Selective Rotation Amid Neutral Liquidity: Exchange Governance + Equity Sector Shifts

Upbit's SNX/BTC delisting, A-share volatility, and Morgan Stanley's aerospace upgrade signal a risk-off tilt in traditional equities and idiosyncratic crypto supply shocks. With Fear & Greed at 73 but stablecoin flows neutral, capital is rotating into structurally favored sectors like Layer 1s, not broad beta.