April 23, 2026MixedMedium Conviction

Daily Macro Risk Pulse

Equity resilience amid crypto weakness suggests rotation into traditional risk assets, but rising VIX signals caution despite surface-level optimism.

BTC$77,375-0.9%

ETH$2,314-3.3%

SOL$85.36-3.3%

Fear & Greed46Fear

VIX19.80+4.7%

DXY98.77+0.2%

US 10Y4.290%+0.1%

Gold$4,705-0.6%

Oil (WTI)$94.75+1.9%

S&P 5007,138+1.1%

RegimeMixed

ConvictionMedium

Analysis

Cross-Asset Divergence Signals Selective Risk Appetite

SPX rallied +1.05% while crypto broadly declined 2-4%, with ETH down -3.25% leading the weakness. This divergence suggests institutional flows favoring established tech over digital assets. The 60% BTC dominance remains elevated, indicating defensive crypto positioning even as traditional equities attract capital.

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Cross-asset analysis (4 sections)
Thematic Outlook — Constructive, Cautious, Monitoring, Key Risk
Live Book Positioning — conviction scores, instrument views, entry context

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