European Central Bank policymaker Villeroy just dropped some hawkish clarity: the 2% inflation target remains the "only fixed figure" in their playbook. But here's the twist—he's flagging "significant" turbulence ahead for inflation forecasts. What caught traders' attention? His emphasis that downside price pressures are now matching, if not surpassing, upside risks. Translation: deflation worries are creeping back into the conversation. For crypto markets, this signals potential policy pivots that could reshape liquidity conditions. When central banks start hedging their inflation bets both ways, volatility tends to follow.