◇ REPLAY · Aug 2–8, 2024
Yen Carry Unwind — August 2024
A TradFi carry-trade unwind hit crypto perps: the Bank of Japan rate shock rippled through global risk assets, ETH sold off with equities, and funding flipped as levered longs were cleared in hours.
◆ ◇ YEN CARRY UNWIND — AUGUST 2024 · REPLAYBinance ETHUSDT archived OHLC (1d + 1h) + USDT-M funding
◇ accent dots mark daily wick lows (e.g. May 19 ~$30k)
STEP 1/8
ETH grinds near summer highs
ETH trades in a ~$3,100–$3,500 range with mildly positive funding — longs pay carry, but nothing extreme. Crypto feels decoupled from macro until it is not. Perps track spot; when global risk-off hits, ETH is high-beta liquidity you can sell at 3 a.m.