Seasoned financial leaders are sounding alarms again. The concern? Markets consistently underestimate tail risks lurking beneath the surface.

JP Dimon's recent take echoes a familiar pattern—investors tend to get comfortable during calm periods, overlooking structural vulnerabilities. History shows this playbook repeatedly. When everything feels stable, complacency kicks in. Portfolios get loaded with risk assets. Leverage creeps higher. Hedges dissolve.

But here's the thing: geopolitical tensions, inflation swings, and debt dynamics aren't disappearing. They're just quiet right now.

For crypto and traditional markets alike, this matters. Bitcoin and altcoins often move in tandem with macro sentiment shifts. When risk repricing happens, it rarely happens gradually. The gap between perceived safety and actual exposure can trigger violent corrections.

The takeaway? Whether you're trading equities, crypto, or derivatives, keep one eye on what the market isn't pricing in. Dimon's crew thinks hazards are underdiscounted. That's worth taking seriously.