Last week ended with the Fed debate looking very different.
July PCE inflation held at 3.7% YoY, slightly above expectations, while Fed Chair Kevin Warsh used Jackson Hole to signal that further tightening may be needed if inflation does not move convincingly back toward 2%.
$BTC funding: 84th percentile
Futures OI: -0.4σ vs its 1y trend
1-month IV: 16th percentile
Leverage and volatility are sending different signals.
Which of those percentiles converges to the other?
$ETH price over 7 days: +8.0%
Net perpetual taker volume: -$1.5B
Price and aggressive flow went in opposite directions.
Someone is absorbing the difference. What do they see?
