European Central Bank policymaker Rehn just dropped a reminder that caught my attention—inflation isn't moving in just one direction anymore. He's stressing that we need to watch both the upside AND downside risks now.

This shift in tone matters more than people realize. For months, central banks were laser-focused on fighting inflation that was running too hot. Now? They're acknowledging it could swing either way. That's a pretty significant pivot in how they're viewing the current economic landscape.

What does this actually mean? Well, if inflation stays stubborn or ticks back up, rates might stay elevated longer. But if it drops faster than expected, we could see policy easing sooner. Both scenarios create very different environments for risk assets—including crypto.

The fact that Rehn is explicitly calling out this two-way risk tells me the ECB is less confident about their inflation trajectory than they were a few months ago. Markets hate uncertainty, but they love volatility. And this kind of policy ambiguity? That's fuel for price swings across all asset classes.

Keep an eye on upcoming ECB meetings. Any hints about their next moves could trigger major flows in and out of digital assets as macro traders adjust positioning.