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21. 8. 2026
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Market regime live
Risk regime · reading the tapeRisk-on
The one thing today

Risk-asset momentum is still net-positive; the trigger to flip would be a break of the SPX 200-DMA or VIX above 18, which would imply the complacency in equities is breaking.

65Risk-on
BearishNeutralBullish

Crypto and equities are both in moderate risk-on states, supported by easing financial conditions from a softer dollar and falling yields. However, crypto’s momentum is less clear than equities’ — mixed BTC dominance and only mild altcoin rotation keep the crypto read more cautious. The cross-asset tailwind from the dollar and bonds is the glue that holds this risk-on consensus together, but gold and crude hint at lingering inflation/debasement fears that could snap the tape if conditions turn.

21. 8. 2026·as of 07:15·crypto + stocks
Cross-asset · what's driving risk
US DollarTailwind
118.9
▼ 0.2% · dollar easing, risk tailwind
US 10YEasing
4.65%
▼ 6bp · yields easing
GoldHedge
$4,543
live spot · debasement / haven bid
Crude · WTICost push
$86.5
▲ 0.5% · adds cost-push
Crypto regimeMixed
BTC dominanceBTC-led
59.1%
BTC-led tape
Altcoin seasonBitcoin season
22 / 100
11 of top 50 beat BTC 30d
Fear & GreedGreed
72
greed · greed building
Perp funding · OIMild long
+0.007%/8h
≈ +8% APR · balanced carry
Stocks regimeRisk-on
Trend · SPXUptrend
7,641
▲ 7.7% vs 200DMA · above the 200DMA
BreadthMixed
≈ 60%est
est · share of S&P > 200DMA
VIXComplacent
14.9
▼ 6.0% · low vol, complacent
HY creditTight
273 bp
▼ 2bp · credit calm
⚑︎What would change my mindconfirmations & flip-risks
The dollar keeps easing and yields keep falling, reinforcing the risk-on cross-asset bid that both crypto and equities are riding.
⚠︎If VIX re-bids to 18+ or high-yield spreads blow out past 350 bp, that would signal a regime shift in risk appetite and likely tip both stocks and crypto lower.
⚠︎A sharp spike in oil above $90 or gold breaking $4,600 would re-ignite stagflation pricing and compress risk-on momentum across all books.
Top crypto
The Club · ONDO up to $0.366 (1.31x vs entry)
Multi-year hold. 91% deployed · $652 dry powder · 13 assets.
Open Crypto
Top stocks
Treasury expands long-end buyback program, yields drop sharply
Investors should view this as a regime shift where the Treasury is actively managing the yield curve, potentially capping long-term rates and compressing term premiums, which supports risk assets but raises questions about Fed independence and inflation credibility.
Open Stocks
What's expectedacross both books, next 1–2 weeks
US CPI release (Mar) — will set the direction for the dollar/yield tailwind or headwindWed
BTC ETF flows continuation — net inflows sustain BTC-led regime vs alt rotationdaily
Fed minutes — any hawkish nuance could hit the easing trade across crypto and equitiesApr 9
Generated from today's sources qualitative read, no buy/sell calls