**MFQwFQ**

1/ Crypto market rose 1.1% to $2.3T, showing 96% correlation with S&P 500 and 80% with Gold. This signals crypto now trades as part of broader macro portfolios, bringing institutional validation but also heightened sensitivity to global risk sentiment and equity market volatility.
2/ U.S. Senate progress on the Digital Asset Market Clarity Act and Morgan Stanley's planned Bitcoin, Ethereum, and Solana ETFs reduced regulatory uncertainty. These moves lower crypto's risk premium and encourage sidelined capital to deploy, contingent on sustained ETF inflows and final legislation text.
3/ Technica

1/ Geopolitical tensions from the US-Iran conflict created a risk-off environment, pressuring traditional markets. Oil prices surged, recession fears mounted, and stagflation concerns dominated. Capital fled risk assets as uncertainty escalated across every asset class, demanding clear analysis from those bridging traditional finance and decentralized economies.
2/ Major indices declined broadly. The S&P 500 fell 0.63% to 6,329 points. Nasdaq-100 futures slipped 0.4% under rate pressure. Dow Jones futures dropped 0.5%, losing over 3,000 points in March. Asian markets weakened too, with ASX 200

Do you remember when you joined X? I do! #MyXAnniversary

Bitcoin spot ETFs have reclaimed ~$3B of their post-October $9B outflow swing, putting 2026 net flows near breakeven.
This isn't just a bounce. It signals:
• Institutional selling pressure is easing, not accelerating
• Long-term holders remain sticky amid volatility
• Fee wars are intensifying (see: Morgan Stanley's upcoming ultra-low-cost BTC ETF)
What to watch next:
→ Do flows turn sustainably positive in Q2?
→ How sharply do BTC ETFs decouple from ETH/XRP products?
→ How do they absorb the next macro risk-off shock?
The institutional on-ramp isn't broken. It's maturing.

Nice chatting with @IOHK_Charles.
We talked about OWS, agentic ecosystems, Web4, and UB.