U.S. office building loan default rates have surged to nearly 12%, directly piercing the post-2008 peak. This commercial real estate risk keeps snowballing, getting bigger and bigger. Bank stocks are the first to tremble, and expectations that liquidity will tighten are set to heat up again. Don’t think BTC has nothing to do with it—risk assets are all on the same rope, pulling the same lifeline. The market is still pretending to sleep; by the time it blows up, it’ll be too late.

$BTC #Macroeconomy