—lower as ETF approvals stalled and stablecoin supply contracted. Eurozone and UK growth prints disappointed, while China's CNY hit 15-year lows despite PBoC liquidity support, fueling global risk aversion. The macro backdrop remains challenging for crypto: sticky inflation and high real rates weigh on liquidity, while regulatory clarity advances in the UK but lags elsewhere. Key catalysts ahead include the US CPI print (10 Oct), FOMC minutes, and major ETF review deadlines, all pivotal for digital asset direction. Macro headwinds dominate near term.

The Fed’s 0.25% rate cut and a weaker USD set a bullish macro tone for crypto, driving institutional inflows into Bitcoin ETFs and sparking accumulation near $110,000. Ethereum lags amid ETF outflows but sits at key technical support. Regulatory clarity advances in the EU (MiCA) and pending SEC exemptions in the US bolster long-term confidence, but short-term volatility remains due to global policy and geopolitical risks. Liquidity conditions improved as ON RRP balances fell, partially offsetting ongoing QT. With October seasonality and post-halving cycle dynamics, crypto markets eye US CPI, FOMC minutes, and ETF rulings as pivotal near-term catalysts. Macro and regulatory signals now put digital assets at a critical inflection point.

Bitcoin rallied nearly 3% this week, approaching $117K, as a US government shutdown and a softer dollar spurred flows into crypto. Lower real yields and a pause in Fed rate hikes boosted risk appetite, while sticky core inflation and US fiscal strains remain key headwinds. Liquidity improved modestly as central banks slowed QT, and stablecoin issuance ticked higher, supporting DeFi TVL. Regulatory uncertainty persists, with the SEC delaying ETH ETF decisions and new EU/UK rules in effect. The next month will hinge on US CPI (10 Oct), Fed (29 Oct), and ECB (24 Oct) meetings—major catalysts for crypto volatility and flows.

The macro backdrop for crypto has brightened as Q4 2025 begins: the Fed’s 0.25% rate cut and dollar weakness are tailwinds for risk assets, while Bitcoin consolidates near $110,000 on strong ETF inflows and institutional accumulation. Meanwhile, Ethereum lags near $3,960 amid ETF outflows, but whale buying is picking up. Regulatory clarity from fresh SEC exemptions and the EU’s MiCA rollout is boosting institutional adoption, setting the stage for historical Q4 outperformance after a milder-than-usual September. Short-term volatility persists due to geopolitical and regulatory risks, but the path of least resistance appears upward for crypto majors as fresh macro liquidity and policy signals drive flows.

Crypto markets are navigating historic September weakness as Bitcoin consolidates near $110,000, with technicals and sentiment conflicted. Whale accumulation and growing expectations for US Fed rate cuts are providing support, even as AI models forecast BTC could dip to $95,000–$101,500 by month-end. Macro tailwinds include USD weakness and hints of easier liquidity, while headwinds persist from sticky US core inflation and ongoing ETF regulatory delays. ETH and major alts lag as whales selectively rotate into a few altcoins. Key catalysts ahead—US jobs data, Fed minutes, and SEC ETF decisions—will likely set the tone for crypto into October.

Macro conditions shifted more supportive for crypto this week as softer US inflation data boosted Fed rate-cut expectations, driving the US dollar and real yields lower. Bitcoin held near $110,000 despite the historically weak September effect, buoyed by institutional accumulation and record whale addresses. Eurozone and UK economic data remained weak, while China’s credit and liquidity support helped stabilize EM risk. Key tailwinds include ETF approvals and global liquidity, but sticky core inflation, regulatory actions, and China property risks remain headwinds. Market focus now turns to US jobs and inflation prints as next critical catalysts for digital assets.

September 2025 has seen a sharp tightening in global financial conditions, with higher US yields, a surging dollar, and sticky inflation prints pushing risk assets lower—including BTC and ETH. Political engagement surged as the Trump-backed WLFI DeFi token launched, driving meme coin volatility and highlighting new narrative catalysts. Stablecoin net issuance remains flat, reflecting ongoing USD liquidity constraints, while regulatory uncertainty persists with key SEC ETF decisions still pending. Near-term crypto direction hinges on upcoming US inflation data, ETF rulings, and labor market prints, all of which could reset risk appetite and stablecoin flows.

Global macro volatility intensified this week as surging US yields and a stronger dollar tightened liquidity, pressuring crypto assets. Labor data softened, but sticky inflation kept real yields elevated, while ECB and BoE maintained caution amid sluggish European growth. China’s credit pulse remained weak, limiting global risk appetite and EM flows. Stablecoin issuance contracted further, reflecting risk-off sentiment and tighter funding. US and EU regulatory action increased, with new ETF flows and enforcement shaping the landscape. Key catalysts ahead—US PCE/Core CPI, NFP, and central bank meetings—will drive crypto volatility, with BTC, ETH, and majors likely to remain range-bound until macro and liquidity conditions improve.