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Markets turned sharply risk-off as crypto sectors sold off across the board, while traditional assets held relatively firm. BTC (-4.5%) led the broader pullback, with the Nasdaq 100 (-2.1%) and S&P 500 (-1.1%) also slipping modestly. Gold (-1.5%) also retraced, losing the bid from a mild safe-haven bid amid rising Treasury yields and a stronger dollar.

Crypto sector performance was deeply bifurcated. Miners (+2.5%) and L2s (+2.0%) were the only bright spots, supported by renewed optimism around scaling and upcoming fee structure upgrades. In stark contrast, AI (-13.4%) and DePIN (-13.6%)…

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