Risk markets tanked yesterday after the release of CPI data for August, as inflation numbers ran hot against expectations.
Crypto markets especially felt the heat, with Bitcoin dropping 10% on the day and Ethereum posting an 8.5% drop.
With the CPI print behind us, yet another volatile event is on the horizon. That's the Ethereum merge, which is on track to happen in the next 24 hours.
In the past, we've mentioned that the merge is merely a narrative, as Ethereum is just tracking with the equity markets.
While this still holds true, it would be natural to expect a brief decoupling between Ethereum and equities, given the skewed positioning within the futures markets.
Yesterday, we talked about the likelihood that Ethereum funding would dip in parabolic fashion leading to the merge.
And, since then, funding has taken a dramatic hit.
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