uch: the Nasdaq 100 dipped 0.1%, the S&P 500 rose 0.1%, and the Dow added 0.4%. Treasury yields also edged down, with the 10-year around 4.477% and the five-year at 4.172% late in the US session. When the macro picture is calm but trading activity is lighter, prices can still jump around more than the headlines would suggest.

Why should I care?

For markets: Bitcoin’s $75,000 slip came as volume fell to $31.96 billion.

Round numbers like $75,000 tend to attract lots of standing orders, so they often act like speed bumps for prices. But when volume dries up, those “order books” (the list of buyers and sellers at different prices) can get thinner, meaning there’s less liquidity waiting to absorb trades. In that setup, each marginal…