🪐 S&P 500 hits record, risk‑on floodgates open. The index closed at an all‑time high, up 13.6% since March 30 and adding $7.8 trillion in market cap over just 20 sessions. My angle: that surge is pulling capital out of crypto‑heavy tokens like $ORCA, $TURTLE and $DAM and testing the resilience of BTC and ETH’s risk‑on narrative. 🕸️ The equity rally leans bearish for crypto in the near term: investors chase tangible earnings and the dollar‑strengthening environment, leaving BTC and ETH on the sidelines despite solid on‑chain metrics. Yet the macro backdrop isn’t a death knell—if earnings miss or rate concerns rise, the same risk appetite could swing back to crypto, giving a bounce. I’m cautiously bearish for the next week, but keep an eye on any equity pull‑back as a catalyst for a crypto rebound. 👁️‍🗨️ The sharpest takeaway: a sustained S&P climb will likely starve crypto of liquidity until the equity momentum shows signs of fatigue. DYOR. #crypto #Equities #RiskOn