According to Charlie Bilello, the US bond market has been in a drawdown for 64 months, the longest in history. According to Charlie Bilello, a drawdown of this length indicates that broad bond total returns have not reclaimed prior highs for over five years, underscoring persistent rate and duration pressure that traders need to factor into positioning. According to Charlie Bilello, this record drawdown serves as a notable macro backdrop that traders can use when calibrating duration exposure, rate hedges, and risk allocation across assets, including crypto.

According to Cas Abbé, redeeming stETH requires waiting in the Ethereum unstaking queue, which is currently 16 days long (source: Cas Abbé on X, Aug 17, 2025). According to Cas Abbé, this wait introduces duration risk because if ETH’s price drops sharply during that period, holders are exposed and unable to reposition (source: Cas Abbé on X, Aug 17, 2025). According to Cas Abbé, this immobility is a key risk stETH holders must price in when planning redemptions and trade exits during volatile ETH conditions (source: Cas Abbé on X, Aug 17, 2025).