Scott Bauer discusses the recent risk-off sentiment in equity markets as Treasury yields reverse course and climb. The Dow dropped over 600 points, with the Nasdaq-100 and S&P 500 following lower amid stronger-than-expected manufacturing data and declining jobless claims. In the options market, E-mini S&P 500 futures see a significant uptick in put volume alongside higher implied volatility. Meanwhile, the cryptocurrency market experiences a strong rally, with bitcoin jumping 12% to near $73,000 and Micro Bitcoin futures volume exceeding 100,000 contracts.