Coinbase Institutional released analysis stating that recent geopolitical turmoil has disrupted traditional markets and may drive a shift in sentiment toward cryptocurrency, particularly Bitcoin, among capital allocators. With U.S. non-farm payroll data cooling and BTC outperforming U.S. equities since March, markets may have passed peak pessimism. Institutional recognition of Bitcoin's value as a decorrelated asset may be increasing. Additionally, the rise in systemic leverage reflects increased market participation. Coinbase maintains only a "cautiously optimistic" rating on this.