Following the Fed’s latest meeting, crypto markets have entered a period of low conviction – with traders rotating into safer assets and volumes pulling back from recent highs.

Colin Farrell (Senior Manager, Institutional Coverage) sits down with Griffin Sears (Head of Derivatives) to unpack what’s driving this “flight to safety,” how macro uncertainty is shaping digital asset positioning, and where short-term catalysts could reignite momentum.

From shifts in perpetual funding rates and spot-to-futures basis, to the return of stablecoin dominance and selective institutional flows, the two break down what’s actually happening beneath the surface – and what signals they’re watching next.