Live updates: Crypto majors bounce while global funds run their lowest dollar hedges since 2015

Crypto majors staged a modest rebound after recent losses while global institutional funds are carrying their lowest dollar hedges since 2015, according to Coindesk. The consensus is that investors have materially reduced FX protection against the dollar, leaving portfolios more exposed to currency moves. For Bitcoin, lower dollar hedging reduces a structural headwind if the dollar weakens and could amplify inflows and price upside. Conversely, the asset is more vulnerable to sharp downside if the dollar unexpectedly strengthens, making Bitcoin's recent bounce conditional on broader dollar and risk-on dynamics.