Bitcoin's rally is being viewed alongside the Federal Reserve's Financial Vulnerability Index, which tracks structural weaknesses that could amplify a future shock. According to NS3.AI, the index's aggregate reading is 0.65, while financial leverage stands at 0.83 in the elevated band, valuation pressure is 0.77, and funding risk is 0.62.

The report said a possible chain from funding stress to forced sales and leveraged Bitcoin liquidations remains only a scenario, not an observed sequence. It added that the index and Bitcoin's rally reflect different time horizons, with the index focused on underlying fragilities rather than immediate market moves.