This valuation reset comes as global exchanges face compressed trading volumes, fee pressure, and the rise of 24/7 crypto markets. The Fear & Greed Index at 70 (Greed) suggests risk appetite remains high, but capital is rotating away from legacy financial infrastructure toward higher-beta crypto assets and DeFi proxies.

Singapore Exchange Ltd.

Singapore Exchange Ltd. shares fell on Monday, extending a slump that has erased about $4.2 billion in market value since an August peak amid valuation concerns.