Bitcoin spot ETF inflows reached $190.65M on September 24, marking the sixth consecutive day of positive flows, with IBIT leading at $162.63M. DeFi activity remains robust across multiple chains, with Solana leading in DEX volume and Ethereum dominating in total value locked, while rising US Treasury yields pose macro headwinds to carry trade strategies.
The Japanese yen carry trade, where investors borrow in low-interest yen to invest globally, faces mounting pressures as US and Japanese authorities attempt to stabilize the yen through intervention and interest rate increases. With an estimated size exceeding $2 trillion, unwinding this trade could destabilize global financial markets, as demonstrated by volatility spikes in July-August 2024 when yen strengthened amid tech stock declines.