For this week’s Trading Take, Beimnet Abebe (Galaxy Trading) and Alex Thorn (Galaxy Research) review the weekend’s crypto liquidations, Bitcoin’s partial rebound, and how thin liquidity may have amplified positioning risks. They consider whether equity markets are pausing after an extended rally, the degree to which AI-related capex is influencing stock performance, and how recent Fed easing could be helping to support risk appetite.

The conversation also looks at gold’s move to fresh all-time highs, the potential links between rising Treasury yields and long-term inflation expectations, and the political and fiscal dynamics that may continue to shape deficit spending.