According to the latest ECB Governing Council meeting accounts, policymakers signaled a patient approach to monetary decisions ahead. The central narrative points to a growing consensus among members regarding inflation dynamics—most viewed the risks as cutting both ways, reflecting the nuanced state of price pressures. What's noteworthy is that several council members have reassessed their risk positioning, with certain voices now leaning toward the interpretation that upside risks to inflation have gained traction. This shift suggests underlying concerns about stagflation pressures or sticky inflation components that officials are monitoring closely. The cautious but steady messaging from the ECB matters for crypto markets, as any hawkish pivot could tighten liquidity conditions and reshape asset allocation strategies globally.