Don't chase the short squeeze; if spot market hasn't followed, it's just a false rally.

Latest market intelligence indicates a global macro re-pricing: the market has shifted from rate-cut expectations to concerns about rate hikes, putting digital assets under pressure. After BTC briefly broke above 83k, it pulled back; major tokens fell by double digits. On-chain data shows that the rally was driven by a perpetual contract short squeeze; spot volume hit a two-year low, while open interest rose to $5.8 billion. CPI coming in above expectations and uncertainty about the Federal Reserve chair candidate has intensified divergence. Even though spot ETF net inflows continued and reserves declined, long-term signals are insufficient to ease the risks; the outlook for tokenization depends on the return of real spot buyers.