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The market is trading like a macro risk asset, not an isolated crypto story. BTC at $64,334 is down less than ETH and SOL over 24 hours, a modest sign that capital is prioritizing liquidity and relative defensiveness rather than rotating into higher beta. CPI resetting Fed expectations is the cleaner near-term driver, while unresolved Hormuz risk keeps an inflation tail in play. Diverging BTC and ETH ETF flows reinforce my view: broad risk appetite remains too selective for a durable crypto-wide rebound. Not advice, just analysis.