Tuesday's read was that crypto and equities had stopped telling the same story and that the clean way to hold the bearish crypto side into the jobs print was a defined risk BTC put spread, not a naked short. That side held: BTC fell from just under 70k at the call to an intraday low near 61k, so the 65k/60k spread sits deep in the money after riding through roughly 1.9bn in liquidations. The cross-asset half is where the week turned. A hot USA jobs print pushed long end yields back above 5% and pulled both markets down together: the Nasdaq fell more than 4%, its worst day since April 2025, with the Dow off nearly 700 points. Next week does not get quieter: May CPI lands Wednesday, a week before the Fed meets; after the week we just had, it is the number to watch.