Bitcoin

This event fits into a larger pattern of EM central banks depleting reserves to defend currencies, which historically precedes broader risk-off moves. For crypto, which often correlates with global liquidity, sustained EM stress can shift capital flows away from speculative assets toward USD and gold, especially while the Fed remains hawkish.

Indonesia's foreign-exchange reserves fell for a fifth consecutive month in May, reflecting the cost of efforts to stabilize the rupiah after it hit a record low.