The dominant risk narrative this session is geopolitical: fresh reports of an attack on Strait of Hormuz shipping are driving oil price spikes and re-igniting Iran war escalation fears, which historically compress risk appetite across assets. Compounding this, PPI data has strengthened Fed rate hike expectations, pushing US10Y to 4.97% — a level that historically weighs on risk assets including crypto. Despite these headwinds, SPX is printing +0.86% and VIX sits at 15.8 (calm), suggesting equity markets are partially shrugging off the macro noise — though this divergence warrants caution, as Sunday session liquidity is thin and gaps can amplify on Monday open.