April 10, 2026MixedMedium Conviction

Daily Macro Risk Pulse

Crypto fear at extreme levels while equities grind higher suggests institutional rotation out of digital assets into traditional risk assets amid rising real yields.

BTC$71,734+0.4%

ETH$2,192-0.0%

SOL$83.36+1.0%

Fear & Greed16Extreme Fear

VIX19.49+0.0%

DXY98.80-0.0%

US 10Y4.290%+0.1%

Gold$4,775-0.4%

Oil (WTI)$98.68+0.8%

S&P 5006,825+0.6%

RegimeMixed

ConvictionMedium

Analysis

Yield Curve Steepening Accelerates Risk Rotation

10Y-2Y spread widened sharply with 2Y falling 33bp while 10Y rose 5bp, signaling expectations of aggressive Fed cuts ahead. This steepening typically supports risk assets, explaining SPX +0.62% and NDX +0.83% despite crypto weakness. The divergence suggests institutional flows favoring traditional equities over digital assets.

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