In this month’s report we examine the off-chain key macro risks (Markets/Commodity/Geopolitical/Crypto assets dislocation risks) impacting Bitcoin. Macro drivers The Federal Reserve is taking steps to combat inflation, including keeping the money supply low, which could impact bond and equity markets, as well as Bitcoin. Equity markets have experienced a decline, likely due to investors shifting from equities to bonds as they focus on potential inflation. The stablecoin USDT, which is widely used in the cryptocurrency market, is facing potential issues that could impact the entire cryptocurrency industry, including Bitcoin. Bitcoin has a higher level of systematic risk than the overall market.