Head of Markets @scopicview spoke to the @TheBlockCo about the latest risk-off move in crypto and other risk assets. Full quote below: On what drove it / the spillover: The sell-off was primarily macro-driven, with Wednesday's hotter-than-expected US CPI reviving fears of further Fed hikes and weighing on risk assets broadly. Risk assets repriced together, while AI and memory stocks had already been struggling in recent weeks. Korea's sell-off also predates the CPI print, driven by concerns around the memory and AI cycle, with the inflation surprise adding further pressure. Both markets are responding to the same broader risk-off environment. On what traders are watching: Traders are watching whether the Fed hike expectations continue to build, with October hike odds now around 33%, alongside US yields and whether the sell-off in Asian tech, particularly Korean semiconductors, stabilises. On the crypto side, positioning is important. Nearly $900MM in long liquidations suggests significant leverage has already been flushed out, so the question is whether spot demand returns or the broader macro pressure keeps weighing on prices.