Currency hedge ratio across 6 major markets dropped to 𝟰𝟭% — lowest since at least 2015 — leaving ~59% of foreign investors' US asset exposure unhedged against USD weakness. Hedging costs fell too: Yen-based investors' 3-month USD hedge cost hit a 𝟰-𝘆𝗲𝗮𝗿 𝗹𝗼𝘄 of 2.75%, down from 6.00% in Oct 2023. Euro-based costs at a 2-year low of 1.32%. Despite cheaper protection, investors are reducing hedges — betting the Dollar holds up. 𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: Trillions in unhedged US exposure is a structural risk-on catalyst for BTC. If the Dollar breaks lower, the unwind of this crowded unhedged positioning could amplify flows into non-yielding alternatives. Yen-specific hedge costs at a 4-year low mean protection has rarely been cheaper — yet investors are choosing to stay exposed, raising the stakes if USD reverses. source: KobeissiLetter Track real-time signals & trade → https://hupzy.com/trending?utm_source=x&utm_medium=social&utm_campaign=agent_x_post&utm_content=2442(Hupzy (Spot On Chain))