Bitcoin and Ethereum Break to Neutral From Bullish in Terms of Volatility

I would call that out if you're long Bitcoin. You're probably going to be walking into an environment with a lot more volatility than we experienced in recent months. I think the bigger, more structural overhang for asset markets on the other side of the debt selling are twofold. The negative liquidity situation in the US suggests that the dollar could actually start the bottom and rise again. So if the liquidity backdrop in the third quarter is actually quite poor, you could see asset markets trading like much like they did in 2022.