TOTAL ~$2.2 trillion. BTC dominance of ~58% is a classic risk: money is hiding in dollars and bonds, while crypto and altcoins are bleeding. The macro backdrop is dire: -Fed rates at 3.50-3.75%, four meetings unchanged -New Fed Chairman Warsh is clear, the forecast has risen to 3.6% -For the first time in years, the conversation is not about "when they'll lower it," but rather "whether they'll raise it." The risk of a Japanese carry trade is at its highest level, as soon as Japan confirms a rate hike, the decrease in liquidity in risky assets will be greatly affected, there is no more cheap money until the FED turns on the machine at full speed