Wintermute's latest market report highlights the resilience of cryptocurrencies as the Middle East conflict intensifies. Despite a 26% surge in Brent crude oil prices and broad declines in major risk assets like the S&P 500 (-2.0%), Nasdaq (-1.2%), and Russell 2000 (-4.0%), Bitcoin rose 0.4% while Ethereum remained flat. Altcoins saw a slight decline of 0.4%, indicating a weakening correlation with equities. The report notes that current crypto market leverage is approximately $60 billion, half of its peak level, which has reduced forced selling pressure and contributed to the sector's outperformance. Bitcoin's stability amid risk-off sentiment has reignited its narrative as an inflation hedge. The upcoming FOMC meeting is expected to be a significant catalyst, with potential impacts if the Fed adopts a hawkish stance or if geopolitical tensions escalate further.