The U.S. stock market is closed for the weekend, so the next 48 hours are essentially a native liquidity stress test for crypto. Last night, the market experienced the most significant macro repricing of the past week: Waller was clearly hawkish, and the market quickly raised the probability of a September rate hike from around 35% to nearly 60%. The 2-year U.S. Treasury yield jumped about 11bp in a single day to 4.34%, and the Dollar Index climbed to around 99.7. The U.S. stock market reaction wasn’t a meltdown—S&P 500 -0.25%, Nasdaq -0.52%—but crypto’s high beta was clearly compressed.