Just noticed something interesting playing out in the markets right now. Oil's pushing past $113 while crypto's getting hit hard - XRP down over 2% below $1.30 and Bitcoin struggling to hold above $67K. The divergence is pretty wild, especially with Easter weekend keeping traditional markets quiet. Hyperliquid's showing over $101.6M in oil perpetual volume, which tells you where the money's flowing.

The real pressure though? Everyone's watching Thursday's inflation report - specifically that core PCE number. If inflation stays above 3%, the Fed's probably staying hawkish way longer than crypto folks want to see. That's keeping everything defensive right now.

But here's the thing - if that inflation report comes in better than expected, we could see a massive short squeeze. The inflation report could be the catalyst that flips sentiment back. Bitcoin's been stuck in this elevated volatility zone, but one good data point and we might see a sharp bounce. Worth watching how the market reacts to that inflation report announcement.