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Bitcoin price action screams liquidity stress
When risk assets start moving together, it’s rarely by choice. Dispersion has vanished, leaders are breaking down, and liquidity is pulling back to the sidelines. Volatility is no longer being absorbed. It’s being amplified. The damage matters. The assets that led the risk rally are now being hit the hardest, not because the narrative changed, but because capital is being withdrawn, not rotated. That’s how selloffs turn disorderly. chart Stress is already showing up in rates pricing. Expectations for Fed easing this year have jumped from 41bp to 61 basis points in just days. That’s almost a full cut being ... (full story)