The macro backdrop is risk-off at the open. US-Iran tensions are escalating materially — US strikes on Iranian crude carriers and Iran announcing a new restricted zone in the Gulf are driving oil higher and pressuring risk assets. Simultaneously, stronger-than-expected US jobs data is reviving Fed rate hike bets, pressuring BTC and crypto broadly despite continued ETF inflows. DXY is slightly softer (99.08, -0.08%), gold is bid (+1.06%), SPX is negative (-0.38%), and US10Y sits elevated at 4.78% — a classic risk-off rotation into safe havens. China's $53B capital injection into banks/insurers adds a reflation signal from the East but is unlikely to offset near-term crypto headwinds.