Monday Market Turmoil:

- **U.S. Stocks Plunge**: Nasdaq (-3.5%), S&P 500 (-3.3%), Dow (-3.2%); the dollar index breaks through the 100/99/98 levels consecutively.

- **Safe-Haven Assets Surge**: Gold rises 3% to $3,430/ounce; BTC rises 2.7% in sync, hitting $88,000 before retreating to $87,000.

**Key Developments**:

1. **Policy Game**:

- Trump continues to pressure the Federal Reserve to cut interest rates, accusing Powell of being slow to act, increasing market fears regarding policy independence.

- The market bets on a 75% chance of a rate cut in June (Citi forecasts a total cut of 125 basis points for the year).

2. **Crypto Trends**:

- **Institutional Accumulation**: MicroStrategy buys another 6,556 BTC (average price $84,700); Japan's Metaplanet holds 4,855 BTC.

- **On-Chain Signals**: Addresses holding over 1,000 BTC increased to 2,107, while smaller addresses continue to decrease.

- **Regional Premiums**: South Korean BTC premiums rise to 2%, possibly indicating a rebound.

3. **Regulation and Narrative**:

- Europe accelerates the digital euro to counter dollar stablecoins; several U.S. states push forward BTC reserve bills (such as Texas hearings and Arizona bill passing committee).

- Analysts believe BTC's pullback is manageable and not overheated, with a June rate cut potentially serving as the next catalyst for a rise.

Safe-haven sentiment boosts gold and BTC, while the dollar weakens; Trump pressures for rate cuts, and the market focuses on a policy shift in June; institutional accumulation + regulatory progress support the crypto market, with South Korean premiums releasing positive signals. If the Fed shifts to easing, it may trigger a new round of market activity.