Respecting the Risks

Equities had their worst session of the year yesterday, as the S&P 500 retraced 2% during the day.

This comes as rates and the US dollar push higher, with the yield on the 10-year US Treasury note making fresh three-month highs.

Surprisingly, Bitcoin seems to be bucking this recent selling pressure, and the short-term correlations between stocks and Bitcoin have flipped negative for the first time since the FTX fiasco.

During that period, Bitcoin crashed to its cycle lows of 16,000, while equity markets were hammering out their most recent bottom.