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 ...