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Macro summary

The /macro summary is a six-tile hero giving you the cross-asset context crypto trades inside. A composite Risk ON / Risk OFF / Mixed signals tag sits at the top of the card; the six tiles below give you the read each was scored on, so you can see exactly which inputs are driving the headline.

The headline tag

The macro card emits a single composite tag — Risk ON, Risk OFF, or Mixed signals — at the top of the hero. It's scored from the same kind of two-out-of-three majority logic the other summaries use, but on macro inputs (VIX regime, credit spread regime, liquidity direction) rather than crypto positioning inputs. When the inputs disagree it falls back to Mixed signals.

The six tiles underneath give you the raw reads each input was scored on. The tag is the headline; the tiles tell you which input is doing the work and whether the regime is firming up or about to flip.

The six tiles

  • VIX (equity vol), S&P 500 30-day implied volatility index. Under 16 = calm; 16–22 = normal; over 22 = stress. The single best read of US equity-market risk appetite.
  • 10Y Treasury, 10-year nominal yield. The risk-free curve crypto trades against. Rising yields tighten financial conditions; falling yields loosen them. Direction often matters more than level.
  • HY credit spread, high-yield corporate bond spread over Treasuries (option-adjusted). Under 350 bps = relaxed; over 500 bps = stressed. Tracks risk-asset health more cleanly than equities, credit moves first.
  • Net Fed liquidity, Fed balance sheet minus the reverse-repo facility minus the Treasury General Account. A rough proxy for "liquidity in the system." Rising = liquidity being added; falling = liquidity being drained. Crypto historically tracks this with a 1–4 week lag.
  • CPI YoY, year-on-year headline inflation. The policy-relevant number. Cooling = Fed has room to ease; hot = Fed has reason to stay tight. Direction matters more than the specific print.
  • Crypto ETF flows · 7d, cumulative 7-day net inflow / outflow into spot BTC and ETH ETFs. Positive = capital arriving; negative = capital leaving. The cleanest US-buyer signal available on a daily cadence.

How to use it

Macro is regime context, not a trading signal. Two patterns to anchor on:

  1. Liquidity tape. Net Fed liquidity rising + ETF flows positive + credit spreads tight = the wind is at the back of risk assets. Crypto carries upside without needing a strong micro setup. The reverse pattern means crypto needs a setup that survives a deteriorating tape.
  2. Stress tape. VIX bid + credit spreads widening + ETF flows negative = risk-off coming. Even bullish crypto setups face headwinds; size down or wait.

Where to drill in

The full /macro dashboard breaks each tile into its own panel: VIX history with term structure, Treasury curve, credit spread chart, Fed liquidity components, CPI / PCE timeline, ETF flows by issuer. Pair with the Market summary for the equities cross-section and the Perps summary for the crypto-native positioning read.