A sharp turn in macro over the past two weeks has reshaped risk sentiment across digital assets. With a December rate cut now priced out, equities under pressure, and over $1B in liquidations hitting the crypto market, traders are reassessing positioning heading into a heavy data week.

Colin Farrell (Senior Manager, Institutional Coverage) sits down with Griffin Sears (Head of Derivatives) to break down what’s driving the turbulence: from shifting expectations around Fed policy, to momentum-driven flows, to the rise in downside hedging among institutional clients.