Constructive Setup Persists Amid Low Volatility and Robust Inflows

Discussed in today’s video:

• VIX, MOVE, and high-yield spreads are all back to levels last seen in February. While some may read this as a sign of complacency, we think it more likely reflects a supportive backdrop for continuation.
• We remain constructive on ETH and SOL, but ideally would like to see BTC dominance form a local low and BTC make another leg higher in the near term.
• Leverage is building, but funding rates and Aave borrow rates suggest a much tamer environment compared to the extremes of Q4 ’24 and Q1 ’25.
• Spot market flows remain strong, supported by continued ETF inflows, stablecoin issuance, and healthy spot volumes.

Tickers in this video: BTC