🧐The current weak demand and expectations for cryptos have created an additional negative problem. BTC's implied forward yield has fallen to 4.29%, while ETH's has dropped even further to 3.37%, below all yields from T-bills to T-bonds. This means that investors have no reason to hold a high-risk asset with an expected return lower than that of a risk-free asset. As a result, even at the slightest sign of trouble, investors might be more inclined to sell off their leveraged or spot cryptocurrency holdings, potentially causing further declines. Even those unwilling to sell might buy tail protection, creating more negative gamma for market makers on the downside, which could further exacerbate potential downside risk.(BloFin Research)