Welcome to this week's global tracking👀 Post-Deleveraging Rebalance: Margins, Risk-Off Spillovers and Cross-Asset Links. 🧐Late-January turmoil was a deleveraging shock, while the late-February bounce mainly reflected position rebalancing under tighter constraints—higher margins, tighter funding and higher volatility. 🧐Margin hikes cap precious-metals upside and transmit risk-off pressure to correlated, less liquid assets, while equities and crypto remain vulnerable as risk budgets mechanically contract and "certainty" drives flows into bonds. 🧐The next rebound is more likely to be determined by marginal changes in global (especially offshore USD) liquidity and policy uncertainty than by narratives, with opportunities best expressed via targeted regional and supply–demand themes plus disciplined hedging. Read more👉https://blofin.com/en/academy/flow-insights/whale-s-tracking-post-deleveraging-rebalance(BloFin Research)