The macro backdrop is risk-off tilted: elevated Fed rate hike expectations (reinforced by strong jobs data) are pressuring risk assets broadly, with SPX down 0.58% and US10Y holding at 4.81% — a level that historically compresses crypto multiples. Geopolitical stress is escalating on multiple fronts: Houthi attacks expanding across Saudi cities risk further oil price spikes, which feed directly into inflation expectations and hawkish Fed repricing. The BoE governor's inflation warning adds to global rate-hike narrative synchronicity, creating a coordinated headwind for speculative assets.