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- Crypto Falls as Macro Fear Returns
Crypto Falls as Macro Fear Returns
PLUS: Morpho Lands One of DeFi’s Biggest Raises Ever
Welcome back to The Warmup.
Happy Wednesday to everyone secretly hoping BTC pulls back a little more.
Here’s what we’re watching:
Market Snapshot
Crypto Falls as Macro Fear Returns
AMD Short Setup
Morpho Lands One of DeFi’s Biggest Raises Ever
Market: Bitcoin is holding up, but stocks are soft and volatility is ticking higher.
Crypto Falls as Macro Fear Returns
What’s going on:
Crypto sold off overnight as traders braced for this morning’s CPI print, with many expecting inflation to come in hot.
The move came after two big headlines hit markets.
First, tensions escalated near the Strait of Hormuz after a US Army Apache went down.
Trump blamed Iran and said the US “must respond,” while reports suggest the US has already begun defensive strikes.
Second, Anthropic released Claude Fable 5, the public version of its Mythos model built to find software bugs.
That sounded scary for crypto, especially after a year full of hacks.
But so far, the release looks less threatening than expected.
Users say it won’t really review smart contracts and often routes cybersecurity-related prompts back to Opus 4.8.
What it means:
Markets seem more focused on CPI than war headlines or Mythos.
Crypto has mostly shrugged off Iran-related escalation in recent weeks, and the Mythos release may end up being a nothingburger for now.
The real test is inflation. If CPI comes in hot, risk assets could stay under pressure. If it cools, crypto may get room to bounce.
AMD Short Setup
What’s going on:
AMD has now closed below its 20-day SMA ($477.7), confirming a loss of short-term momentum after a massive run from ~$200 to over $530.
Key levels we’re watching:
Resistance: $478 (20D SMA)
Support: $450
Target: $425–$430
Invalidation: Strong reclaim of the 20D SMA
Directional Bias: Bearish
The recent breakdown below the 20D SMA shifts momentum toward the bears. Unless AMD quickly reclaims $478, further downside remains the higher-probability path.
What we’re waiting for:
Continued rejection below the 20D SMA
A break of $450 support
Increasing selling volume on down days
AMD's long-term trend remains intact, but the short-term setup favors the bears.
Morpho Lands One of DeFi’s Biggest Raises Ever
Source: Crypto_Dep
What’s going on:
Morpho raised $175M in a funding round led by a16z crypto, Paradigm, and Ribbit Capital, valuing the protocol at up to $2B.
The protocol powers customizable onchain lending markets, allowing banks, fintechs, and asset managers to launch credit products without building the infrastructure themselves.
Morpho already holds over $11B in deposits and is used by major crypto firms including Coinbase, Kraken, Binance, Galaxy, Bitwise, and Anchorage.
What it means:
This is one of the largest funding rounds in DeFi history and another sign that institutional demand for crypto infrastructure remains strong.
The capital will help Morpho expand its technology and institutional integrations as it pushes to become the default credit layer for onchain finance.
As more traditional financial products move onto blockchain rails, investors are betting Morpho will be one of the key platforms powering that transition.
 | ONDO: |
 | HYPE: |
What does Morpho's $175M raise signal? |
Crypto doesn't look hated because the fundamentals are broken, it looks hated because expectations have collapsed.
Meanwhile, institutions keep building, allocating, and preparing for a future where digital assets play a much larger role in finance.
The biggest opportunities rarely appear when everyone is excited, they appear when nobody wants to touch the asset.
Today's fear may end up looking a lot more like an opportunity than a warning sign.
— The Warmup Team
Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.