Credit spreads are currently at their lowest since the late 1990s.

This means that investors are demanding a minimal risk premium when purchasing corporate bonds compared to government bonds.

In simple terms:

the bond market is not afraid of defaults, stress, and tail risks. These risks are hardly priced in.

Historically, such a situation has almost always been a bullish signal for stocks.

Investors become less conservative, and risk appetite starts to dominate.

For cryptocurrencies, the signal is even stronger.

Crypto is at the far end of the risk spectrum and performs best during periods when capital is actively shifting towards more risky assets.

And what do you think, will 2026 be a bullish 👍 or bearish year for crypto? #Macro