Markets are navigating a more balanced environment as bond market volatility continues cooling from its spring highs and corporate earnings remain resilient. At the same time, crypto markets are still searching for stability after a historic drawdown, while institutional demand faces its biggest test since spot ETFs launched.

Inside today’s report, you’ll find 12 charts covering Bitcoin’s attempt to build a base above key support, dominance trends shaping capital rotation across crypto markets, and a tactical Chart of the Week featuring one of the few major altcoins still maintaining a strong bullish market structure despite the broader crypto downturn.

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Bond markets are healing after a turbulent spring. The ICE BofA MOVE Index, the bond market's fear gauge, spiked to 115 in March amid Middle East tensions before falling nearly 15% to around 78 today. Calmer bonds mean steadier rates, lower borrowing costs, and more stable portfolio valuations across the board.

Currency markets haven't fully caught up. Implied volatility on the U.S. dollar remains elevated across all time horizons after March's spike, pressuring one of the most popular macro strategies of recent years: the carry trade. Sharp FX moves can erase months of carry returns overnight, and until dollar vol normalizes, that risk stays live.

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Bitcoin is in a historic drawdown. After peaking at $126,000 last October, BTC has fallen roughly 45%, briefly touching $61,500 this month, while spot ETFs suffered their longest outflow streak since launch, bleeding $4.33 billion over 13 consecutive days. Prior crypto winters saw 75–80% peak-to-trough drops, so the selloff is painful but historically unremarkable. The real test is whether institutional ETF demand provides a more durable floor this time.

Equities took a sharp blow on Friday. A stronger-than-expected May jobs report sent the S&P 500 down 2.64%, with semiconductor stocks alone shedding over $1 trillion in value on higher-for-longer rate fears. Wall Street is largely calling it an overreaction, Citi raised its year-end S&P 500 target to 8,100, citing a genuine earnings upgrade to $350 per share for 2026, with Goldman, Morgan Stanley, and UBS clustering near 8,000. That implies 8–10% upside from here. 

The big picture: strong earnings and cooling bond vol are constructive, but an uncooperative Fed, stubborn dollar volatility, and crypto weakness are clear reminders that macro risk hasn't gone away. Good economic data, like Friday's jobs print, can still spook markets when rates are the central concern. Quality earnings, hedged FX exposure, and disciplined position sizing remain the order of the day.

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Bitcoin continues hovering sideways above the $60,700 level, retesting it once again after a failed move higher toward $65,500 that ultimately fell short of reaching the target. Notably, price has not printed a fresh lower low for the past four days, suggesting that the strong bearish trend from recent weeks has at least temporarily stalled.