Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

**Boston Fed Comments (Feb 24)** The Boston Federal Reserve said on February 24 that the transition to artificial intelligence (AI) could complicate the Fed’s understanding of economic conditions. It also warned the U.S. may be moving toward higher structural unemployment—an outcome the central bank cannot offset. The Fed has long focused on economic performance across diverse groups, the Boston Fed added, noting this data is critical to gauging labor market slack. Additionally, the regional Fed urged preserving the “protective fence” that safeguards the Fed’s independence. Even as productivity rises, the central bank must still monitor inflation risks, it said, cautioning that short-term fixes could lead to bigger long-term problems. On how Fed chair nominee Jerome Powell may respond to pressure from former President Trump, the Boston Fed stated: “We will only know when the time comes.” It also emphasized Powell needs to build strong ties with Fed staff and colleagues.

On February 24th, cryptocurrency analyst Ted Pillows took to social media to note that Filecoin generated just $4 in revenue the previous day—while its fully diluted valuation (FDV) hit as high as $17.16 billion. The FIL token has plummeted 99.8% from its all-time high, meaning a $10,000 investment made at that peak would now be worth roughly $20.

February 24th – Per Ashes Monitor, YZi Labs transferred 13.54 million AI tokens (valued at ~$278,000) and 11.11 million WOO tokens (valued at ~$176,000) to Binance 5 hours ago. This move follows the firm’s ID clearance half a month ago. The tokens were acquired by YZi Labs as an investment institution via ownership unlocking.

**Perp DEX Trading Volume Sees Slight Rebound (Feb 24, DefiLlama Data)** Data from DefiLlama shows that trading volumes across major perpetual futures decentralized exchanges (Perp DEXs) posted a minor rebound on February 24, while open interest and total value locked (TVL) held steady with only minimal fluctuations. Hyperliquid maintains the top spot in trading volume, with Aster ranking second. Key metrics for leading Perp DEXs are below: - **Hyperliquid** ([https://app.hyperliquid.xyz/join/NTOD](https://app.hyperliquid.xyz/join/NTOD)): 24h volume ~$65.7B | TVL ~$42.1B | Open interest ~$52.6B - **Aster** ([https://www.asterdex.com/zh-CN/referral/aboter](https://www.asterdex.com/zh-CN/referral/aboter)): 24h volume ~$32.4B | TVL ~$10.4B | Open interest ~$18B - **EdgeX**: 24h volume ~$29B | TVL ~$1.83B | Open interest ~$9.75B - **Lighter** ([https://app.lighter.xyz/?referral=70045843](https://app.lighter.xyz/?referral=70045843)): 24h volume ~$28.3B | TV

Per Coinbob Popular Address Monitoring on February 24, the "Strategy Whale" address (0x94d) closed out all its BTC and ETH short positions to take profits today. Details include: a $31.74 million ETH short opened two days ago, a $13.58 million BTC short, and a ~$40.74 million BTC short that was opened and closed for profit within two hours today. Subsequently, in the past hour, the address opened a 40x leveraged long position on BTC with a position size of $11.97 million and an average entry price of $63,275. Currently, the address holds $11.80 million in unused margin and has generated $2.85 million in profits over the past 7 days. This address began accumulating positions in December last year with an initial account size of ~$20 million, gradually increasing short positions on mainstream coins like BTC and ETH. Since its trading direction is opposite to publicly traded MicroStrategy (which has been continuously buying BTC), the market views this address as a clear on-chain cou

Feb. 24 — Eric Jackson, founder of EMJ Capital, noted that Bitcoin is undergoing a "purification" process despite continuing outflows from institutional funds. Short-term speculators are being steadily flushed out, giving way to long-term capital holders—including sovereign wealth funds, corporate treasuries, and pension funds—with multi-decade holding horizons. Jackson also noted Bitcoin has become a "high-beta asset" correlated with tech stocks. Current selling pressure is driven largely by ETF allocators exiting positions. Yet this isn’t the end of Bitcoin’s narrative—it’s a restructuring of its holder base. He expects Bitcoin will regain upward momentum once stablecoin supply rebounds and selling pressure from IGV subsides.