Fed, Japan & Bitcoin: The Macro Forces Driving Markets #122

In this week's episode of Crypto Options Unplugged, Imran Lakha and David Brickell unpack the biggest macro developments driving markets following the latest Fed decision. They examine why policymakers chose to leave rates unchanged, whether the market is questioning the Fed's credibility, and why rising term premiums—not inflation expectations—may be telling the more important story.The discussion then shifts to Japan, where mounting pressure on the yen and bond market has prompted unprecedented support from the United States. David explains why Japan's debt dynamics have become a global issue, how dollar liquidity and Treasury markets are connected, and why the long-term macro framework continues to point toward lower rates and further intervention.The conversation also explores why Bitcoin has remained resilient but lacking immediate upside from improving liquidity conditions. They discuss Michael Saylor's recent selling, the Coldcard wallet exploit, and why these developments may have weighed on sentiment without damaging Bitcoin's longer-term thesis.Finally, Imran and Dave examine the renewed strength in AI-related equities, how leveraged positioning amplified recent volatility, and whether the correction has now reset the trade. They close by discussing what comes next for macro, equities, crypto, and liquidity as multiple market narratives continue to collide.Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.