24h Macro & Market Snapshot Global markets showed mixed signals amid rising macro and geopolitical pressures. The S&P 500 saw an estimated 400,000 job cuts in 2025, its first annual decline since 2016, even as US equities added nearly $8 trillion in market value over the past month. In crypto, Bitcoin’s rally is being questioned, with CryptoQuant noting the move is largely futures-driven while on-chain demand remains weak. Meanwhile, institutional accumulation continues, led by MicroStrategy. Geopolitically, Iran signaled willingness to reopen the Strait of Hormuz and resume dialogue with the US, a potential easing factor for global energy markets. In Asia, the Bank of Japan is leaning more hawkish. Despite downgraded growth forecasts, persistent inflation is pushing policymakers toward a possible rate hike to 1%, with internal divisions becoming more apparent.