BTC off ~2% alongside Nasdaq futures while Brent sits near $76 puts crypto back in the high-duration bucket. Cheaper oil helps the CPI path, but if semis and AI names keep de-grossing, the pressure point is perp leverage and basis trades, especially the Ethena/Pendle yield stack that depends on calm funding. Watch whether BTC holds up against NDX, because that tells you if “digital gold” has any bid here or if it is just another crowded tech beta leg.

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