**[Wintermute: Crypto Assets Outperform Traditional Markets This Week]** March 10, Wintermute released a market report stating that the Middle East conflict has entered its second week, with Brent crude oil rising 26% this week. Energy inflation pressures have led the market to reduce expectations for a Federal Reserve rate cut in 2026 to just one instance. Major risk assets generally declined: S&P 500 -2.0%, Nasdaq -1.2%, Russell 2000 -4.0%, and gold fell due to deleveraging. Crypto assets performed notably: BTC +0.4%, ETH remained flat, and altcoins -0.4%, showing a weakened correlation with stocks. Wintermute's analysis suggests that the crypto market's leverage is approximately $60 billion, only half of its peak level. Lower forced selling pressure is the main reason for its outperformance. Bitcoin's resilience in a risk-averse environment has brought renewed attention to its inflation-hedging narrative. Next week's FOMC meeting, potential hawkish signals from the Federal Reserve, or escalation of geopolitical tensions may impact the market.