Something’s off in the market lately. CryptoQuant analyst Axel dropped a bombshell observation: stock market volatility is surging, and volatility in both interest rate and credit markets is spiking as well. All three indicators are flashing warnings at the same time—which is pretty rare.

Institutional investors are already taking action, slashing their risk exposure aggressively. Just look at gold—it’s fallen for four straight days, plunging from its highs down to $4,033. When even safe-haven assets are dropping, it means big money is pulling out fast, waiting to see what kind of surprises are hidden in the delayed US economic data.

Two key time points to watch:
At 3 AM on Thursday, the Federal Reserve meeting minutes will be released. This will directly determine the future path of interest rates and whether there will be a sudden shift in monetary policy—in essence, it sets the tone for the market.
Then at 5 AM, Nvidia’s Q3 earnings report comes out. The AI narrative has been propping up tech stocks these past two years, and as the absolute leader, if Nvidia's numbers disappoint, the entire sector could be shaken.

That’s the current situation: traditional finance is contracting, tech stocks are betting on earnings, and macro policy remains uncertain. Crypto may play its own game, but once this wave of risk-off sentiment spreads, even major coins like ETH will struggle to stay untouched. The next 48 hours—let’s see what the data says.