September 02, 2026Risk-OffHigh Conviction

Daily Macro Risk Pulse

Rising long-end yields (10Y at 4.80%) and a steepening 2s10s spread of +103bp are pressuring duration-sensitive assets across crypto and tech, with NDX down over 1% and broad crypto weakness confirming risk-off rotation.

BTC$76,610-1.7%

ETH$2,371-3.4%

SOL$98.35-3.9%

Fear & Greed63Greed

VIX16.74+2.5%

DXY99.84+0.2%

US 10Y4.800%+0.8%

Gold$4,356+0.2%

Oil (WTI)$90.19-0.0%

S&P 5007,631-0.7%

RegimeRisk-Off

ConvictionHigh

Analysis

10Y Yield Surge to 4.80% Driving Cross-Asset De-Risking

The US 10Y yield rose 0.80% to 4.80%, a level that historically triggers equity multiple compression and crypto de-leveraging. The 2s10s spread has blown out to +103bp (3.77% vs 4.80%), signaling the market is pricing in persistent inflation or elevated term premium rather than imminent easing. This bear-steepening dynamic is the most hostile macro backdrop for long-duration assets including tech and crypto. Portfolio implications favor short duration positioning and real asset exposure.

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Cross-asset analysis (4 sections)
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