Macro Liquidity Crosscurrents: Hawkish Fed Repricing, Institutional ETF Rotation, and the Neutral Stablecoin Interregnum

Global risk assets are recalibrating to a hawkish Jackson Hole signal while digital asset ETFs show divergent flows—BTC outflows versus ETH inflows—amid stablecoin telemetry holding neutral. Institutional capital is entering a defensive, quality-selective deployment regime.