According to The Kobeissi Letter, Oracle’s (ORCL) 5-year credit default swaps rose to 118 basis points last week, the highest since the 2022 bear market, tripling since July and implying roughly $118,000 in protection cost per $10 million of principal (source: The Kobeissi Letter). According to The Kobeissi Letter, this sharp CDS widening reflects a material increase in perceived credit risk and hedging costs that traders monitor alongside ORCL equity and tech credit to assess potential spillover into broader risk assets, including BTC and ETH (source: The Kobeissi Letter).