Global markets started the week weaker as a steep slide in commodities, the nomination of Kevin Warsh to lead the Federal Reserve, and signs of United States–Iran de-escalation pushed investors out of metals, oil, and high-risk assets, including crypto.
Crypto
The total crypto market cap is about $2.61 trillion, down roughly 1.8% over 24 hours, with The Fear & Greed Index at 15 in “extreme fear”, The Altcoin Season Index is at 28/100, and The Average Market RSI Index is near 37, showing a broadly oversold market rather than a sell-off.
Bitcoin trades around $77,600, up slightly on the day but still about 11% lower over the week. Ethereum is near $2,290 after a small bounce, yet remains more than 20% down over the week, while Solana is around $103 with a weekly loss of about 16%.
Spot bitcoin ETFs have swung to outflows as investors rushed out of risky markets. Over the last two sessions, BTC ETFs have seen net redemptions of a little more than 15,000 BTC, with roughly 9,800 BTC leaving BlackRock’s fund, worth around $740 million at current prices.
Investor and analyst Raoul Pal argues that bitcoin’s recent slide closely tracks U.S. SaaS stocks, pointing to a squeeze in dollar liquidity rather than any specific damage inside the crypto market itself.
Commodities
Oil and metals took the hardest hit in the latest sell-off. Brent crude is trading just under $66 a barrel, down almost 5% on the day, as comments from Washington and Tehran about active diplomatic channels ease the geopolitical tensions that built up in January.
Gold futures are near $4,675 an ounce, down about 0.8% today and roughly 15% below last week’s record high around $5,500.
Meanwhile, silver is trading around $81.80 an ounce, down about 4.2% on the day and almost 30% below last week’s spike high near $115.
Stock Market Indices
U.S. stocks are softer but trading normally. The S&P 500 is down about 0.4% at 6,939, the Dow Jones Industrial Average is off 0.36% around 48,900, and the Nasdaq Composite is lower by roughly 0.9% near 23,462. Losses are heaviest in rate-sensitive tech and growth names, while larger, cash-rich companies are holding up better as investors seek liquidity.
In Asia, Hong Kong’s Hang Seng Index is at 26,775.57, down 2.23%, while Japan’s Nikkei 225 stands at 52,655.18, down 1.25%.
In Europe, the Euro STOXX 50 is around 5,934.96, down 0.22%, and London’s FTSE 100 is near 10,219.12, off about 0.04%.
Geopolitics & Market Sentiment
On the diplomatic front, signs of de-escalation between Washington and Tehran, including Iranian officials talking about active mediation and U.S. comments that Iran is “seriously talking,” have eased fears of a clash in the Strait of Hormuz and reduced the supply risk in the oil market, while remarks from Dmitry Medvedev that Russia “does not want a global conflict” keep the Ukraine war as a background risk rather than an immediate shock.
On the economic front, markets are adjusting to the idea that a Fed led by Warsh may run a smaller balance sheet and cut rates more slowly, even though recent data, such as the UK manufacturing PMI at 51.8, its highest since 2024, point to some resilience in real activity.
Investors now look to this week’s global PMIs and Friday’s U.S. payrolls report to judge whether current pricing for Fed easing will hold and whether the current liquidity squeeze will persist.
