The U.S. dollar is climbing, with DXY nearing 99.5 just hours before Core PCE lands. The market is bracing for a surprise, whether it’s higher inflation or numbers sticky enough to justify prolonged rate pressure. Gold is sliding. Silver is soft. ETH is leaking through quiet outflows. BTC is stalled. There’s no fuel in the crypto engine right now. No ETF headlines, no fresh liquidity, no surge in spot demand.
Tech stocks are still drawing the last of the speculative heat. Nvidia is rising again, but it smells more like crowding than genuine rotation. S&P futures are indecisive. Net positioning is tilting short across major indices. The mood is cautious. Allocations are shifting. Risk isn’t being dumped, but it’s being filtered.
Crypto is not in control of its own fate. It’s waiting for a cue. If PCE is soft, maybe Bitcoin finds momentum. If it’s firm, the exit doors get narrower. Either way, this isn’t crypto making decisions. It’s crypto being dragged. The dollar already made the first move. The rest is just waiting for confirmation.
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