The macro backdrop is constructively risk-on heading into the US session: DXY at 99.00, VIX subdued at 14.3, and SPX +1.06% are all supportive. The critical event today is the 08:30 ET NFP release — forecast 55K (vs prior -23K) with unemployment steady at 4.1% and AHE at 0.3%; a soft print would reinforce rate-cut expectations and provide a further tailwind for crypto, while a strong beat risks a rates/DXY reversal. Geopolitical noise remains elevated (US-Iran escalation, Argentina-UK Falklands tension), introducing tail-risk for sudden risk-off moves, but has not materially disrupted equities or crypto thus far.