Wintermute's latest market report indicates that escalating tensions in the Middle East have driven a significant increase in oil prices, with Brent crude rising approximately 26% over the past week. Despite a broader market downturn, cryptocurrencies have shown relative resilience. Bitcoin rose by about 0.4%, while Ethereum remained stable, contrasting with declines in the S&P 500, Nasdaq, and gold. The report also notes that the crypto market has undergone substantial deleveraging, with current leverage levels around $60 billion, roughly half of the historical peak. This reduced leverage may be contributing to the relative stability of crypto assets during the current market decline. The market currently anticipates only one interest rate cut by the Federal Reserve in 2026.