Funding Strains and Credit Risks May Weigh on Crypto Short Term, but Core Thesis Holds

Discussed in today's video:

Funding stress emerging: The widening SOFR–RRP spread and weakness in regional banks point to tighter reserves and potential near-term volatility from funding stress. Credit concerns rising: High-yield and private credit names continue to roll over, reflecting growing investor caution around potential defaults in both public and private markets. Credit and funding risks are acute, not structural: These pressures are likely temporary, as the “volatility controllers,” namely the Fed and Treasury, have the tools and incentive to interven...