Traders Cut ECB Rate-Cut Bets, Now Price Three Hikes by End-2027

The signal here is the direction change rather than the magnitude: a market that was positioned for easing is now pricing tightening, which matters for every euro-denominated risk asset, including the small but growing tokenized European credit and rate-linked products. For crypto and RWA desks, the practical channel is the discount rate applied to yield-bearing instruments, not ECB policy itself. Whether this repricing holds or fades as data arrive is the open question.