According to The Kobeissi Letter, credit markets are now pricing US credit as if it were rated BBB+, which is six notches below its official AA+ rating, and just three levels above non-investment grade status (source: The Kobeissi Letter, June 18, 2025). This repricing is evident in credit default swap (CDS) market data and reflects growing investor concerns over the US fiscal outlook. For cryptocurrency traders, this elevated perception of US credit risk could fuel volatility across crypto markets, as traditional investors may seek alternative assets like BTC and ETH during periods of financial instability. Monitoring the CDS spreads and their correlation with BTC price action can provide valuable trading signals.