According to The Kobeissi Letter, credit markets are now pricing US credit risk as if it were rated BBB+, which is 6 notches below its official AA+ grade and just 3 notches above non-investment grade, as indicated by current credit default swap (CDS) market pricing (source: The Kobeissi Letter, June 18, 2025). This shift signals heightened fiscal concerns among credit investors and is likely to amplify risk-off sentiment across financial markets, including cryptocurrencies. Crypto traders should monitor for increased volatility in BTC and ETH, as macroeconomic uncertainty and US credit risk could drive demand for decentralized assets as potential hedges.