
Macro Turns, Market Turbulence: How Clients Are Positioning Into Year-End

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Episode 9: Macro Turns, Market Turbulence: How Clients Are Positioning Into Year-End
Over the past two weeks, the macro backdrop has shifted sharply. A December rate cut has been priced out, equities and higher-beta indices have softened, and crypto has seen renewed volatility with more than $500M in perp liquidations. The result: a noticeable turn in client sentiment and a reset in how institutions are approaching risk into year-end.
In this episode, Colin Farrell (Senior Manager, Institutional Coverage) sits down with Griffin Sears (Head of Derivatives) to break down what’s driving the move lower – and how funds are adjusting their playbook.
Key Topics Covered:
- Macro Reset: How the repricing of Fed expectations and broader risk-off tone have pressured crypto and equities.
- Flow Dynamics: Momentum-driven selling, spikes in liquidations, and continued demand for short-term downside protection.
- Diverging Fund Views: Some managers are hedging to protect year-to-date performance – while others are adding risk at more attractive levels to position for a potential reversal.
What’s Ahead:
A heavy week of macro catalysts, including FOMC minutes and NFP data, that could set the tone for the next leg in crypto.
Tune into Episode 9 now on Spotify or Apple Podcasts to hear the full breakdown.
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