U.S. equities delivered a broad risk-on rally on March 31, with the S&P 500 closing at 6,528.52 (+2.91%) and the Nasdaq-100 outpacing the broader market at 23,740.19 (+3.43%), signaling renewed investor confidence after a volatile quarter. The move came as quarter-end rebalancing flows and relief from inflation concerns fueled equity demand, though crypto markets offered a more nuanced picture of sentiment.

Bitcoin, long seen as a risk-asset proxy, remains essentially flat at $67,601, with the flagship asset consolidating in a narrow range ahead of mid-April regulatory catalysts. The muted response to equities’ strength suggests that institutional crypto positioning may be independent of traditional market dynamics – a shift…