$708M in single-day BTC ETF outflows and Aave/Compound borrow rates are about to reprice higher with a 2-3 week lag — every leveraged long opened during the "cuts are coming" narrative is sitting on a ticking liquidation. Tokenized Treasury yields above 5% on Ondo and Maker's DSR are quietly absorbing the flight-to-yield crowd while speculative DeFi TVL bleeds. PCE hitting 3.5% by April with oil above $110 means the Fed isn't just done cutting — they're one hot CPI print away from hiking into a market still positioned for easing.

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