Capital is rotating instead of disappearing.
While technology and AI stocks face pressure from higher yields and valuation concerns, alternative assets are attracting fresh attention.
Bitcoin, gold and energy are increasingly benefiting from the shift.
Asian markets are ending the week under pressure as high bond yields and elevated oil prices continue to weigh on risk appetite.
Japan's Nikkei is down sharply for the week, while investors are becoming increasingly cautious about global debt markets.
Gold surged above $4,500 as the U.S. dollar weakened and bond yields fell.
Bitcoin and gold moving higher at the same time is an interesting signal.
The market is increasingly trading the idea that fiat liquidity and sovereign debt concerns could become a major theme again.
Bitcoin's move higher is not happening in isolation.
Treasury yields are falling, the U.S. dollar is weakening, and gold is also moving higher.
Markets are starting to question whether the bond market is becoming the biggest driver of the next risk-on move.
US stocks took another hit yesterday as investors dumped technology and semiconductor shares.
The Nasdaq fell 1.33%, while the semiconductor index dropped around 5%. Rising bond yields are becoming a serious problem for high-growth stocks.
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