According to @DowdEdward, Apollo Global Management has shifted to a risk-off stance as its CEO warned of impending market upheaval, signaling a more defensive posture toward risk assets. Source: TipRanks. A large manager’s risk-off pivot directs trader attention to liquidity and credit conditions, where widening high-yield spreads typically reflect rising risk aversion that can pressure equities and correlated crypto assets. Source: ICE BofA US High Yield Index Option-Adjusted Spread methodology. BTC and ETH have exhibited strong positive co-movement with U.S. equities and broader risk sentiment since 2020, implying potential downside beta if risk-off accelerates. Source: International Monetary Fund (2022) Crypto Prices Move with Equities and Are Sensitive to Financial Conditions; Bank for International Settlements (2022) Crypto shocks and spillovers. Key stress gauges to monitor are VIX for equity volatility and ICE BofA HY OAS for credit risk, as spikes in these indicators often coincide with de-risking flows. Source: Cboe VIX overview; ICE BofA Indexes. For crypto positioning and volatility, traders can track BTC and ETH implied volatility via Deribit DVOL and on-chain/derivatives positioning metrics to detect leverage build-ups or reductions. Source: Deribit DVOL indices; Glassnode research on derivatives funding and positioning.