WS #9048

The dominant signal in this window is the ongoing severe crypto rout, with Bitcoin near $61,000 and Bitcoin treasury firms (MSTR, MARA) shedding $62B in market value, corroborated by multiple sources (Seeking Alpha, Cointelegraph, Bluesky priority posts). This is a continuation of the prior window's theme and remains the highest-signal item. Separately, a Bloomberg report indicates China is scrutinizing cross-border flows, causing Hong Kong financial stocks to fall, which could spill over to US-listed Chinese ADRs. European natural gas prices are heading for a weekly gain as US-Iran peace deal prospects remain uncertain, supporting energy names (XOM, CVX). The Iran-Hormuz crisis narrative is stable with no new escalation data. A Russian attack killing four in Ukraine's Kyiv region is a minor escalation but unlikely to move markets significantly. The crypto rout narrative is ESCALATING as Bitcoin approaches $60K support. The China cross-border flow scrutiny is a new development with potential for broader market impact.