CADJPY move and BTC implications?

Watching the $CADJPY today, currently at 116.224, down a bit. The CAD seems to be taking a hit, and it makes me wonder how much of that is general risk-off sentiment starting to trickle in, potentially tied to global growth concerns or specific energy market shifts. If we're seeing some broader unwinding of carry trades, especially in the JPY crosses, it's worth considering the downstream impact on 'riskier' assets like $BTC. Bitcoin has shown increasing correlation to traditional markets lately, even if that's a tough pill for some to swallow.

My take is that if this CAD weakness persists, and we start seeing more of a risk-off rotation in the coming days, it could cap any significant upside for BTC in the short term. I'm keeping my powder dry, not looking for any aggressive entries, but rather watching the daily closes on traditional indices and key FX pairs for confirmation of a deeper move. On-chain metrics are still showing some underlying strength, but macro headwinds often overpower those signals initially.