U.S. credit spreads just hit their tightest levels since 1998. That's a pretty wild signal when you think about it—we're talking about a 27-year low.

When credit spreads compress like this, it typically suggests investors are pricing in either rock-solid economic confidence or underestimating tail risks. Either way, it's worth monitoring for anyone exposed to traditional markets. The crypto space tends to react when these macro indicators swing hard, so keep an eye on how this plays out.