Macro Liquidity Repricing Meets Neutral Stablecoin Tape: Institutional Capital and Crypto Allocation Dynamics

The stronger-than-expected August payrolls reignited U.S. rate-hike bets, lifting global yields and sharpening fiscal-bond pain. Meanwhile, stablecoin flows remain neutral, redirecting capital toward selective Layer-1 DeFi primitives rather than broad risk-on. Systematic multi-asset protocols call for defensive duration until the CPI signal resolves.