When the Nasdaq Sneezes, Crypto Catches Pneumonia

There are moments in markets when conviction is easy—when price action, narrative, and positioning all point in the same direction. This isn’t one of those moments. We are now in the grey zone, where yesterday’s winners are flailing, new leadership is uncertain, and capital allocators are forced to rethink exposures they once considered unassailable. Crypto sits squarely in this zone: not quite dead, but no longer the darling it once was.