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When equities in Seoul rally 14% in a single session, the reflexive read is "risk-on, buy everything." Crypto's non-reaction today complicates that. BTC near $62,800 and ETH at $1,860 are barely moving while KOSPI posts a historic single-day surge. That divergence points to a narrower rotation, not a broad liquidity wave. The US-Japan confirmed joint intervention to arrest yen weakness is the pivot worth watching. It shifts the dollar narrative at the margin, but the relief is landing selectively in beaten-down equity names, not in assets that need rate certainty to reprice. Until the 30-year yield question resolves, the macro bid for crypto stays conditional. DYOR. #OKXOrbit