The Federal Reserve released a risk ranking for the financial system, and number one wasn't inflation, but AI. 87% of respondents considered it a major risk. The same report also stated that hedge fund leverage has risen to its highest level since 2013, and AI investment may surpass the scale of the 1990s telecommunications cycle. High leverage plus a story of everyone betting on it—sound familiar? Last night's market action was like a mini-preview: $1.351 billion in liquidations across the internet in 24 hours, with long positions accounting for 83.8%, and BTC falling below $68,000, hitting a 12-week low. Meanwhile, Williams was still saying inflation was "far too high," and Anthropic's IPO added another layer of market anxiety. My opinion: Current cryptocurrency prices aren't just driven by the crypto market itself, but more by the sentiment surrounding AI and leverage. Until the news shifts, I'd rather use less leverage and keep more cash on hand. Do you think BTC will pull back along with AI in this round, or will it decouple first? See the chart above for other key points today ⚠️ Not investment advice · DYOR Crypto Daily Briefing: Bitcoin, Federal Reserve