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⑴ Citi has warned that global stock markets are currently at their most "frothy" levels since the 2008 financial crisis. Its bear market checklist shows that 10 out of 18 risk indicators worldwide have already turned red, triggering caution. ⑵ Factors driving up market risk include persistently rising valuations, widespread market optimism, a surge in AI-driven capital expenditures, and a revival of initial public offering activities. Although Citi maintains a positive outlook for stock market performance by the end of the year, it clearly points out that if risk signals continue to increase, a buy-the-dip strategy could become increasingly dangerous.

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Foresight News reports that glassnode tweeted that as BTC broke below its multi-month range and tested February's low, the options market showed multiple defensive signals appearing simultaneously. The 1-week implied volatility (IV) briefly approached 60%, a sharp increase from about 30% last week, with longer-term volatility also rising across the board. The 25D skew surged, with the 1-week skew reaching 30% at one point, and the 1-month skew rising above 23%, indicating sustained market demand for downside protection. Call option premiums were eroded for both short and long maturities, while put option buying dominated capital flows over the past 7 days, accounting for 31.5% of options premium trading volume. The 1-month IV rose above 40%, while realized volatility remained around 35%, expanding the volatility risk premium to its highest level in weeks. In addition, the largest negative Gamma concentration is at $65,000, and BTC is currently within a wide short Gamma corridor, meaning market makers' hedging activities could amplify price swings. glassnode concluded that the overall positioning in the options market remains defensive.