Macro market snapshot: The Fed's recent pivot toward rate cuts signals a more cautious stance on monetary policy, while the Bank of Japan's rate hike move is creating friction in long-term yen funding channels. Add thin holiday trading volumes into the mix, and every data point hits harder than usual.

In this environment, crypto markets are recalibrating fast. High-volatility, high-beta assets are feeling the repricing pressure first as investors reassess risk exposure amid shifting liquidity conditions. The interplay between traditional macro forces and crypto volatility continues to reshape positioning across digital asset classes.