US stocks open mixed; crypto stocks fall

The divergence between broad equities and crypto-linked names suggests market participants are pricing crypto-specific risk rather than a macro-driven selloff. The modest declines in Coinbase and Robinhood, despite a flat-to-positive tape, indicate that sentiment toward digital asset exposure remains fragile. This could reflect positioning ahead of regulatory or volatility events, though the item provides no catalyst. The key question is whether this underperformance persists or corrects if broader risk appetite holds, as crypto proxies often amplify sector sentiment shifts.